Gold relocation shifts 86 tonnes to London to boost liquidity
De Nederlandsche Bank has relocated 86 tonnes of gold reserves from North America to London between March and August 2026. The rebalancing aims to improve asset tradability and strengthen crisis preparedness amid rising geopolitical risks.
Mechanics of a reserve reshuffle
The transaction adjusted the Dutch central bank’s €72.2 billion portfolio of 612.4 tonnes of gold without altering the total reserve size.
DNB executed the relocation through a combination of physical transport and market transactions.
The central bank sold approximately 59 tonnes of gold in New York and bought equivalent standard-compliant gold in London.
Additionally, more than 27 tonnes were shipped from North America to the cash center in Zeist, while an equal amount of market-standard bars was moved from Zeist to London to avoid remelting.
This multi-track method reduced operational risks and ensured that all holdings in London comply with international trade standards.
A rebalanced geographic footprint
The reshuffle lifts London’s share of Dutch gold from 18.1 percent to 32.1 percent, establishing the Bank of England as DNB’s largest foreign custodian.
Holdings in New York and Ottawa were reduced to 18.5 percent each, while the vault in Zeist remains unchanged at 30.8 percent.
“With this relocation, we have improved the tradability of our gold reserves,” DNB Governor Olaf Sleijpen said.
“We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.”
Pragmatic insurance against systemic paralysis
Shifting physical bullion to London delivers immediate liquidity advantages during acute market turmoil.
The operation also reveals European unease over relying on North American vaults during geopolitical crises.
Practical execution was sound, but the reallocation highlights fracturing global trust.
Source: DNB improves tradability of gold reserves
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