Netherlands shifts $10bn of gold reserves from US and Canada to UK

The Dutch central bank (DNB) announced on Wednesday that it had transferred roughly €10 billion of gold reserves from the United States and Canada to the United Kingdom and its domestic cash centre in Zeist. The reallocation changes the geographic distribution of the Netherlands' 612.4 tonnes of gold, increasing the share held in London to about 32 percent while reducing the United States and Canada each to 18.5 percent.

"With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness," DNB President Olaf Sleijpen said.

The bank said the move was carried out through a combination of selling gold in New York and buying it in London, as well as physically transporting bars between locations. About 59 tonnes were sold in New York, and more than 27 tonnes were moved from the United States and Canada to Zeist, with a similar amount transferred from Zeist to London to avoid remelting.

DNB explained that the shift is part of a broader risk-diversification strategy aimed at ensuring that its gold holdings remain easily tradable and can serve as a hedge against systemic risks. The institution highlighted London as a secure storage site and noted that gold held in New York and Ottawa is less readily accessible in a crisis.

Analysts have pointed to heightened geopolitical tensions, including trade disputes between the United States and Canada and broader strains in transatlantic relations, as possible factors influencing the decision. The Netherlands joins other central banks, such as France and Germany, that have recently relocated portions of their gold reserves away from the United States.