LONDON — The transferred gold is now held by the Bank of England. De Nederlandsche Bank stated that gold reserves in New York and Ottawa could not be utilized as quickly and directly in a crisis situation. The institution described gold held at the Bank of England as "the world's most easily tradable gold." DNB Governor Olaf Sleijpen said, "With this relocation, we have improved the tradability of our gold reserves."

The operation involved a combination of physical transport and market transactions. More than 27 metric tonnes of gold were physically transported from New York and Ottawa to Zeist in the Netherlands. The physical gold transported from North America was stored in a vault on a military base near Zeist, Netherlands.

A similar quantity of gold was physically moved from Zeist to London without being melted down. Sending the physical gold through Zeist first meant the bars ultimately delivered to London already satisfied the Bank of England's requirements, sparing DNB the cost and delay of melting and recasting the North American bullion. Approximately 59 metric tonnes of the transfer were executed by selling gold in New York and repurchasing it in London. DNB stated that combining buying, selling, and physical transport allowed the bank to spread the risks associated with the relocation.

Sleijpen said, "We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness." The total Dutch gold stock was 612.4 tonnes at the end of 2025. The total Dutch gold stock was valued at €72.2 billion at the end of 2025. Prior to the transfer, DNB held 31.3% of its gold in New York and 19.7% in Ottawa.

Following the transfer, DNB holds 18.5% of its gold in New York and 18.5% in Ottawa. DNB's share of gold held in London increased from 18.1% to 32.1% after the move. DNB continues to hold 30.8% of its gold reserves in the Netherlands.

Timeline

The Banque de France replaced 129 tonnes of gold held at the New York Federal Reserve between July 2025 and January 2026. The Bundesbank stated in January 2026 that the New York Fed remains an important storage site for its gold.

De Nederlandsche Bank (DNB) transferred 86 metric tonnes of gold from the United States and Canada to London between March and August 2026.

What's New

DNB Governor Sleijpen said, "With this relocation, we have improved the tradability of our gold reserves."

The World Gold Council reported that central banks accumulated an annual average of 1,000 tonnes of gold over the past four years.

Why It Matters

The relocation shifts a portion of Dutch sovereign assets to a jurisdiction deemed more accessible during potential crises. By moving 86 metric tonnes, De Nederlandsche Bank altered the geographic distribution of its reserves, reducing holdings in North America while increasing its presence in London. The bank cited increasing geopolitical unrest as the rationale, indicating that traditional storage arrangements in the United States and Canada no longer met its criteria for rapid liquidity in emergency scenarios.

This move aligns with broader trends among central banks regarding gold management. Other European institutions have also adjusted their storage strategies recently, though with different stated motivations.

The Bundesbank maintained in January 2026 that the New York Fed remains an important storage site, reflecting differing approaches to reserve security and accessibility among major European economies.