Dutch Central Bank Cites Geopolitical Unrest, Moves Gold Out of New York

The Dutch central bank has moved more than 78 tonnes of gold from New York to London, citing “increasing geopolitical unrest” as it seeks to strengthen its ability to access reserves during a crisis.

De Nederlandsche Bank, or DNB, said the relocation was designed to improve “crisis preparedness” by spreading its holdings more evenly across jurisdictions and increasing their tradeability.

“With this relocation, we have improved the tradeability of our gold reserves,” governor Olaf Sleijpen said.

London Gains Weight in Dutch Reserves

DNB holds 612 tonnes of gold in total. It shifted just over 78 tonnes from New York and another 7 tonnes from Ottawa, according to the Financial Times.

Only 27 tonnes were physically transported from the U.S. and Canada to Europe. DNB sold the remainder in the Americas and purchased replacement bullion in London.

The central bank said gold held at the Bank of England met “modern international trade standards and is regarded as the world’s most easily tradeable gold.”

London handles more than $900bn of physical gold transactions each week, making it the world’s largest trading hub for bullion.

DNB said reserves held there would also be more readily accessible in a crisis than metal stored across the Atlantic.

“We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” Sleijpen said.

Geopolitical Risk Enters Reserve Debate

The transfer comes as European politicians and taxpayer lobbyists have called for gold reserves to be repatriated from the U.S.

Those calls have centered on concerns that an unreliable U.S. government under President Donald Trump could seize foreign holdings as transatlantic tensions increase.

DNB has framed its decision around resilience, geographical diversification and liquidity rather than such political demands.

France made a similar move, removing all of its gold from the New York Federal Reserve between July 2025 and January 2026.

François Villeroy de Galhau, then governor of the French central bank, said the French decision was not politically motivated.

France also sold bullion in the U.S. and purchased replacement gold in Europe rather than physically transporting the entire stock. The operation generated an €11bn profit.

Central Banks Increase Gold Exposure

The Dutch move comes during a sustained rise in bullion prices and a broader shift by central banks toward gold.

Gold has risen 25% over the past 12 months to about $4,364 per troy ounce.

According to ECB data, gold last year surpassed U.S. government bonds to become the world’s largest reserve asset.

Concerns over where those reserves are held have also intensified among some European institutions.

Germany has so far resisted further changes. The Bundesbank, which has the world’s second-largest gold reserves, still keeps about one-third of its holdings in New York.

In 2013, it decided to hold half of its reserves domestically, moving 674 tonnes from Paris and New York to Frankfurt in an operation costing €7mn.

Bundesbank president Joachim Nagel rejected calls for further repatriation earlier this year.

“I have no doubt that the gold is safely stored at the Federal Reserve in New York,” Nagel said in May, pointing to the bullion’s special legal status at the New York Fed.