Dutch central bank shifts most of its gold holdings out of the United States

De Nederlandsche Bank (DNB) has transferred most of its gold reserves, previously stored in New York and Ottawa, to European locations. Of the 612 tons it holds, about 18.5% remains in North America while the rest has been reallocated closer to home. The move follows a similar action by the Banque de France, which sold 129 tons of gold from New York and bought gold in Europe to increase the purity of its holdings.

UBS economist Paul Donovan said the Dutch central bank’s effort to improve gold liquidity is “not normal behavior.” He added that while the physical gold remains unchanged and is still traded in dollars, the shift may convey a broader signal about trust in the United States and its international reputation.

The Treasury’s recent interventions, including a reported effort to support the Japanese yen and a series of Treasury bond buybacks aimed at lowering yields, have drawn attention to risk premiums in the U.S. Treasury market. Analysts note that central banks typically hold gold as a conservative asset, and changes in their holdings can be interpreted as reflections of perceived risk.

Both DNB and the French central bank have emphasized operational reasons for their transactions, such as improving liquidity and meeting purity standards, rather than explicitly citing geopolitical concerns.