Netherlands moves 86 tonnes of gold from North America to London
De Nederlandsche Bank relocates reserves to the Bank of England to bolster crisis preparedness and asset liquidity.
The central bank of the Netherlands has moved 86 tonnes of its gold reserves out of the United States and Canada. Completed between March and August 2026, the relocation shifts assets to the Bank of England in London to ensure they remain readily available during systemic shocks.
De Nederlandsche Bank (DNB) executed the move through a two-pronged strategy. The bank physically shipped 27 tonnes of gold via Zeist, while the remaining 59 tonnes were managed through a buy-and-sell process, selling New York holdings and purchasing an equivalent amount of bullion in London. These assets are part of a larger reserve totaling 612.4 tonnes, which were valued at 72.2 billion euros (approximately $83.6 billion) in 2025.
A broader trend of repatriation
This shift is part of a wider movement among global central banks seeking to reduce counterparty risk by repatriating gold. The Netherlands follows a pattern established by other European powers; Germany repatriated 674 tonnes between 2013 and 2017, and France sold 129 tonnes of reserves held in New York in 2025. This trend is accelerating against a backdrop of geopolitical instability, including the ongoing war between Russia and Ukraine and shifting U.S. foreign policy under the second Trump administration.
Strengthening crisis resilience
By moving the gold to the Bank of England—the world's largest over-the-counter gold trading hub—the Netherlands increases the liquidity and "tradability" of its assets. DNB Governor Olaf Sleijpen stated that while the bank does not expect to need to use the reserves, it is necessary to "strengthen our resilience and preparedness."
Industry analysts suggest the move reflects a declining trust in the U.S. as a safe haven for foreign reserves. Dr. Emma Shortis of the Australia Institute described the action as a "reflection of the catastrophic loss of trust in the United States in Europe." By diversifying away from North American custody, European nations aim to operate more independently and hedge against the risk of their assets being used as political leverage by the U.S. government.
Future outlook
Market observers will now watch whether other G7 nations follow suit in reducing their reliance on U.S.-based custody. While the Netherlands has achieved its immediate goal of enhancing crisis preparedness, the long-term impact on the U.S. dollar's status as the primary reserve currency remains a point of contention among economists. For now, the focus remains on how European central banks balance the need for liquidity in London with the desire for full physical repatriation to their home soil.