The Dutch central bank (DNB) has confirmed that billions of dollars in gold has been taken out of north America and relocated to London, citing “increasing geopolitical unrest”.
DNB said on Wednesday that 86 tonnes of gold had been removed from the US and Canada in a complex operation that took several months. It is now being held by the Bank of England, where the precious metal can be traded more easily “in a crisis situation”.
Bank president Olaf Sleijpen said the move was “necessary to strengthen our resilience and preparedness”.
The decision comes amid an ongoing trade dispute between the US and Canada, with both countries announcing fresh tariffs on each other after failed trade talks.
DNB said the transfer, which took place between March and August, saw 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands.
A similar quantity and quality was then moved to London, with no need to melt the bars down.
Exactly how so much gold was transported across the Atlantic Ocean has not been revealed.
The rest of the transfer was carried out by selling the gold in New York, and repurchasing it in London, the bank said, external.
“Combining the processes of buying and selling and physical transport has allowed DNB to spread the risks associated with such a complex physical gold relocation,” the statement said.
DNB did not confirm what it was referring to with its mention of “geopolitical unrest” but the US economy remains in an uncertain position due to the country’s ongoing war with Iran, which has impacted global trade.
Canada, meanwhile, has been hit hard by US tariffs on its key sectors of steel, aluminium, lumber and automobiles as well as an additional 50% levy on about C$28bn ($20bn; £15bn) of Canadian goods announced in August.
DNB said that gold that is held with the Bank of England “is regarded as the world’s most easily tradable gold,” and therefore more readily available in a crisis than if it was still in the US or Canada.
Prior to Wednesday’s announcement, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa. This has now fallen to 18.5% in both countries.
The total Dutch gold stock was 612.4 tonnes at the end of 2025 and has been valued at €72.2 billion, DNB said.
The bank’s share of gold in London has increased from 18.1% to 32.1% after the move, while it still holds 30.8% of its reserves in the Netherlands.
