Dutch central bank moves billions in gold from US to London
The Netherlands' central bank has confirmed moving 86 tonnes of gold worth billions of dollars from the US and Canada to London, amid ongoing US-Iran tensions and a US-Canada tariff dispute.
Photo: Bloomberg
Amid rising unease in global politics, the Dutch central bank (DNB) has confirmed moving billions of dollars' worth of gold held in North America to London, England.
DNB revealed on Wednesday that 86 tonnes of gold held in the US and Canada was moved out of those countries following a complex operation that took several months. The gold is now held at the Bank of England, which DNB said offers easier deployment in the event of a crisis compared to holding it in the US or Canada.
DNB President Olaf Sleijpen said the move was an important step taken to prepare for potential future developments and to strengthen the bank's capacity to respond to them.
The decision comes at a time of significant trade tensions between the US and Canada. Following breakdowns in trade negotiations, both countries have announced new tariffs on goods imported from each other.
According to DNB, the operation, which ran from March through August, saw 27 tonnes of gold moved from New York and Ottawa to Zeist in the Netherlands, with an equivalent quantity separately moved on to London. The bank did not disclose details of how the gold was transported across the Atlantic. The remainder of the gold, DNB said, was shifted by selling gold held in New York and repurchasing an equivalent amount in London.
While DNB did not specify exactly what it meant by "political unrest," the ongoing war with Iran has created uncertainty for the US economy, in turn affecting global trade. Canada's key industries, including steel, aluminium, lumber and shipbuilding, have also suffered significant losses due to US tariffs, with the US announcing in August an additional 50 percent tariff on USD 20 billion worth of Canadian goods.
According to DNB, gold held at the Bank of England is considered among the most easily tradeable in the world, making it far more convenient to deploy in an emergency than gold held in the US or Canada.
Previously, 31.3 percent of the Netherlands' gold reserves were held in New York and 19.7 percent in Ottawa. Following the shift, each of those countries now holds 18.5 percent of the country's reserves.
As of the end of 2025, the Netherlands held a total of 612.4 tonnes of gold, valued at €72.2 billion, according to DNB. Following the transfer, the share of the bank's gold held in London rose from 18.1 percent to 32.1 percent, while 30.8 percent of its reserves remain within the Netherlands itself.