Dutch Central Bank Shifts Gold Reserves from North America to London

The Dutch Central Bank (DNB) has moved a significant portion of its gold reserves from North America to London. Between March and August, the DNB withdrew 86 tons of gold from the United States and Canada, with the majority coming from the Federal Reserve Bank in New York. This shift reduces the North American share of the Dutch gold reserves from over half to approximately one third. The gold is now distributed more evenly between the Netherlands, London, and North America, with about 32 percent held in London and nearly 31 percent held in Zeist, Netherlands.

Governor Olaf Sleijpen stated that the move is a response to increasing geopolitical unrest and is intended to strengthen crisis preparedness. The DNB noted that gold held in London is easier to trade during a crisis. This action follows a broader trend of central banks seeking more independence from the United States and the U.S. dollar. For example, France previously moved its entire New York gold reserve back to Paris. In Germany, some political groups have called for the Bundesbank to return its U.S. holdings, although the Bundesbank has maintained that the gold is secure.

While the DNB provided diplomatic reasons for the move, observers suggest the shift is linked to concerns over the unpredictability of U.S. President Donald Trump. Some fear that a U.S. administration could use foreign gold as leverage or that political instability could threaten the assets. To avoid the appearance of acting solely against the United States, the DNB also withdrew a small amount of gold from the central bank in Ottawa, Canada.