The Dutch central bank has moved more than 78 tonnes of gold from New York to London, in a politically sensitive decision that reflects growing concern among European institutions about the security and accessibility of bullion held in the United States.
The move, reported by the Financial Times, was prompted by what the Dutch central bank, known as DNB, described as “increasing geopolitical unrest”. The bank said the transfer was intended to strengthen its “crisis preparedness” by distributing its gold reserves more evenly across jurisdictions.
DNB governor Olaf Sleijpen said the relocation had improved the “tradeability” of the Netherlands’ gold reserves. London is the world’s largest trading hub for physical bullion, with more than $900 billion in gold transactions taking place there each week.
The decision comes amid calls from European politicians and taxpayer lobbyists for countries to repatriate gold reserves held in the United States. Some have warned that growing tensions across the Atlantic and concerns about the reliability of the US government under President Donald Trump could expose European reserves to political risk.
DNB has not characterised its decision as a response to any expected seizure of its assets. Instead, it has stressed the practical advantages of holding bullion in London.
The Dutch central bank said gold stored at the Bank of England met “modern international trade standards” and was regarded as the world’s most easily tradeable gold. In a crisis, it added, bullion held in London would be more readily accessible than reserves stored on another continent.
“We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” Sleijpen said.
The Netherlands is not alone in reconsidering the geographical distribution of its gold. France removed all of its gold from the New York Federal Reserve between July 2025 and January 2026. François Villeroy de Galhau, who was French central bank governor at the time, said the decision was not politically motivated.
Germany has taken a more cautious approach. The Bundesbank, which holds the world’s second-largest gold reserves, decided in 2013 to keep half of its holdings in Germany, transferring 674 tonnes from Paris and New York to its headquarters in Frankfurt in a high-security operation costing €7 million. About one-third of the Bundesbank’s reserves remain stored in New York.
Bundesbank president Joachim Nagel rejected calls earlier this year for Germany to repatriate more bullion from the United States. In an interview with Redaktionsnetzwerk Deutschland in May, he said he had “no doubt that the gold is safely stored at the Federal Reserve in New York”, adding that the bullion enjoyed a special legal status there.
“Eventually, the US would hurt itself most if it were to call that legal status into question in any way and thereby put the confidence of financial markets at risk,” Nagel said.
The Dutch move also comes as gold assumes a more prominent role in the global monetary system. According to ECB data cited by the Financial Times, gold overtook US government bonds last year to become the world’s largest reserve asset.
Central banks have increasingly turned towards the precious metal, while gold prices have surged. The price has risen 25 per cent over the past 12 months and currently stands at about $4,364 per troy ounce.
DNB holds 612 tonnes of gold in total. Its recent operation involved relocating just over 78 tonnes from New York and a further seven tonnes from Ottawa, Canada.
The transfer did not mean that all of this bullion was physically transported across the Atlantic. DNB moved only 27 tonnes from the United States and Canada to Europe, while selling the remainder in the Americas and purchasing replacement bullion in London. France used a similar strategy during its own transfer and generated an €11 billion profit.
The distinction highlights that central banks can alter the geographical location of their reserves without physically transporting every bar they own.
Yet the Dutch decision carries significance beyond the mechanics of bullion trading. By moving a substantial portion of its reserves towards London, the Netherlands is seeking to ensure that its gold remains accessible, liquid and distributed across jurisdictions should a major crisis occur.
For European central banks, the question is increasingly not simply where gold is safest, but where it can be accessed most efficiently when geopolitical conditions become uncertain.
DNB’s decision therefore reflects a broader shift in how central banks view gold: not merely as a reserve asset, but as a form of financial resilience whose location can become strategically important when relations between major powers are under strain.
