Dutch Central Bank restructures gold reserves

The Dutch Central Bank (DNB) has approximately 612.4 tons of gold in its reserves. The current value of the reserves is approximately 83.8 billion dollars. The Netherlands keeps this gold in London, New York and Ottawa, as well as in its own territory.

Before the last regulation, 31.3 percent of the Netherlands' gold was in New York, 19.7 percent in Ottawa and 18.1 percent in London. After the transfer, New York's share decreased to 18.5 percent, while London's share increased to 32.1 percent.

The operation was not only carried out by transporting gold bullion by planes.

DNB sold approximately 59 tonnes of gold in New York and repurchased gold in London. In addition, more than 27 tons of bullion was physically transported from the USA and Canada to the Netherlands.

When calculated based on end-2025 values, approximately 10.7 billion dollars of gold was extracted from New York and over 1 billion dollars from Ottawa.

The Dutch Central Bank explained the main reason for the decision as a more balanced distribution of reserves geographically and increasing preparedness against possible crises.

DNB President Olaf Sleijpen stated that they wanted gold reserves to be used more easily when necessary, and that with this step they strengthened the country's resilience and preparedness for crises.

The bank also argued that gold held in London could be traded more easily in crisis situations. According to DNB, reserves in New York and Ottawa are more difficult to use quickly and directly in extraordinary circumstances.

DNB did not explain that the decision was due to distrust of a particular country. However, the fact that the amount withdrawn from the USA was much higher than that withdrawn from Canada made the timing of the decision controversial.

Experts whose opinions are included in the news point out the tendency of countries to increase physical control over their own gold reserves in recent years. It is considered that the increasing tensions between the USA and Europe regarding trade, the Iran war and other geopolitical issues may have strengthened this trend.

Another important factor is that reserves held in foreign countries can be frozen in political crises. The freezing of approximately $300 billion of Russian Central Bank assets following Russia's invasion of Ukraine was an important example that changed the risk perception of countries regarding the reserves they hold in foreign central banks.

The Netherlands is not the only European country that transports its gold from the USA.

In January 2026, the Bank of France transported 129 tons of gold, worth approximately 17 billion dollars, from the New York Fed to France. Germany transferred more than 600 tons of gold from New York to Frankfurt between 2013 and 2017.

Therefore, the Dutch decision alone does not mean a sudden break with the USA. However, in a period when global geopolitical tensions are increasing, it is a remarkable trend for European countries to shift their strategic reserves to their own control or to alternative centers such as London.