The Dutch central bank reorganized a substantial portion of its gold reserves by transferring the equivalent of nearly 86 tonnes from the United States and Canada to London. Carried out between March and August 2026, the operation accounts for about 14% of the Netherlands’ 612.4 tonnes of gold.
The total amount of gold held by the country does not change. The Dutch central bank (DNB) explains that it modified the geographic distribution of its holdings to make a larger share of its reserves quickly mobilizable and negotiable in a crisis.
The essentials
- The Netherlands hold 612.4 tonnes of gold, valued at €72.2 billion at end-2025.
- Nearly 86 tonnes, about 14% of the reserves, were redeployed in favor of London between March and August 2026.
- The share of Dutch gold stored in London rises from 18.1% to 32.1%.
- Approximately 59 tonnes were not physically moved: they were sold in New York and bought back in London.
- More than 27 tonnes were actually moved from the United States and Canada to the Netherlands.
- Gold accounts for about 72.7% of Dutch official reserves, one of the highest shares in the world.
London’s share rises from 18.1% to 32.1% of the reserves
The new arrangement significantly reshapes the geography of Dutch gold.
Before the operation, 18.1% of the reserves were kept in London. That share now stands at 32.1%.
At the same time, the share stored in New York falls from 31.3% to 18.5%, while the share kept in Ottawa drops from 19.7% to 18.5%.
The proportion stored directly in the Netherlands remains essentially unchanged, at 30.8%.
| Location of storage | Before the operation | After the operation | Change |
|---|---|---|---|
| London | 18.1% | 32.1% | +14.0 points |
| Netherlands | 30.8% | 30.8% | Stable |
| New York | 31.3% | 18.5% | −12.8 points |
| Ottawa | 19.7% | 18.5% | −1.2 points |
The operation thus results in a much more balanced distribution among London, the Netherlands, and the two North American sites.
The 86 tonnes were not all physically transported
The term “transfer” does not mean that 86 tonnes of ingots were loaded onto planes or ships to cross the Atlantic.
For about 59 tonnes, the central bank favored a financial operation: it sold gold located in New York and then bought back in London an equivalent quantity of metal meeting international market standards.
This solution helps limit the costs and risks associated with the physical transport of large volumes of gold.
A second part of the operation, however, involved a real movement of metal. More than 27 tonnes were transported from the United States and Canada to the central bank’s storage center in Zeist, in the Netherlands.
In exchange, a comparable amount of gold already stored in Zeist was moved to London.
This arrangement notably avoided the need to refashion certain older ingots to meet the specifications required on the London market.
“Strengthening Our Resilience”
The governor of the Dutch central bank, Olaf Sleijpen, presents this reorganization as a measure of preparation for exceptional situations.
According to him, the institution operates on the assumption that it will probably never need to use these reserves, but nevertheless regards it as essential to strengthen its resilience and crisis preparedness.
The objective is thus not to increase the Netherlands’ gold reserves, but to make a portion more readily available in case the metal needs to be mobilized quickly.
612.4 tonnes and €72.2 billion
The Netherlands hold 612.4 tonnes of gold, valued at €72.2 billion at end-2025.
According to the World Gold Council’s official reserves table published in June 2026, the country ranks tenth worldwide among gold-holding states.
In the broader ranking of official holders, which also includes the International Monetary Fund, the Netherlands comes in eleventh place. The IMF itself holds nearly 2,814 tonnes and appears in third position on this broader list.
Among countries, the Netherlands are surpassed by the United States, Germany, Italy, France, China, Russia, Switzerland, India and Japan.
Moreover, gold accounts for about 72.7% of Dutch official reserves, a proportion particularly high on an international scale.
The central bank even describes the precious metal as a “anchor of trust” and as a reserve asset ultimately capable of playing a role in the face of extreme systemic risks.
Why move more gold to London?
London’s choice is primarily linked to the depth of its market.
The British capital is one of the world’s main centers for physical gold trading. For a central bank, keeping metal with the Bank of England allows it to be sold, exchanged, or mobilized quickly.
According to the Dutch bank, gold stored in New York or Ottawa does not benefit from the same speed of mobilization in a sharp crisis.
The Bank of England houses around 400,000 ingots distributed across nine underground vaults, for the account of notably the British government, foreign central banks, and other institutions.
One of the advantages of this system is that many transactions require no physical transport. The ingots stay in the vaults and the registered owner simply changes, which reduces costs and facilitates exchanges.
The Netherlands still own their ingots
Moving a larger share of the reserves to London does not mean that this gold is transferred to the United Kingdom.
Storing with the Bank of England is based on an allocated system: each client remains the owner of specific ingots.
It therefore does not simply hold a financial claim corresponding to a certain amount of gold. This distinction is important for a central bank that views the metal as an ultimate reserve mobilizable in exceptional situations.
Increasingly, central banks diversify their storage locations
The Dutch decision is part of a broader trend observed among central banks.
According to the 2026 World Gold Council survey, 10% of central banks surveyed said they had diversified their storage locations abroad in the past year.
In the previous survey, this share was only 2%.
London holds a particular place in this strategy: 57% of participants cite the Bank of England among their preferred gold storage locations.
At the same time, 49% also indicate preferring to store the metal on their own soil.
These choices reflect several concerns: quickly accessing reserves when needed, maintaining access to a highly liquid market, and geographically spreading risks.
For the Netherlands, the 2026 move aligns precisely with this logic: not more gold, but a reserve distributed differently so that a larger portion can be mobilized quickly if circumstances require.
