Netherlands moves 86 tonnes of gold from US/Canada to London amid geopolitical concerns
Consensus Summary
The Dutch central bank (DNB) relocated 86 tonnes of gold from the US and Canada to London between March and August 2026, citing geopolitical unrest and the need for greater crisis preparedness. The move increased London’s share of Dutch gold reserves from 18.1% to 32.1%, while reducing holdings in New York and Ottawa. Both sources agree the transfer aimed to improve the liquidity and deployability of gold in emergencies, with the Bank of England’s gold being the most tradable globally. The total Dutch gold stock was 612.4 tonnes, valued at €72.2bn ($83.7bn or $116.7bn) at the end of 2025, and the bank still retains 30.8% of its gold domestically. The operation combined physical transfers and market transactions to mitigate risks. Experts suggest the move reflects broader European concerns about relying on US storage, particularly under the Trump administration, which has taken a confrontational stance toward allies. Other central banks, including Germany’s Bundesbank, have also repatriated or considered repatriating gold from New York, though Germany has not yet acted on its remaining 1,236 tonnes. The Guardian highlights the decade-long trend of central banks diversifying gold storage, while ABC ties the Dutch decision explicitly to Trump’s policies and the ongoing Russia-Ukraine war.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- The Dutch central bank (DNB) moved 86 tonnes of gold from the US and Canada to London between March and August 2026
- The total Dutch gold stock was 612.4 tonnes, valued at €72.2bn ($83.7bn or $116.7bn) at the end of 2025
- Before the move, DNB held 31.3% of its gold in New York and 19.7% in Ottawa; after the move, each country accounted for 18.5% of the Dutch gold reserve, while London’s share increased from 18.1% to 32.1%
- The bank still holds 30.8% of its gold in the Netherlands after the transfer
- The transfer involved physically moving 27 tonnes of gold from the US and Canada to Zeist, then shipping a similar quantity to London, alongside buying and selling gold to mitigate risks
- The Bank of England stores gold reserves for various countries and is home to the world’s largest over-the-counter gold trading hub
- The Banque de France sold 129 tonnes (5%) of its gold reserves held in New York in 2025 and replaced them with gold stored in Paris, generating a capital profit of 11 billion euros ($17.8 billion)
- The Deutsche Bundesbank repatriated 674 tonnes of its gold reserves from Paris and New York between 2013 and 2017
- Germany’s Bundesbank still holds 1,236 tonnes of gold in New York as of January 2026, despite concerns raised about its security
- The operation aimed to improve the ‘deployability’ of gold reserves in a crisis situation, citing ‘increasing geopolitical unrest’
Points of Difference
Details reported by only one source:
- The move was linked to the ‘abrasiveness of the Trump administration towards traditional allies,’ including threats against Canada and Greenland, and concerns about the independence of the US Federal Reserve under Trump.
- Dr Emma Shortis (Australia Institute) described the removal as ‘strategic’ to protect Dutch resources, citing Trump’s potential use of gold reserves as ‘weapons against traditional allies.’
- The Russia-Ukraine war, ongoing after four years of fighting, may have influenced the DNB decision.
- Rabobank senior market strategist Benjamin Picton noted central banks are growing less willing to have finances held by foreign nations due to credit risks associated with US Treasury or Federal Reserve counterparties.
- Austria, Italy, and Türkiye have signaled desires to repatriate more of their gold held abroad, with Istanbul withdrawing all of its reserves held in New York in 2018.
- Venezuela has been trying for almost 20 years to secure almost $3 billion worth of its gold still stored in the Bank of England.
- Laurent Schwartz, president of the Paris-based National Gold Counter, stated central banks have been moving reserves around for about a decade, with the current political context in the US pushing some to favor other storage locations.
- John Plassard, an analyst at Cite Gestion Private Bank, warned that if other central banks followed suit, it could damage confidence in the US.
- The operation took place between March and August 2026, with risks spread by combining buying, selling, and physical transport.
- The Bank of England’s gold is regarded as the ‘world’s most easily tradable gold,’ making it easier to deploy in a crisis.
Where the reporting differs
Details that conflict, or appear in only some outlets:
- The Guardian states the Dutch gold reserves were valued at $83.7bn, while ABC reports the same reserves were valued at $116.7bn.
- ABC mentions the Banque de France’s sale generated a capital profit of 11 billion euros ($17.8 billion), but the Guardian does not mention this figure.
Source Articles
Dutch central bank moves 86 tonnes of gold to UK from US and Canada, citing ‘geopolitical unrest’
Bank says gold reserves held in London could be traded more easily and the move will allow it to respond more rapidly in a ‘crisis situation’ The Dutch central bank says it has moved 86 tonnes of its gold reserves out of the US and Canada to London, citing “increasing geopolitical unrest”. De Nederlandsche Bank (DNB) said gold reserves held in London could be traded more easily than those held in New York and Ottawa. Continue reading...
Why the Netherlands pulled 86 tonnes of gold from US central bank
The central bank of the Netherlands has moved dozens of tonnes of its gold out of the United States and Canada to boost the country's "crisis preparedness" amid "increasing geopolitical unrest".
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