The Dutch central bank (DNB) has moved a large part of its gold from North America to London over the past six months to be better prepared for a potential crisis amid rising geopolitical tensions.
The transfer moved approximately 86 metric tonnes, which was 27.5 per cent of the gold the DNB had previously held in New York and Ottawa, to the Bank of England.
“In view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness,” the bank said.
“Gold that is held with the Bank of England is regarded as the world’s most easily tradable gold and will therefore be the most readily available in a crisis situation.”
DNB President Olaf Sleijpen said there was a need “to strengthen our resilience and preparedness” although the central bank did not expect to use its reserves.
“From a market perspective, the Dutch central bank’s explanation is credible. Gold held at the Bank of England is generally considered more readily tradable in a stress scenario,” said Julius Baer analyst Carsten Menke.
“More broadly, the move reflects a growing focus among central banks on resilience, operational readiness and diversification of reserve holdings… the trend is consistent with a world in which geopolitical risks are perceived to be higher than they were a few years ago.”
The BoE stores gold for central banks and is in London, home to the world’s largest over-the-counter gold trading hub, where participants trade directly with one another rather than via an exchange.
BoE Governor Andrew Bailey said last year that “if you want to be involved in that market and you want to trade and use your gold, you really need to have it in London”.
The BoE did not reply to a request for comment.
DNB’s move comes months after the Bank of France upgraded 129 tonnes of bullion held in New York, or about five per cent of France’s total gold reserves, by selling older bars and buying bars that meet international standards between July 2025 and January 2026.
The Dutch transfer was carried out by selling about 59 tonnes of gold in New York and buying gold in London that meets the BoE’s market standards.
In addition, 27 tonnes of gold were physically moved from North America to the Netherlands, while an equivalent amount meeting BoE standards was transferred from the Dutch vault in Zeist to London.
The final step avoided the need to remelt gold bars, DNB said.
The transfer did not change the size of the Dutch gold reserves, which remained at 612.4 tonnes.
The Netherlands now holds 32 per cent of its gold in London, almost 31 per cent domestically and 37 per cent split evenly between New York and Ottawa.
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