De Nederlandsche Bank (DNB) has shifted more than 10 billion euros (approximately US$11.6 billion) of its gold reserves out of North America and into London and the Netherlands.
Between March and August 2026, the Dutch central bank transferred approximately 86 tons of gold from storage facilities in New York and Ottawa.
The operation increased holdings at the Bank of England, regarded as the primary global hub for trading physical bullion, to 32.1 percent of the national reserve, up from 18.1 percent.
The central bank sold roughly 59 tons of gold in New York and repurchased an equivalent volume meeting modern international trade standards in London. Concurrently, officials physically shipped over 27 tons from North America to DNB’s Cash Centre in Zeist, while transferring a matching amount from Zeist to London to bypass the need for remelting bars.
“With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” said DNB Governor Olaf Sleijpen.
The relocation leaves the total size of the Dutch gold reserve unchanged at 612.4 tons, valued at 72.2 euros billion at year-end 2025.
Following the transfers, the Netherlands holds 196.6 tons in London and 188.6 tons in Zeist. Holding facilities in New York and Ottawa now store 113.3 tons each, bringing their respective shares down to 18.5 percent from 31.3 and 19.7 percent.
Global financial institutions are recently becoming more active towards portfolio management and custody restructuring.
World Gold Council (WGC) data indicates that 44 percent of central banks actively managed their gold reserves in 2025, up from 37 percent in 2024. Additionally, 59 percent stored at least part of their gold domestically last year, compared to 41 percent in 2024.
Central banks have recorded 16 consecutive years of net gold purchases, accumulating over 1,000 metric tons annually from 2022 to 2024 and 863 metric tons in 2025.
Other European institutions have executed similar custody changes.
Siince mid-2025, Banque de France sold 129 metric tons of gold held in New York for 13 billion euros (US$15 billion) to repurchase bullion for storage in Paris, while German politicians have increased pressure on the Deutsche Bundesbank to repatriate its 1,236 metric tons stored at the US Federal Reserve.
Gold prices have appreciated 290 percent over the past decade amid sustained demand for safe-haven assets. Analysts at JPMorgan Chase & Co. (NYSE:JPM) forecast gold prices to reach US$6,000 per ounce by the end of 2026, setting a longer-term projection of US$4,500 per ounce.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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