• The Dutch Central Bank has relocated 86 tonnes of gold from the US and Canada to London.
• This move is said to enhance the bank's crisis preparedness amid geopolitical unrest.
• The transfer was partly through physical transport and partly by selling and repurchasing gold.
• The total value of Dutch gold reserves amounts to approximately €72.2 billion ($83.7 billion).
• The percentage of gold held in London increased from 18.1% to 32.1% post-transfer.

The Dutch Central Bank (DNB) has announced the relocation of 86 tonnes of gold from the United States and Canada to London, a move attributed to “increasing geopolitical unrest.” DNB President Olaf Sleijpen stated this strategic shift improves the gold’s tradability, allowing for quicker access in crisis situations. By enhancing resilience and preparedness, the bank aims to ensure that it can respond effectively should the need arise, despite the expectation of never needing to deploy the gold reserves directly, according to BBC and SCMP.

The operation to move the gold took place from March to August 2026, involving complex logistics. DNB revealed that the transfer involved selling gold bars in New York and Ottawa, then repurchasing them in London. Over 27 tonnes were physically shifted to the Netherlands and subsequently to London to avoid melting the bars down, which preserves their integrity and market value. This process mitigates risks associated with large-scale physical relocations, as highlighted by DNB, according to Al Jazeera.

The geographical distribution of the Netherlands' gold reserves reflects significant changes post-transfer. Prior to the relocation, 31.3% was stored in New York and 19.7% in Ottawa; these figures have now adjusted to 18.5% for each region. Conversely, the share of gold in London increased from 18.1% to 32.1%, indicating a significant shift in strategy. Currently, the total gold stock for the Netherlands stands at 612.4 tonnes, valued at approximately €72.2 billion ($83.7 billion), according to BBC, SCMP, and Al Jazeera.

This move is not isolated, as analysts suggest that it reflects broader trends among central banks to diversify gold reserves amid international tensions, such as trade disputes between the US and Canada and conflicts involving the US in various geopolitical scenarios. Experts indicate that the London gold market is regarded as the most liquid and efficient for trading, making it preferable for maintaining readiness in a crisis, as noted by Laurent Schwartz, president of the National Gold Counter in Paris, according to BBC and SCMP.