Dutch central bank moves gold to London over crisis preparedness concerns

The Dutch central bank has confirmed that it moved 86 tonnes of gold out of North America and into London, saying the decision was driven by increasing geopolitical unrest and the need to be ready for a crisis situation. The transfer took place between March and August and involved gold previously held in the United States and Canada. The bank said the metal is now being held by the Bank of England, where it can be traded more easily if needed.

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According to the bank, more than 27 tonnes of gold bars were physically moved from New York and Ottawa to Zeist in the Netherlands before a similar quantity and quality was transferred to London. The bank said there was no need to melt the bars down. It also said part of the operation was completed by selling gold in New York and repurchasing it in London, allowing the risks of the relocation to be spread across different processes.

Bank president Olaf Sleijpen said the move was necessary to strengthen resilience and preparedness. The bank said gold held with the Bank of England is regarded as the world's most easily tradable gold, making it more readily available in a crisis than if it remained in North America. Before the announcement, the Dutch central bank held 31.3% of its gold in New York and 19.7% in Ottawa, but those shares have now fallen to 18.5% in both countries.

The decision comes at a time of wider economic and geopolitical strain, including a trade dispute between the United States and Canada and continuing uncertainty linked to the war with Iran. The bank did not specify which aspect of the unrest it was referring to, but its statement suggests concern about the resilience of reserve assets in a more volatile international environment. Central bank gold holdings are typically seen as a backstop asset, especially when markets are under pressure or access to liquidity becomes more difficult.

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The Dutch central bank said its total gold stock stood at 612.4 tonnes at the end of 2025 and was valued at €72.2 billion. The move also highlights the role of London as a major global gold trading centre and the Bank of England as a key custodian for official reserves. Such transfers are usually closely managed because they involve both physical security and market timing, although the bank did not disclose how the gold was transported across the Atlantic.

What remains unclear is the full operational detail of the transfer and the precise meaning of the bank's reference to geopolitical unrest. It is also not known whether the relocation is part of a broader review of reserve management or a one-off adjustment. The bank's comments indicate that it sees the move as a precautionary step, with the focus now on how the new allocation performs if market conditions worsen.

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