Headline: Dutch Central Bank Moves Billions in Gold to London

Date: 2 September 2026

Tags: Economy, Banking, Europe, Geopolitics

Summary:

• The Dutch central bank moved 86 tonnes of gold from the US and Canada amid increased geopolitical uncertainty.

• The operation took place between March and August and involved physical transfers alongside gold sales and repurchases.

• Twenty-seven tonnes were physically moved from New York and Ottawa to the Netherlands.

• A similar quantity and quality of gold was subsequently transferred from the Netherlands to London.

• Other reserves were sold in New York and repurchased in London to reduce transportation risks.

• The Bank of England now holds the relocated reserves because London gold can be traded more easily during crises.

• Dutch gold holdings in London increased from 18.1% to 32.1% following the transfer.

• Holdings in New York and Ottawa each fell to 18.5% of total Dutch reserves.

• The Netherlands continues to hold 30.8% of its gold reserves domestically.

• Dutch gold reserves totalled 612.4 tonnes at the end of 2025, valued at approximately €72.2 billion.

Why this matters: The transfer increases the Netherlands' ability to access and trade its gold reserves quickly during financial or geopolitical crises.

What’s next: The central bank will maintain geographically diversified reserves while monitoring geopolitical and financial risks.