The Central Bank of the Netherlands moves 86 tons of gold to London due to geopolitical instability

The Central Bank of the Netherlands (DNB, for its Dutch acronym) has transferred 86 tons of the gold reserves it had deposited in New York and Ottawa to London between March and August of this year. In this way, and due to the "growing geopolitical instability", it will be easier and faster to resort to them "in a crisis situation", than if they remained in the United States and Canada, according to the DNB itself. The total Dutch gold reserves amount to 612 tons and are valued at 72.2 billion euros. The transfer has been carried out through sale and also with the physical shipment of the bullion.

Both the figures and the decision to move were announced on Wednesday by the DNB, whose president, Olaf Sleijpen, has stated that it is based on the assumption that they will never have to use gold. “But it is necessary that we strengthen our resilience and preparation,” he added.

As of now, London stores more than 32% of Dutch national gold. In the town of Zeist, in the center of the Netherlands, around 31% is still deposited. After the redistribution, 18.5% has been left in the United States and Canada, respectively. The decision is striking, although the DNB had already expressed its concern about the tension that has been felt in relations between Europe and the United States since the return of President Donald Trump to the White House, in January 2025, and had advocated reducing that dependence. The debate about repatriating gold reserves from the United States has also been present for months in other countries such as Germany or Italy, due to Washington's confrontation with the EU.

The management of the Dutch bank tried to prevent, at a given time, its reserves from being withheld as a measure of pressure. “In times of uncertainty, gold acts as insurance against systemic risks,” explained the National Bank of the Netherlands in a statement. With this transfer to the Bank of England and this redistribution of its reserves, the Netherlands “contributes to diversifying risks and facilitates their availability in the event of a crisis,” since the gold reserves stored in New York and Ottawa could not be used as quickly and so directly in such a situation, according to the entity's management.

The reserves deposited in the British entity stand as “the most easily marketable gold in the world,” the DNB has added.

In the United States, gold was kept in the vaults of the Federal Reserve Bank in Manhattan. In Canada, it was in the country's Central Bank. It was a distribution that responds to shared history, since both countries were allies during World War II, but in Trump's second term they found themselves immersed in a trade war, after the United States decided to impose tariffs on Canadian goods, to which this country responded by imposing taxes on imports from the neighboring country.

The price of gold skyrocketed at the beginning of the year, reaching $5,417 per ounce. From there, the price of the precious metal has been falling and is currently around $4,400 per ounce. Despite this weakness in recent months, it remains a refuge value in times of instability.