Dutch central bank secretly moved 86 tons of gold out of North America

The Dutch central bank this week confirmed it had secretly transferred 86 tonnes of gold from vaults in the United States and Canada to London between March and August, the latest in a wave of European central banks relocating reserves away from North America amid what officials describe as growing geopolitical instability.

De Nederlandsche Bank said the operation was designed to improve the liquidity and crisis readiness of its reserves, which total 612.4 tonnes valued at 72.2 billion euros. The transfer increased London's share of Dutch gold holdings from 18.1% to 32.1%, making the Bank of England London Stock Exchange the country's primary foreign storage hub.english.nv+2

"With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness," DNB Governor Olaf Sleijpen said.economictimes+1

How the Gold Was Moved

Rather than physically shipping all 86 tonnes across the Atlantic, DNB used a combined approach. It sold approximately 59 tonnes in New York and purchased an equivalent amount in London, while physically transporting more than 27 tonnes from North America to its cash center in Zeist. A similar quantity was then sent from Zeist to London. The method avoided the need to remelt bars to meet different market standards — London uses 400-ounce bars while the U.S. Comex exchange CME Group Inc. ↘ 0.44% uses smaller formats — and sidestepped the refinery bottlenecks that had slowed previous operations.investing+2

France's Banque de France completed a similar operation earlier, moving 129 tonnes from New York to Europe. The French central bank cited a different rationale: the bars held in New York did not meet the London Bullion Market Association's 99.99% purity standard. The transaction generated an exceptional capital gain of 11 billion euros in 2025.economictimes

Not All Europeans Are Following Suit

Italy's Banca d'Italia stated it "has not carried out any transfer of gold reserves," distancing itself from the Dutch decision. Germany's Bundesbank Deutsche Börse AG has also declined to move its remaining holdings out of the United States, calling the Federal Reserve Bank of New York an "extremely important and reliable storage location".ilsole24ore+1

The divergence reflects differing strategic calculations, but the broader trend is clear. A World Gold Council survey of 76 central banks found that 89% expect global gold reserves to increase over the next year, while 74% expect the dollar's share of reserves to decline. Central banks have purchased an average of 1,000 tonnes of gold annually over the past four years, double the rate of the previous decade.english.nv+3

Joseph Cavatoni, senior market strategist at the World Gold Council, told the BBC that while conflicts and trade tensions factor into these decisions, they are not the primary drivers. "I don't get a sense that there's an impending doom," he said. "But what I do think is people are being better educated around how to manage their reserve assets".bbc