The Dutch central bank (DNB) has completed a months-long operation to transfer part of its gold reserves from vaults in the United States and Canada to the Bank of England. The regulator announced this on 2 September 2026.
A total of 86 tonnes of gold were withdrawn from North American storage. Of that amount, more than 27 tonnes were physically shipped across the ocean to the Netherlands between March and August (to the vault in Zeist), after which an equivalent volume was sent on to London. The remaining roughly 59 tonnes were sold on the spot in New York, and the same quantity was purchased in London. That approach avoided remelting the bars and reduced the risks of physical transport.
According to DNB, gold held at the Bank of England is regarded as the most liquid in the world and meets modern international trading standards. In a crisis it can be sold more quickly than metal stored in New York or Ottawa.
DNB President Olaf Sleijpen said the move was necessary “to strengthen resilience and preparedness” amid rising geopolitical tension. The bank stresses that it assumes the gold will most likely never need to be sold, but the reserves must be ready for use.
The Netherlands’ total gold holdings stand at 612.4 tonnes (valued at €72.2 billion at the end of 2025). After the operation, the share in London rose from 18.1% to 32.1%. The shares in New York and Ottawa each fell to 18.5%. About 30.8% remains stored in the Netherlands itself.
As the BBC notes, the decision is linked to a complex geopolitical situation, including trade disputes and the tariff policy of the Donald Trump administration. Amsterdam preferred not to leave a large part of its reserves in North America and instead placed them where the metal can, if necessary, be sold more quickly and easily.