Dutch central bank pulls 86 tonnes of gold from US and Canada amid geopolitical anxiety

De Nederlandsche Bank (DNB) announced on September 2 that it had completed a months-long operation to transfer approximately 86 tonnes of gold away from vaults in New York and Canada. The relocation, executed between March and August 2026, represents more than a quarter of the Dutch central bank’s total North American holdings and marks a deliberate pivot toward London as the country’s primary gold storage hub.

How the transfer actually worked

About 59 tonnes of the transfer involved selling gold held in New York vaults and simultaneously purchasing equivalent quantities in London. The remaining 27 tonnes did move physically, traveling from North America to DNB’s facility in Zeist, a small city near Utrecht. From there, an equivalent quantity of standardized gold bars was transferred onward to London. The result: London now holds the largest share of Dutch gold reserves at 32.1%, followed by Zeist at 30.8%, with New York and Ottawa each dropping to 18.5%.

DNB’s total gold reserves stand at 612.4 tonnes, valued at approximately €72.2 billion as of the end of 2025.

Why London, and why now

The official reasoning centers on liquidity and tradability. London is the world’s dominant over-the-counter gold trading market, home to the London Bullion Market Association and the twice-daily gold price fix that serves as the global benchmark.

DNB Governor Olaf Sleijpen framed the decision in terms of crisis preparedness, noting that while the bank may never need to deploy its gold reserves, ensuring they’re positioned for rapid use is essential.

This isn’t the first time the Netherlands has reshuffled its gold. In 2014, DNB repatriated 122.5 tonnes from New York to Amsterdam. In 2023, the bank relocated 200 tonnes to a new high-security vault in Zeist.

A pattern bigger than one country

Germany completed its own high-profile gold repatriation program in 2017, bringing back hundreds of tonnes from New York and Paris to Frankfurt. Earlier in 2026, the Bank of France transferred bullion from New York to Paris. Poland, Hungary, and several other central European nations have significantly boosted their gold reserves in recent years.

Since 2022, central bank gold purchases globally have surged to multi-decade highs, driven by a combination of inflation hedging, sanctions risk following the freezing of Russian reserves after the invasion of Ukraine, and a general desire to reduce dependence on dollar-denominated assets.

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