Netherlands shifts gold reserves to UK to improve crisis response
De Nederlandsche Bank has transferred 86 tonnes of gold from the US and Canada to London, citing rising geopolitical unrest. The bank said the move improves the deployability of its reserves, allowing quicker response in a crisis. The operation, conducted between March and August, involved both physical transport and financial transactions.
The transfer, executed between March and August, combined physical shipments of over 27 tonnes from North America to Zeist with an equal volume moved from Zeist to London, avoiding the need to melt bars. This hybrid approach spread logistical risks. DNB’s total gold stock stands at 612.4 tonnes, valued at €72.2bn at end-2025. After the move, London’s share rose from 18.1% to 32.1%, while New York and Ottawa each fell to 18.5%. The Netherlands retains 30.8% domestically. The bank’s president stressed the move strengthens resilience, though he assumes the gold will never be deployed. Analysts note London’s deep, liquid market facilitates lending and rapid crisis response.
This shift may signal growing unease among European institutions about reliance on US-based storage, potentially prompting other central banks to reassess their holdings. If replicated, it could subtly erode confidence in American financial infrastructure, though the Bundesbank’s decision to stay in New York suggests caution. The practical impact is limited—gold remains a reserve asset—but the symbolic message about geopolitical trust could influence investor sentiment and diplomatic perceptions, particularly amid heightened tensions.