The Dutch central bank has relocated 86 tonnes of its gold reserves from vaults in New York and Ottawa to London over the past six months, aiming to improve market liquidity and crisis resilience.
The transfer involved selling approximately 59 tonnes of gold in New York and purchasing an equivalent amount in London, meeting the Bank of England’s international standards. An additional 27 tonnes were physically transported from North America to the Netherlands, while an equal volume was moved from the central bank’s vault in Zeist to London. The Dutch central bank stated that this approach eliminated the need for gold bar melting.
The relocation did not alter the Netherlands’ total gold reserves, which remain at 612.4 tonnes. The central bank emphasized that while the gold is unlikely to be deployed, the move strengthens its preparedness for potential crises. 'We do not expect to ever use it, but we must strengthen our resilience and precautionary measures,' said central bank Governor Olaf Sleijpen.
The shift reflects broader considerations around gold storage strategies. Germany’s central bank, for instance, holds 51% of its 3,350-tonne gold reserves in New York, 37% in Frankfurt, and 12% in London. The Bundesbank has previously reaffirmed confidence in the security of its U.S.-held gold, even amid debates sparked by geopolitical tensions earlier this year.
