Sunita Somvanshi
The Dutch central bank (De Nederlandsche Bank, or DNB) has transferred 86 metric tonnes of gold from vaults in the United States and Canada to the Bank of England in London between March and August 2026. This is not a headline-grabbing repatriation. It is a quiet reconfiguration of where a portion of the Netherlands’ gold reserves sits—and it reveals how central banks are rethinking crisis preparedness.
Previously, DNB held approximately 313 tonnes of gold combined in the Federal Reserve Bank of New York and the Bank of Canada in Ottawa. The transfer of 86 tonnes leaves substantial holdings in both locations but redistributes a meaningful chunk to London. DNB now holds approximately 31 percent of its gold domestically at the Zeist Cash Operations Centre and approximately 31 percent at the Bank of England in London, with the remainder distributed across other locations.
Why move gold across the Atlantic at all? The reasons are practical. London is home to the London Bullion Market Association (LBMA), a major global centre for physical gold trading and settlement. DNB says gold held in London is more readily tradable during a crisis and can be accessed without the logistics delays that cross-oceanic transport entails.
The Netherlands is also diversifying geographic risk. Splitting holdings across New York, London, and domestic vaults reduces concentration in any single jurisdiction. DNB’s stated reasons are improved crisis preparedness, better tradability and liquidity through the LBMA, geographic diversification, and easier availability during emergencies.
DNB’s move occurs in a context of broader central-bank behavior. Global central banks purchased approximately 850 tonnes of gold in 2025, down from more than 1,000 tonnes annually during 2022–24. Central banks are maintaining interest in gold as a reserve asset—not abandoning it—and they are recalculating where and how to hold it.
A common narrative frames this as “de-dollarization”—countries rejecting the U.S. dollar as global reserve currency. The data tells a murkier story. As of June 2026, the U.S. dollar still comprised approximately 57 percent of global official foreign-exchange reserves. That figure has declined from its historical 70+ percent, but the dollar remains the world’s largest official reserve currency. Moving gold between London and New York does not change that.
