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The Dutch central bank said Wednesday it has moved 86 tonnes of gold from New York and Ottawa to London, strengthening crisis preparedness and improving the liquidity of its reserves. The relocation makes the Netherlands the latest European country to adjust where its gold is stored overseas.
De Nederlandsche Bank said the transfer involved 86 tonnes out of total reserves of 313 tonnes. Before the move, 31.3% of the gold was held in New York, 19.7% in Ottawa, 18.1% in London and 31% at home. After the change, London’s share rose to 32.1%, New York and Ottawa each fell to 18.5%, and domestic holdings slipped to 30.8%.
In a statement, the central bank said keeping a larger share of gold in London would reinforce the metal’s role as an “anchor of trust.” Gold is viewed as the ultimate reserve asset because it is suited to hedging against extreme systemic risks. Governor Olaf Sleijpen said: “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.”
To carry out the complex move, the Dutch central bank first sold about 59 tonnes of gold in New York and repurchased an equivalent amount in London. At the same time, more than 27 tonnes were physically moved from the United States and Canada to the bank’s vaults in Zeist, with an equal amount shipped from the Netherlands to London. Combining purchases, sales and physical transport helped spread the risks of such an operation while ensuring efficiency and cost control, the bank said.
This is not the Netherlands’ first gold relocation. In November 2014, the central bank repatriated 112 tonnes from New York, citing the need to balance the global distribution of reserves and strengthen public confidence during a period of economic uncertainty.
Other European countries have taken similar steps in recent years. In January 2026, the Banque de France sold 129 tonnes of gold held at the Federal Reserve Bank of New York between July 2025 and January 2026, about 5% of total reserves. The proceeds were used to buy an equivalent amount of compliant gold in Europe, now stored in Paris with the rest of France’s roughly 2,437 tonnes of reserves. In the summer of 2017, Germany’s Bundesbank completed the transfer of 300 tonnes from the New York Fed to Frankfurt as part of a plan to hold most of Germany’s gold at home. Germany still keeps 36.6% of its gold at the New York Fed, while all 374 tonnes previously held at the Banque de France have been withdrawn.
Last year, Germany and Italy faced domestic political pressure to repatriate about $245 billion worth of gold stored in the New York Fed amid trade tensions and concerns over U.S. monetary policy, but neither country took action. Germany and Italy hold the world’s second- and third-largest gold reserves at 3,352 tonnes and 2,452 tonnes respectively. Italy keeps about one-third of its gold in New York. The United States is the largest holder with 8,133 tonnes.
Germany, Lebanon, India and Italy are among the countries that still store some gold at the U.S. Federal Reserve. The Dutch move underscores how gold’s role as the ultimate reserve asset is being reassessed amid rising geopolitical and economic uncertainty. The Netherlands is not the first to adjust its overseas gold storage arrangements, and it is unlikely to be the last.
