Netherlands moves 86 tons of gold from US, Canada
What's the story
The Dutch central bank (DNB) has shifted 86 tons of gold from the US and Canada to London. The transfer took several months and was prompted by "increasing geopolitical unrest." The precious metal is now held by the Bank of England for easier trading in a crisis. DNB President Olaf Sleijpen said this move was "necessary to strengthen our resilience and preparedness."
Trade tensions
Gold transfer took place between March and August
The Netherlands's decision comes against the backdrop of a US-Canada trade dispute, with both countries imposing heavy tariffs on each other.
DNB confirmed that the gold transfer took place between March and August, involving 27 tons of gold bars from New York and Ottawa to Zeist in the Netherlands.
A similar quantity was then moved to London without melting down the bars.
Transport challenges
Details of the gold transportation process remain undisclosed
The exact details of how such a huge amount of gold was transported across the Atlantic Ocean remain undisclosed.
The remaining gold was transferred by selling it in New York and repurchasing it in London.
"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," said DNB.
Economic implications
US-Canada trade war intensifies, affecting economic stability
While DNB didn't elaborate on the term "geopolitical unrest," it's worth noting that the US economy is in a precarious state due to its ongoing war with Iran, which has affected global trade.
Meanwhile, the Canadian economy has been severely impacted by US tariffs on key sectors like steel, aluminum, lumber, and automobiles.
An additional 50% levy on about C$28 billion ($20 billion) of Canadian goods was also announced in August.
Gold allocation
DNB's gold distribution shifts post-transfer
Post-transfer, DNB's gold distribution has changed significantly.
Before the announcement, 31.3% of its gold was in New York and 19.7% in Ottawa. This has now been reduced to 18.5% in both countries.
The total Dutch gold stock was 612.4 tons at the end of 2025, valued at €72.2 billion.
After this transfer, DNB's London share has increased from 18.1% to 32.1%, while it still holds 30.8% of reserves in the Netherlands.