Netherlands Moves 86 Tonnes of Gold From US to London — SkimNews
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- De Nederlandsche Bank relocated 86 tonnes of gold from US and Canadian vaults to the Bank of England between March and August, citing "increasing geopolitical unrest" and the need for gold to be "readily available for use in a crisis situation."
- Governor Olaf Sleijpen said the move was "necessary to strengthen our resilience and preparedness," with the relocation combining physical transfers (~27 tonnes via Zeist) with on-paper transactions (about 59 tonnes sold in New York and repurchased in London).
- London's share of DNB reserves jumped from 18.1% to 32.1%, while New York's share fell from 31.3% to 18.5% and Ottawa's dropped from 19.7% to 18.5%.
- Netherlands follows France and Germany in pulling gold out of North American vaults, a trend DNB says is driven by trade disputes, the US-Canada tariff conflict, and the ongoing US-Iran war.
- Bank of England vaults hold roughly 400,000 gold bars worth over £200 billion and remain the world's most popular vaulting location in World Gold Council industry surveys.
- DNB's total gold stock stood at 612.4 tonnes at the end of 2025, valued at €72.2 billion.
Why it matters: The Dutch relocation cuts New York's share of DNB gold from 31.3% to 18.5% and lifts London's share to 32.1%, a near-doubling. With France and Germany making comparable withdrawals, allied European central banks are quietly shrinking US custody of their reserves and concentrating gold where World Gold Council surveys say liquidity is strongest.
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