The Dutch central bank, De Nederlandsche Bank (DNB), transferred roughly 86 tonnes of gold from its vaults in New York and Ottawa to the Bank of England in London. The relocation increased the share of Dutch gold stored in London from 18.1% to 32.1%, while holdings in New York and Ottawa each fell to 18.5%. About 31% of the reserves remain in the Netherlands, leaving the total gold stock unchanged at 612.4 tonnes.
The move is described by the DNB as a step to improve crisis preparedness by placing more bullion in the world’s most liquid physical‑gold market. London hosts the largest over‑the‑counter market for physical gold, and the Bank of England’s vaults hold around 400,000 bars – roughly 5,000 tonnes – second only to the Federal Reserve Bank of New York.
Gold stored at the Bank of England is held on an allocated basis and must meet London Good Delivery standards, allowing ownership to be transferred between account holders without moving the physical bars. This reduces transport costs and settlement risk during periods of market stress.
To execute the transfer, DNB sold about 59 tonnes in New York and bought an equivalent amount in London, while physically moving more than 27 tonnes from North America to the Netherlands before sending it onward to London. The mixed approach avoided moving the full 86 tonnes across the Atlantic and gave the central bank operational experience in both market‑based replacement and physical relocation of bullion.
The relocation does not alter the overall supply of gold and is not expected to affect prices directly, as the sale in New York was largely offset by the purchase in London. However, it underscores the importance central banks place on the accessibility and tradability of their reserves.
Central banks have been active buyers of gold, adding over 1,000 tonnes annually between 2022 and 2024. Purchases slowed to about 863 tonnes in 2025 but remain at historically high levels. A World Gold Council survey found that 89% of reserve managers anticipate further increases in global central‑bank gold holdings over the next year, with 45% expecting their own institutions to buy more.
The choice of storage location carries jurisdictional risk. Gold held abroad remains the property of the foreign central bank but is subject to the host country’s legal framework. The analysis cites Venezuela’s inability to access gold stored at the Bank of England since 2018 as an example of how political and legal disputes can impede access.
Other central banks are pursuing different strategies: France has repatriated U.S.-held gold to Paris, while Serbia plans to keep its bullion domestically. The World Gold Council survey indicates that, over the next 12 months, 7% of respondents intend to increase domestic storage and 9% plan to diversify overseas locations, with the Bank of England remaining the most widely used foreign vault.
