Dutch Central Bank Moves Gold Reserves Due to Geopolitical Unrest
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Dutch Central Bank Moves Gold Reserves Due to Geopolitical Unrest
- The Dutch central bank, De Nederlandsche Bank (DNB), has relocated 86 metric tons of gold reserves from North America to London between March and August 2026.
- DNB Governor Olaf Sleijpen stated on September 2, 2026, that the move was a "crisis preparedness" measure amidst increasing geopolitical unrest.
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The Dutch central bank, De Nederlandsche Bank (DNB), recently completed a significant relocation of 86 metric tons of its gold reserves, moving them from vaults in New York and Ottawa to London. This operation, which took place between March and August 2026, was publicly announced on September 2, 2026.
DNB Governor Olaf Sleijpen cited “increasing geopolitical unrest” as the primary reason for the move, emphasizing the importance of “crisis preparedness.” The central bank aims to enhance the tradability and accessibility of its gold reserves in a crisis situation by diversifying their storage locations. London is considered the world’s most liquid market for physical gold, making it an ideal location for quick transactions.
Before this relocation, New York held 31.3% of Dutch gold reserves and Ottawa held 19.7%. Following the transfer, both New York and Ottawa now each hold 18.5% of the reserves, while London’s share has increased significantly to 32.1%, making it the largest single storage location for Dutch gold outside the Netherlands. The DNB’s own vault in Zeist, Netherlands, holds 30.8% of the total 612.4 metric tons of gold reserves, which were valued at approximately €72.2 billion at the end of 2025.
This is not the first time the Netherlands has repatriated its gold; in 2014, 122.5 metric tons were moved from New York to Amsterdam. The recent move by the DNB is part of a broader trend among some European central banks to reassess their gold reserve management strategies, with France also having moved its gold from the New York Federal Reserve between July 2025 and January 2026.