De Nederlandsche Bank (DNB) announced on September 2 that it had completed a months-long operation to transfer approximately 86 tonnes of gold away from vaults in New York and Canada. The relocation, executed between March and August 2026, represents more than a quarter of the Dutch central bank’s total North American holdings and marks a deliberate pivot toward London as the country’s primary gold storage hub.
How the transfer actually worked
About 59 tonnes of the transfer involved selling gold held in New York vaults and simultaneously purchasing equivalent quantities in London. The remaining 27 tonnes did move physically, traveling from North America to DNB’s facility in Zeist, a small city near Utrecht. From there, an equivalent quantity of standardized gold bars was transferred onward to London. The result: London now holds the largest share of Dutch gold reserves at 32.1%, followed by Zeist at 30.8%, with New York and Ottawa each dropping to 18.5%.
DNB’s total gold reserves stand at 612.4 tonnes, valued at approximately €72.2 billion as of the end of 2025.
Why London, and why now
