In a high-stakes strategic move that underscores growing global economic uncertainty, De Nederlandsche Bank (DNB) has confirmed it moved 86 tonnes of gold worth billions of dollars out of the United States and Canada to be stored at the Bank of London, citing escalating geopolitical unrest as the core driver behind the months-long operation.
The complex relocation was carried out between March and August of 2026, bank officials announced Wednesday. DNB President Olaf Sleijpen framed the shift as a critical step to reinforce the central bank’s resilience and crisis preparedness, noting that gold held at the Bank of England is widely recognized as the most liquid form of the precious metal, far easier to access and trade during periods of market disruption than reserves held in North America.
Of the 86 tonnes reallocated, only 27 tonnes were physically transported across the Atlantic: 27 tonnes of gold bars were moved from New York and Ottawa to a DNB storage facility in Zeist, the Netherlands, before an equivalent volume and quality of bars was transferred onward to London, eliminating the need for melting and recasting the gold. The exact logistics of the transatlantic shipment remain undisclosed for security reasons. The remainder of the reallocation was completed through a strategic swap: DNB sold its gold holdings in New York and purchased matching volumes in London, a method the bank said allowed it to spread operational and security risks across the complex project.
The announcement comes against a backdrop of mounting economic and geopolitical friction globally. A long-running trade dispute between the U.S. and Canada has intensified in recent months, with both sides imposing new retaliatory tariffs after negotiations collapsed. The U.S. has imposed tariffs on key Canadian industrial sectors including steel, aluminum, lumber and automobiles, plus an additional 50% levy on roughly C$28 billion (US$20 billion) worth of Canadian goods announced in August. Beyond the transatlantic trade rift, ongoing military tensions between the U.S. and Iran have created persistent uncertainty for the U.S. economy and global trade flows at large. While DNB did not name specific events tied to its reference of “geopolitical unrest,” market analysts broadly link the decision to these overlapping global risks.
The reshuffle has significantly altered the geographic distribution of DNB’s total gold reserves. Before the move, 31.3% of the bank’s gold was held in New York and 19.7% in Ottawa. Following the relocation, both the U.S. and Canada now hold just 18.5% of DNB’s gold reserves each. At the end of 2025, DNB’s total gold stock stood at 612.4 tonnes, valued at €72.2 billion. The share of reserves held in London has jumped from 18.1% to 32.1%, while the share kept within the Netherlands remains unchanged at 30.8%.
Central bank gold analysts note that the move reflects a broader trend among European central banks of re-evaluating the geographic distribution of their gold reserves in response to shifting geopolitical and economic risks, with London’s long-established position as a global gold trading hub making it a preferred alternative for reserve holders seeking liquidity and security.