The reserve remains intact, but its new location reflects a changing assessment of geopolitical risk.
AMSTERDAM, NETHERLANDS
The Dutch central bank has transferred 86 tonnes of gold reserves from New York and Ottawa to London, citing growing geopolitical instability and the need to make the assets more accessible during a crisis. The operation does not reduce the Netherlands’ gold holdings or represent a sale of reserves for government spending.
De Nederlandsche Bank holds 612.4 tonnes of gold, valued at €72.2 billion at the end of 2025. Following the reallocation, London’s share increased from 18.1 percent to 32.1 percent. Approximately 30.8 percent remains in the Netherlands, while New York and Ottawa now each hold 18.5 percent.
Only part of the operation involved physically transporting bullion across the Atlantic. More than 27 tonnes were moved from North America to the central bank’s secure facility in Zeist, while an equivalent quantity of compatible bars was transferred from Zeist to London. The bank also sold approximately 59 tonnes held in New York and purchased the same quantity in London.
The reason for favouring London is liquidity rather than simple geography. Gold stored at the Bank of England can be traded rapidly within the world’s principal wholesale bullion market and meets current international delivery standards. Some older bars held elsewhere would require transport, verification or remelting before they could be used efficiently in large transactions.
Central bank president Olaf Sleijpen described the reallocation as a resilience measure for circumstances in which reserves might need to be mobilised quickly. The decision should not automatically be interpreted as evidence that the Netherlands considers its gold unsafe in the United States or Canada, since substantial quantities remain in both countries. It instead reflects a strategy of diversifying custody while increasing the proportion available in the most liquid market. In a fragmented international system, the location and usability of reserves can matter almost as much as their total value.
Lo visible y lo oculto, en contexto. / The visible and the hidden, in context.