Netherlands moves billions in gold to London in 'crisis preparedness' move

According to The Dutch central bank (DNB) has, billions of dollars in gold has been taken out of north America and relocated to London, citing "increasing geopolitical unrest".

Key points

• The total Dutch gold stock was 612.4 tonnes at the end of 2025 and has been valued at €72.2 billion, DNB remarked.
• Prior to Wednesday's announcement, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa.
• It took place between March and August, saw 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands.
• DNB remarked on Wednesday that 86 tonnes of gold had been removed from the US and Canada in a complex operation that took a number of months.
• Bank president Olaf Sleijpen remarked the move was "necessary to strengthen our resilience and preparedness".

DNB remarked on Wednesday that 86 tonnes of gold had been removed from the US and Canada in a complex operation that took a number of months. It is now being held by the Bank of England, where the precious metal can be traded more easily "in a crisis situation".

For context, the decision comes against the backdrop of an ongoing trade dispute between the US and Canada, with both countries announcing fresh tariffs on each other after failed trade negotiations.

DNB remarked the transfer. It took place between March and August, saw 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands.

Notably, a similar quantity and quality was then moved to London, with no need to melt the bars down.

Exactly how so much gold was transported throughout the Atlantic Ocean has not been disclosed.

In practice, the rest of the transfer was carried out by selling the gold in New York, and repurchasing it in London, the bank remarked, external.

"Combining the processes of buying and selling and physical transport has allowed DNB to spread the risks associated with such a complex physical gold relocation, " the statement remarked.

DNB did not confirm what it was referring to with its mention of "geopolitical unrest" but the US economy remains in an uncertain position due to the country's ongoing war with Iran. It has impacted global trade.

Canada, meanwhile, has been hit hard by US tariffs on its key sectors of steel, aluminium, lumber and automobiles as well as an extra 50% levy on concerning C$28bn ($20bn; £15bn) of Canadian goods confirmed in August.

According to DNB, gold that is held with the Bank of England "is regarded as the world's most easily tradable gold, " and therefore more readily available in a crisis than if it was still in the US or Canada.

Prior to Wednesday's announcement, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa. This has now fallen to 18.5% in both countries.

For context, the total Dutch gold stock was 612.4 tonnes at the end of 2025 and has been valued at €72.2 billion, DNB remarked.

While it still holds 30.8% of its reserves in the Netherlands, the bank's share of gold in London has rose from 18.1% to 32.1% after the move.

For now, netherlands moves billions in gold to London in ' crisis preparedness' move remains the part of the story worth watching, and further updates are likely as more details are confirmed.