The DNB sold about 59 tonnes of gold in New York and bought the same amount in London, and physically transported another 27 tonnes from Ottawa and New York to Zeist under armed guard and GPS tracking before swapping Zeist-held bars for London-standard ones, avoiding the need to remelt. The total reserve size is unchanged at 612.4 tonnes, worth 72.2 billion euros ($80.7 billion) at year-end 2025. Holdings in New York and Ottawa each fell to 18.5 percent from 31.3 and 19.7 percent, while Zeist stayed at 30.8 percent. London is now the largest single storage location for Dutch gold.
Governor Olaf Sleijpen said the move improved the tradability of the reserves and strengthened resilience and preparedness. Gold held at the Bank of England meets modern international trade standards, making it the most easily tradable bullion in a crisis, while metal sitting in North America cannot be accessed as quickly.
The Dutch move follows the French central bank’s relocation of 129 tonnes from the New York Fed between July 2025 and January 2026. Other central banks are weighing similar custody changes as trade and geopolitical risks rise, and the trend is physical and deliberate, not a reallocation of notional exposure.