Netherlands moves gold reserves worth trillions of crowns from the US to London

The Dutch central bank (De Nederlandsche Bank, DNB) has relocated a significant portion of the country's gold reserves from vaults in the United States to London. According to DNB President Olaf Sleijpen, the move is aimed at boosting the country's resilience and readiness for potential crises, as well as improving the liquidity of its gold holdings.

He noted that increasing the share of reserves held in London strengthens gold's role as an "anchor of trust" — the ultimate reserve asset, ideally suited to protect against extreme systemic risks.

The reason: US-Canada tensions

The main trigger for the decision was the sharply escalating tensions between the US and Canada, where an initial trade dispute has grown into a broader political conflict. US President Donald Trump has repeatedly questioned the nature of relations with the neighboring country, referring to Canada as the "future 51st US state" and using tariffs as a tool of pressure. In August, he imposed 50 percent tariffs on some Canadian goods, Canada responded with retaliatory measures, and Prime Minister Mark Carney suspended part of the negotiations with Washington.

Similar tensions persist between the US and the European Union, Mexico, China, India, and Brazil.

Why London was chosen

Gold held at the Bank of England meets modern international standards and is considered among the most liquid in the world. According to DNB, this is precisely why it would be the most accessible option for the Netherlands in the event of a crisis. "Gold reserves in New York and Ottawa cannot be accessed as quickly and directly in such a scenario," the bank said in a press release.

The move concerns only part of the reserves — the Netherlands originally held 313 tons of gold in those vaults.

Nearly a third of reserves were in New York

As of the end of 2025, the Netherlands' total gold reserves stood at 612.4 tons, valued at €72.2 billion — roughly equivalent to 1.75 trillion crowns. For comparison, the Czech National Bank held 72 tons of gold in its reserves at the start of the year, with the regulator planning further purchases.

After the reallocation, the Netherlands' reserve shares in the US and Canada have become balanced — now 18.5% in each country. Previously, New York held nearly a third of the reserves, while Ottawa held just under a fifth. "A more balanced distribution between North America, the UK, and the Netherlands reduces risk and ensures better accessibility of reserves in a crisis," DNB stated.

The bank did not specify exactly which geopolitical tensions it was referring to, though according to the BBC, the US economy remains unstable, partly due to the ongoing conflict between Washington and Iran, which has affected global trade.

Reputational risks for the US

"The current political situation in the United States may prompt some central banks to prefer other storage locations," Laurent Schwartz, a representative of the Paris-based National Gold Counter organization, told The Guardian. According to him, the London market remains the deepest and most liquid, and banks there can more easily lend gold to other institutions.

Analyst John Plassard of Cite Gestion Private Bank warned that if other central banks follow the Netherlands' lead, it could undermine confidence in the United States. Similar concerns have arisen in Germany this year as well, though the Bundesbank has so far decided not to move its reserves out of New York, The Guardian reports.

Around Prague, based on reporting by novinky.cz