THE HAGUE — Citing escalating global tensions, De Nederlandsche Bank (DNB) has announced the successful relocation of 86 metric tonnes of its gold reserves from North America to the Bank of England in London.
The strategic reallocation, executed between March and August, shifts a significant portion of the Netherlands' total 612.4 tonnes of gold reserves—valued at approximately €72.2 billion—away from New York and Ottawa. Prior to the operation, New York held 31.3% of the Dutch reserves and Ottawa held 19.7%; those figures have now dropped to 18.5% each, while London’s share has expanded from 18.1% to 32.1%, making it the largest storage hub for the country's bullion.
DNB President Olaf Sleijpen emphasized that the move is designed to optimize the liquidity and accessibility of the nation’s wealth during emergency scenarios.
"We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness," Sleijpen said in a statement. "Gold held with the Bank of England is regarded as the world's most easily tradable gold and will therefore be the most readily available for DNB in a crisis situation."
Financial analysts note that bullion stored in London benefits from immediate proximity to the world's largest over-the-counter physical trading hub, offering rapid liquidation capabilities compared to North American depositories.
The complex transfer was completed through a hybrid method of physical transport and market transactions. Over 27 tonnes of physical gold were airlifted or shipped from the US and Canada to the central Dutch vault in Zeist, with an equivalent weight subsequently forwarded to London to bypass the logistical hurdles and risks of melting down historic bars. The remaining balance of the transition was achieved by offloading assets in New York and procuring matching standard-grade bullion directly within the London market.
The maneuver underscores a broader, growing cautiousness among European central banks regarding asset concentration and overseas security as transatlantic and global geopolitical frictions intensify.
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