The Dutch central bank announced on Wednesday that it has transferred a substantial portion of its gold reserves from North America to London in a move described as “crisis preparedness.” Between March and August, the bank relocated roughly 86 metric tons (about 94.8 tons) of gold from its holdings in New York and Ottawa to a vault at the Bank of England.
Scale of the relocation
Prior to the shift, the Dutch bank held around 313 metric tons (345 tons) of gold in the two North American locations, representing 31.3% of its total in New York and 19.7% in Ottawa. After the transfer, each city’s share fell to 18.5% of the total. The bank’s overall gold stock stands at 612.4 metric tons (675 tons), valued at €72.2 billion (approximately $83.6 billion) at the end of 2025.
How the gold was moved
According to the bank, more than 27 metric tons (30 tons) of gold were physically moved from the United States and Canada to a heavily guarded vault on a military base near Zeist in the Netherlands. An equivalent amount was then shipped from Zeist to the London vault, though the statement did not detail the logistics of the trans‑Atlantic transport.
The remainder of the relocation was achieved through market transactions: about 59 metric tons (65 tons) of gold were sold in New York, and the proceeds were used to purchase gold in London. This combination of physical transfer and trading allowed the bank to adjust its storage profile without moving every single bar.
Strategic rationale
Bank governor Olaf Sleijpen explained the motivation behind the shift, stating, “With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.” He emphasized that gold stored at the Bank of England meets “modern international trade standards” and is considered the world’s most easily tradable gold, making it the most readily available asset in a crisis.
In contrast, gold held in New York and Ottawa, the statement noted, cannot be accessed as quickly or directly in an emergency. By consolidating a larger share of its reserves in London, the Dutch central bank aims to ensure that, should geopolitical tensions or other disruptions arise, it can mobilize its assets with minimal delay.
The relocation underscores a broader trend among central banks to reassess the geographic distribution of their precious‑metal holdings amid heightened global political unrest. While the Dutch bank did not indicate any intention to liquidate the gold, the move reflects a strategic emphasis on liquidity, security, and compliance with international trade norms.
Financial analysts note that the bank’s total gold portfolio remains robust, and the shift does not alter the overall valuation of its holdings. However, the reallocation may influence market perceptions of gold’s role as a reserve asset, particularly in regions where physical access to bullion can be constrained by logistical or regulatory barriers.
Helene Elliott is the Lead Science & Space Reporter at News Raise. She reports on aerospace missions, astrophysics discoveries, quantum research, and environmental technology.
