The Dutch central bank, DNB, has confirmed that 86 tonnes of gold were moved from the United States and Canada to London, citing “increasing geopolitical unrest”. The bullion is now held by the Bank of England, where DNB said it can be traded more easily “in a crisis situation”.
Gold Transfers Carried Out Over Months
DNB said the operation to relocate the precious metal took several months and took place between March and August. It involved multiple stages, including a transfer of 27 tonnes of gold bars from New York and Ottawa to Zeist in the Netherlands.
A similar quantity of bars was then moved from the Netherlands to London without melting the bullion, DNB said.
The rest of the transfer was carried out through financial transactions rather than direct bar movements: DNB said it sold the gold in New York and repurchased it in London. DNB said combining buying and selling with physical transport helped it spread risks associated with moving gold across borders.
Exactly how the bullion was shipped across the Atlantic was not disclosed.
Bank Of England Cited For Crisis Trading
DNB president Olaf Sleijpen said the move was necessary to “strengthen our resilience and preparedness”. In its statement, the central bank said gold held with the Bank of England is regarded as the world’s most easily tradable, making it more readily available in a crisis than if it remained in the US or Canada.
DNB did not specify what it was referring to when it mentioned geopolitical unrest. It pointed instead to broader uncertainty affecting global trade.
Trade Dispute And Market Pressure
The announcement comes as the US and Canada remain locked in a trade dispute. Both countries have announced new tariffs on each other after failed trade talks.
DNB said the US economy remains uncertain due to the country’s ongoing war with Iran, which it said has impacted global trade. It also cited the effect on Canada of US tariffs on key sectors including steel, aluminium, lumber and automobiles, along with an additional 50% levy on about C$28bn (US$20bn; £15bn) of Canadian goods announced in August.
Reshaped Holdings Across Locations
Before Wednesday’s announcement, DNB held 31.3% of its gold in New York and 19.7% in Ottawa. After the relocation, those shares have fallen to 18.5% in both locations.
DNB said the Netherlands’ total gold stock was 612.4 tonnes at the end of 2025, valued at €72.2bn. Its share of gold held in London increased from 18.1% to 32.1% following the move, while 30.8% of its reserves remain held in the Netherlands.
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3 September 2026
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