'Increasing geopolitical unrest': Netherlands shifts 86 tonnes of gold from US to London

The Netherlands has moved 86 tonnes of its gold reserves from the United States and Canada to London, with the Dutch central bank citing "increasing geopolitical unrest" as the reason for the shift. De Nederlandsche Bank (DNB) said moving part of the stock to Britain would spread risks and give it the quickest opportunity to sell the gold in a crisis situation.

The move came amid earlier remarks that Dutch gold was "no longer safe" in President Donald Trump's America. DNB said gold held in London can be traded more easily than reserves kept in New York and Ottawa, and that the transfer would create a more balanced distribution of its holdings while strengthening the bank's crisis preparedness.

DNB President Olaf Sleijpen said, "We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness." The bank said the change in location was aimed at improving its readiness while reducing the risks linked to concentration of reserves in fewer places.

Trump's unpredictability had earlier been cited as a reason for removing Dutch gold from the US. In January, Johan de Ruiter, director of Goudwisselkantoor, a Dutch auction house specialising in gold, jewellery, diamonds, silverware, coins and banknotes, said Trump could "refuse to extradite [the gold reserves], impose additional tariffs, or delay the repayment for decades".

Ruiter told Dutch daily Algemeen Dagblad, "We must remove our gold from the US as soon as possible. It is simply no longer safe there."

According to DNB, the Netherlands' total gold stock stood at 612.4 tonnes at the end of 2025 and was valued at 72.2 billion euros. Before the move, 31.3 per cent of the country's gold was held in New York and 19.7 per cent in Ottawa. After the transfer, both locations accounted for 18.5 per cent each of the Dutch gold reserve.

DNB said London's share of the Dutch gold reserve rose from 18.1 per cent to 32.1 per cent, making it the largest storage location for the country's gold. The bank also said 30.8 per cent of its gold remains in the Netherlands.

The transfer was carried out partly through buying and selling and partly through physical movement of the gold, the bank said. More than 27 tonnes of physical gold were moved from the US and Canada to Zeist, while the same quantity was moved from Zeist to London, avoiding the need to melt down gold bars.

DNB said, "By combining buying and selling and physical transport, the risks associated with physically moving a large quantity of gold have been spread." The transfer has left London holding the biggest share of Dutch gold reserves, with the bank saying the move was intended to improve balance, tradability and preparedness in the event of a crisis.