Dutch central bank moves 86 tonnes of gold to London
The Dutch central bank announced on Wednesday that it had transferred about 86 tonnes of its gold reserves from New York and Ottawa to London. The move is aimed at improving gold trading capabilities and strengthening crisis preparedness.
The transfer was carried out in two stages, according to a press release from De Nederlandsche Bank (DNB). About 59 tonnes of gold were moved by selling on the New York market and buying an equivalent amount in London. More than 27 tonnes were physically shipped from the United States and Canada to the central Dutch city of Zeist, after which the same amount of gold, meeting international market standards, was transferred from Zeist to London, leaving the total size of Dutch gold reserves unchanged.
When a European central bank moves tens of tonnes of gold across the ocean, it is not just a logistical operation — it is a signal of tectonic shifts in trust. The Netherlands, which for decades stored part of its gold reserves overseas, is now bringing it closer to home. The reason is not economic efficiency but geopolitical anxiety. In a world where the US could easily restrict payment operations at any moment, gold ceases to be merely an asset — it becomes an instrument of sovereignty. And while some countries are rethinking their reserves, others, like France, have already completed full repatriation. A quiet gold revolution is gaining momentum.
According to DNB data, at the end of 2025 the Netherlands held 612.4 tonnes of gold, mainly in Zeist, London, New York and Ottawa. After the adjustment, the share of gold stored in Zeist remained at 30.8 per cent, while the share in New York dropped sharply from 31.3 per cent to 18.5 per cent, and the share in Ottawa fell from 19.7 per cent to 18.5 per cent. The share in London rose from 18.1 per cent to 32.1 per cent. Gold held at the Bank of England is considered the most tradable gold in the world and will therefore be most accessible to DNB in a crisis, the Dutch central bank said.
The decision reflects DNB's growing concern about transatlantic tensions after Donald Trump returned to the presidency. Earlier, the central bank had warned that the US could easily suspend Dutch payment operations and called for reducing dependence on the US. France has moved in a similar direction. In April, the French central bank announced the completion of the transfer of 129 tonnes of gold stored in New York since the late 1920s. The operation, conducted in 26 stages between July 2025 and January 2026, involved selling the New York holdings at market prices and buying an equivalent amount of gold in Europe for transport to Paris. All 2,437 tonnes of France's gold reserves are now stored domestically.
Moving gold reserves from the US to Europe has become a notable trend among central banks. More and more countries are seeking to physically store their gold reserves on national territory or in more reliable jurisdictions to reduce risks associated with potential sanctions, asset freezes or political instability. London, as the world's largest gold trading centre, remains the preferred storage location due to its liquidity and reliability. The decisions by the Netherlands and France reflect a broader trend of de dollarisation and strengthening European financial sovereignty.
As CCTV+ reports, the transfer of 86 tonnes of Dutch gold from the US and Canada to London is not just an accounting entry but a political and geopolitical gesture. European central banks are increasingly rethinking their reserve storage strategies, seeking to protect their assets from potential external restrictions. In the coming years, other countries are likely to follow suit, accelerating the decentralisation of global gold reserves.
