Dutch Central Bank Shifts 86 Tonnes of Gold to London, Citing Rising Global Tensions
De Nederlandsche Bank relocated roughly 86 tons of gold from North America to the United Kingdom in the past few months, a move it attributed to worsening geopolitical conditions and the need for faster crisis access.
DNB Bank explained that its gold vaulted at the Bank of England already meets international trading standards, unlike its Canadian and American holdings, making it quicker to mobilize if needed.
The shift moved just over a quarter of DNB's roughly 313 tonnes previously split between New York and Ottawa. Its England vault now holds 32.1% of the bank's total 612.4-tonne reserve, its Zeist facility holds roughly 30.8%, and its Canada and NY vaults each retain 18.5%.
The Wall Street Journal reported that DNB had used a mix of financial and physical moves to execute the transfer: selling about 59 tonnes in New York while buying the same amount in London avoided shipping that portion overseas, while the remaining 27 tonnes traveled physically, routed through Zeist first so the bars would already meet London's standards, sidestepping costly recasting.
The relocation happened as gold closed the week's trading session around $4,430 per troy ounce.
DNB follows the policy from Bank of France, which shifted 129 tonnes from the New York Fed to European vaults between July 2025 and January 2026, a move Governor François Villeroy de Galhau said was not politically motivated, per CNBC.
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