The Dutch central bank (DNB) has relocated approximately 86 tons of gold out of the United States and Canada to the United Kingdom, part of a broader effort to improve its ability to use reserves during an emergency.
Between March and August, DNB transferred just over a quarter of the gold it held in New York and Ottawa to London, the bank said Wednesday. The move was driven by rising geopolitical tensions and a desire to make its gold more liquid in a crisis.
Why London?
The gold is now stored with the Bank of England because bullion held there must meet international trade standards and is recognized as the world’s most easily tradable gold, according to DNB. By contrast, the gold bars previously held in the U.S. and Canada could not be utilized as quickly or directly in a crisis situation.
DNB Governor Olaf Sleijpen said the relocation improved the tradability of the central bank’s gold reserves. “We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” he said in a statement.
Broader backdrop
The transfer comes amid a sharp rally in gold prices and continued tensions between the U.S. and Iran over the strategically vital Strait of Hormuz, with a comprehensive settlement agreement far from certain. Gold, typically seen as a safe-haven asset during financial uncertainty, has jumped nearly 25% over the past 12 months and was trading at $4,429.61 per ounce on Wednesday, up nearly 1% for the session.
DNB’s move follows a similar action by the French central bank, which replaced 129 tons of gold held at the New York Federal Reserve between July 2025 and January 2026. At the time, Bank of France Governor François Villeroy de Galhau said that decision was not politically motivated.
New distribution
Following the latest transfer, DNB said its gold reserves are now more geographically balanced. London holds 32.1% of the central bank’s gold, its cash center in Zeist in the Netherlands holds 30.8%, and New York and Ottawa each hold 18.5%.
Source: www.cnbc.com — https://www.cnbc.com/2026/09/03/netherlands-gold-transfer-us-canada-uk.html
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