Why the Dutch Central Bank Moved €10 Billion in Gold Out of the US and Canada

If you hold a Dutch residence permit, you probably don't think much about where the Netherlands stores its gold. But the Dutch central bank (De Nederlandsche Bank, DNB) just made a move that says a lot about how the country is preparing for a more unpredictable world — and it could affect how quickly the government could respond in a crisis.

Between March and August 2026, DNB shifted 86 tons of gold — worth roughly €10 billion — out of vaults in New York and Ottawa to London. The transfer, announced on 2 September, reduces the share of Dutch gold held in North America from about 51% to 37%, and makes London the single largest storage location for the Dutch national reserve.

Why London?

The Bank of England operates the world's largest market for physical gold. DNB says gold stored there can be sold or deployed faster in an emergency than metal held in the US or Canada. “Improving the marketability of Dutch gold, and with that how quickly it can be used in crisis situations, is a part of that,” the central bank stated.

Most of the move was done without physically melting down the bars: 59 tonnes were sold in New York and bought back in London, avoiding quality loss. Another 27 tonnes were physically shipped from North America to DNB's Cash Centre in Zeist (Utrecht province), and the same amount was then moved from Zeist to London. The net effect: London now holds 32.1% of Dutch gold, Zeist 30.8%, New York 18.5%, and Ottawa 18.5%.

The bigger picture: geopolitical jitters

DNB president Olaf Sleijpen said the move is part of “crisis readiness” amid “increasing geopolitical instability.” The central bank has repeatedly warned about Dutch reliance on the United States since Donald Trump returned to the White House. While DNB has said it is not worried the US would seize the reserves, the bank wants a more balanced spread.

Recent conflicts involving the US — including military operations in Venezuela, tensions with Iran, and trade disputes with Canada — have made global markets more volatile. For a small, open economy like the Netherlands, having gold in a neutral, liquid hub reduces risk.

What does this mean for you?

For internationals living in the Netherlands, the gold move is a sign that the country’s financial authorities are taking geopolitical risks seriously. The Dutch gold reserve (612.4 tonnes, valued at €72.2 billion at end-2025) is part of the official external reserves — the same pot that helps guarantee the stability of the euro and the Dutch financial system. A more liquid gold reserve means that, in a severe crisis, the government could access funds more quickly to support the banking system or the economy.

You won't notice any direct change to your daily life. But if you follow Dutch politics and economics, this move signals that DNB sees the world as less stable than it was a few years ago. It's also a reminder that the Netherlands keeps the bulk of its gold abroad — only about 31% sits in Zeist, not far from Amsterdam.

What's next?

DNB hasn't announced further transfers. But the new distribution — with roughly equal shares in London, Zeist, and North America — spreads risk more evenly. The Bank of England is now the largest single custodian of Dutch gold. If you ever wonder where the country's wealth is stashed, the answer is increasingly: London.

Sources: DutchNews.nl, NL Times, NL Times (second article)