Dutch central bank moved 86 tonnes of gold out of the U.S., citing geopolitical unrest

Free daily briefing on global business news.

De Nederlandsche Bank shifted the reserves to the Bank of England, saying gold stored there is the most tradable in a crisis

One kilogram gold bars and a five hundred gram gold bar in April 2025 (Angel Garcia/Bloomberg via Getty Images)

De Nederlandsche Bank transferred approximately 86 metric tons of gold out of the United States and Canada to London between March and August, citing "increasing geopolitical unrest" and a need to strengthen its crisis preparedness.

At the Bank of England, DNB said, gold must meet international market standards, making it the most readily deployable in times of crisis. By contrast, the central bank said gold held in New York and Ottawa could not be deployed as quickly in an emergency.

"With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness," DNB Governor Olaf Sleijpen said in a statement.

The transfer represented just over one-quarter of the roughly 313 metric tons DNB had held across New York and Ottawa. After the move, London holds 32.1% of DNB's total gold reserves, its cash center in Zeist in the Netherlands holds 30.8%, and New York and Ottawa each hold 18.5%, the central bank said. DNB owns 612.4 metric tons of gold in total.

The operation was carried out through a combination of financial transactions and physical movement, according to The Wall Street Journal. By selling roughly 59 metric tons in New York and buying a like quantity in London, DNB was able to limit how much gold actually had to make the transatlantic journey. A further 27 metric tons were physically moved — first to DNB's own vaults in Zeist, and then from Zeist to London. Sending the physical gold through Zeist first meant the bars ultimately delivered to London already satisfied the Bank of England's requirements, sparing DNB the cost and delay of melting and recasting the North American bullion, according to the Journal.

The move comes as gold prices have risen sharply. Gold was changing hands at $4,429.61 per ounce, a level roughly 25% above where it stood a year ago.

DNB's decision follows a similar move by the Bank of France, which between July 2025 and January 2026 divested 129 metric tons of gold from its holdings at the New York Federal Reserve and acquired an equivalent quantity in Europe, according to CNBC. At the time, Bank of France Governor François Villeroy de Galhau publicly denied that political considerations drove the decision.

Join 500,000+ readers who start their day with Quartz.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Global business news for a smarter world