Dutch central bank moves 86 tonnes of gold to UK amid geopolitical fears
The Netherlands’ central bank has quietly shifted 86 tonnes of gold reserves from vaults in the United States and Canada to the United Kingdom, citing rising geopolitical tensions as the driving force behind one of the most significant gold relocations in recent European banking history.
Why De Nederlandsche Bank made the move
De Nederlandsche Bank confirmed the transfer this week, saying the decision was driven by what it described as ‘geopolitical unrest’ and a broader strategy to diversify where it holds its physical gold. The bank now stores roughly 31% of its total gold reserves in the UK, with the remainder split between Amsterdam, New York, and Ottawa. Before the transfer, its holdings in North America were considerably higher.
Gold stored in London sits within the Bank of England’s vaults beneath Threadneedle Street — one of the most secure and liquid gold storage facilities in the world. It’s also far closer to home. That proximity clearly matters more now than it did a decade ago.
The numbers behind the transfer
The Netherlands holds around 612 tonnes of gold in total, making it one of the larger gold-holding nations relative to its size. The 86-tonne transfer — worth approximately $7.6 billion at current market prices — didn’t happen overnight. The logistics of moving that much gold across the Atlantic are considerable, involving armoured transport, air freight, and extensive security coordination.
A spokesperson for De Nederlandsche Bank said the redistribution was part of a long-term plan. ‘Having gold stored at various locations reduces risks and is in line with international standards,’ the spokesperson said. ‘We’ve been working toward a more balanced geographic spread for some time.’
Gold as a geopolitical hedge
But the timing is hard to ignore. Central banks across Europe have been quietly reassessing their gold storage strategies since Russia’s invasion of Ukraine in 2022, and again following fresh uncertainty around US trade and foreign policy. Several European nations have repatriated gold from American vaults in recent years. Germany, Hungary, and Poland have all made similar moves.
Still, this isn’t purely about politics. London remains the world’s largest over-the-counter gold trading hub, so having reserves there offers real practical advantages — faster liquidity, easier transactions, and direct access to global markets.
What comes next
The Dutch move is unlikely to be the last of its kind. With geopolitical friction showing no signs of easing and central banks globally adding to their gold holdings at record rates, the question of where that gold sits — not just how much of it there is — has become a live strategic issue.
For the Netherlands, the answer for now is: closer to home. And that choice tells you something about how policymakers in Amsterdam are reading the room in 2025.
