De Nederlandsche Bank shifts 86 tonnes of gold out of New York and Ottawa into London
The Dutch central bank said on Wednesday that it had moved about 86 tonnes of gold from New York and Ottawa to London between March and August. London now holds the largest share of Dutch gold at 32.1 per cent, while New York and Ottawa hold 18.5 per cent each. The bank tied the step to increasing geopolitical unrest and to its wish to deploy the gold quickly in a crisis.
Economics & Markets··Night
London's share rises from 18.1 per cent to 32.1 per cent
De Nederlandsche Bank said on Wednesday that it had moved about 86 tonnes of gold from New York and Ottawa to London between March and August. Before the move 31.3 per cent of the Dutch gold sat in New York and 19.7 per cent in Ottawa; each city now holds 18.5 per cent. London's share rose from 18.1 per cent to 32.1 per cent, making it the largest single location for Dutch gold, with Zeist in the Netherlands next at 30.8 per cent. Euronews reported that the total Dutch gold stock stood at 612.4 tonnes and was valued at 72.2 billion euros at the end of 2025.[1], [2]
Buying and selling alongside more than 27 tonnes of physical transport
The bank said the transfer was carried out partly by buying and selling and partly by physically transporting gold. Euronews reported that more than 27 tonnes of physical gold were brought from the United States and Canada to Zeist in the Netherlands, and that the same quantity was sent on from Zeist to London, which avoided melting down the bars. Combining purchases and sales with physical transport spread the risks that come with moving a large quantity of gold, the bank said.[1], [2]
The stated reason: quick deployment in a crisis
The bank said the move improves the tradability of the reserve, since gold held in London meets international trading standards and is the quickest to deploy in a crisis. Euronews reported the bank as saying that reserves in London can be traded more easily than those in New York and Ottawa. President Olaf Sleijpen said the step had improved the deployability of the reserves, that the bank expects never to need to use the gold, and that strengthening resilience and preparedness remains necessary. The bank tied the decision to increasing geopolitical tension.[1], [2]
