Why Did the Netherlands Move Gold From North America to London? Here’s What We Know

The Netherlands has changed the geographical distribution of part of its gold reserves as global geopolitical uncertainty continues to rise.

De Nederlandsche Bank said it transferred approximately 86 tonnes of gold from its holdings in the United States and Canada to London between March and August 2026.

The central bank said the move was designed to strengthen its preparedness for severe crises and ensure that a larger portion of its gold could be accessed and traded quickly if required.

Was $10 Billion in Gold Physically Taken Out of the US?

Not exactly.

The roughly $10 billion figure refers to the value of the gold involved in the relocation, but the entire amount was not physically shipped across the Atlantic.

DNB sold approximately 59 tonnes of gold in New York and used the transaction to acquire an equivalent amount of gold in London that meets international market standards.

More than 27 tonnes were physically transferred from the United States and Canada to the DNB facility in Zeist, Netherlands. An equivalent quantity of London-standard gold was then transferred from Zeist to London, avoiding the need to melt and recast the existing bars.

How Much Gold Does the Netherlands Own?

The Netherlands holds approximately 612.4 tonnes of gold, valued at around €72.2 billion at the end of 2025.

The reserves are distributed between DNB’s secure facility in Zeist and central-bank facilities in London, New York and Ottawa. After the latest relocation, the distribution became more balanced.

Why Was London Chosen?

DNB says the central reason is greater tradability and accessibility during a crisis.

London is the world’s leading centre for over-the-counter physical gold trading. Gold held at the Bank of England must meet international trading standards and can therefore be mobilised more easily if DNB needs to use its reserves during a severe financial or geopolitical crisis.

DNB Governor Olaf Sleijpen said the relocation has improved the tradability of the Dutch reserves and strengthened the country’s resilience and preparedness.

Does This Mean the Netherlands Has Lost Trust in the US?

There is no indication that the Netherlands has completely lost confidence in the United States or the Federal Reserve Bank of New York.

DNB has not described New York as an unsafe location. Instead, it has cited risk diversification, geographical balance, crisis preparedness and the ability to trade gold quickly.

Even after the relocation, 18.5% of Dutch gold remains in New York and another 18.5% remains in Ottawa.

Are Other Countries Also Repositioning Their Gold?

The Dutch move comes amid a broader focus among central banks on reserve diversification and crisis resilience.

France reorganised 129 tonnes of gold previously held in New York earlier this year, while Germany moved more than 600 tonnes of gold from New York to Frankfurt between 2013 and 2017.

These moves do not necessarily indicate a rejection of the US financial system. They can also reflect decisions about where reserves can be accessed, traded or deployed most efficiently.

What Does the Dutch Move Really Mean?

The Netherlands has not withdrawn all of its gold from the United States.

Instead, DNB has changed the distribution of its reserves, increasing the share held in London while retaining significant holdings in both New York and Ottawa.

The move is best understood as a combination of reserve optimisation, geographical diversification and crisis preparedness, rather than a complete break with the US financial system.