The Netherlands has moved 86 tonnes of its gold reserves from storage facilities in the United States and Canada to London, citing growing geopolitical uncertainty and the need to have its reserves ready for use during a crisis. The move has increased the share of Dutch gold held in London while reducing the proportion stored in North America.
Highlights
- The Netherlands holds 612.4 tonnes of gold valued at about KSh10.8 trillion.
- 86 tonnes were shifted from the US and Canada to London.
- London now holds 32.1% of the Dutch gold reserve.
- The move was partly carried out through physical transportation of gold.
- Analysts say other central banks could consider similar moves amid geopolitical tensions.
Main Story
Netherlands Repositions Gold Reserves
The Dutch central bank, De Nederlandsche Bank (DNB), has relocated 86 tonnes of its gold reserves from the United States and Canada to London.
The bank said the decision was influenced by a changing geopolitical environment and the need to make its gold easier to access if an emergency arises.
DNB President Olaf Sleijpen said the institution does not expect to need the reserves during a crisis, but argued that being prepared is an important part of strengthening financial resilience.
London Becomes a Bigger Gold Hub for the Netherlands
Before the transfer, 31.3% of Dutch gold was stored in New York, while another 19.7% was held in Ottawa.
Following the changes, the proportion stored in each of those locations has fallen to 18.5%.
Meanwhile, London’s share has climbed significantly, from 18.1% to 32.1%.
The Netherlands itself continues to hold 30.8% of the country’s gold reserves.
Dutch Gold Stock Worth KSh10.8 Trillion
DNB reported that its total gold holdings stood at 612.4 tonnes at the end of 2025.
At the time, the reserves were valued at approximately €72.2 billion, equivalent to around KSh10.8 trillion.
Gold is viewed by central banks as a strategic reserve because it can provide financial security during periods of economic or geopolitical instability.
Why London?
According to DNB, gold stored in London can be traded more easily than reserves held in New York or Ottawa.
London is home to one of the world’s major gold trading markets, giving central banks access to a large pool of buyers, sellers and financial institutions.
This means reserves stored there can potentially be mobilised more quickly if circumstances require it.
Analysts quoted in the report said the decision is largely about improving the speed at which the Netherlands could access or use its gold during a crisis.
Physical Gold Was Also Moved
The transfer was not carried out entirely through financial transactions.
DNB said more than 27 tonnes of physical gold were transported from the United States and Canada to its facility in Zeist in the Netherlands.
A similar quantity was then moved from Zeist to London.
The approach allowed the bank to spread the risks associated with transporting large amounts of gold rather than moving the entire quantity in one operation.
The exercise was conducted between March and August.
Could Other Central Banks Follow?
The Dutch move comes amid wider discussions about where central banks should store their reserves as geopolitical relationships change.
Gold reserves have increasingly attracted attention from central banks around the world, with storage location becoming part of broader conversations about financial security and accessibility.
Laurent Schwartz of the National Gold Council said central banks have been reviewing the location of their reserves for years, adding that the current political climate could encourage some institutions to consider alternatives to US storage.
Analyst John Plassard similarly described the Dutch decision as a move aimed at ensuring faster access to reserves during a crisis.
Germany Maintains Its New York Gold
The Netherlands’ decision also contrasts with Germany’s position.
There have been concerns in Germany over the safety and location of some of the Bundesbank’s gold reserves stored in New York.
However, Germany has so far chosen to keep its gold there.
The Bundesbank has described the New York Federal Reserve as an important storage location for its reserves, suggesting that Berlin does not currently see a need to make a similar relocation.
What the Move Means
The Dutch decision does not mean the Netherlands is abandoning gold storage in North America.
Instead, the change appears focused on spreading its reserves across locations while ensuring that a larger portion is held in a market where it can be traded and potentially mobilised quickly.
For central banks, where gold is stored can be just as important as how much gold they own particularly when global uncertainty raises questions about access, liquidity and financial resilience.
As geopolitical uncertainty reshapes financial decisions around the world, the Netherlands’ gold move raises a bigger question: are central banks quietly preparing for a more unpredictable global economy?
