- September 4, 2026
France Did It, Germany Did It, Now The Netherlands: Why Is Gold Moving Out Of The US?
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The Netherlands moved about $10.7 billion worth of gold out of New York, sharply cutting the share of its reserves held in the US.
The Dutch central bank announced Wednesday that it has moved billions of dollars worth of its gold reserves out of North America in a move it described as “crisis preparedness” in a time of global political unrest. (Image Courtesy: AP)
The Netherlands has moved billions of dollars worth of gold reserves out of the United States and Canada and increased the amount it holds in the United Kingdom, with its central bank saying the reshuffle is intended to make the country better prepared for severe crises.
The move has drawn attention not only because of the scale involved, but also because it comes amid heightened geopolitical tensions and follows previous moves by France and Germany to reduce the amount of gold they hold in the US.
How Much Gold Does The Netherlands Hold?
The Netherlands has 612.4 tonnes of gold reserves, valued at approximately 72.2 billion euros, or about $83.8 billion. These reserves are spread across different locations as part of the Dutch central bank’s risk diversification strategy.
Before the latest relocation, 30.8 per cent of the Netherlands’ gold was held at De Nederlandsche Bank’s (DNB) Cash Centre in Zeist, 31.3 per cent in New York, 19.7 per cent in Ottawa and 18.1 per cent in London.
Following the transfer, the share held in Zeist remains unchanged at 30.8 per cent, while London’s share has risen to 32.1 per cent. The amount held in New York has dropped to 18.5 per cent, while Ottawa now also holds 18.5 per cent.
How Much Gold Was Moved From The US And Canada?
The gold covered by the relocation was valued at around 10.11 billion euros ($11.73bn) at the end of 2025.
The transfer was carried out in two ways. DNB first sold about 59 tonnes of gold in New York, worth roughly $8.3 billion, and bought gold in London.
A separate part of the operation involved physically moving bullion. “More than 27 tonnes of gold (approximately $3.84bn) was also physically transferred from the United States and Canada to Zeist, and a similar quantity of gold that meets the international market standards was transferred from Zeist to London, preventing the need to remelt gold bars,” DNB said.
At December 2025 valuations, around $10.7 billion worth of gold was moved out of New York, while a little over $1 billion was shifted from Ottawa.
Why Did The Netherlands Move Its Gold?
DNB said the relocation was intended to improve crisis preparedness and make the country’s gold reserves easier to use if needed.
“With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” DNB President Olaf Sleijpen said.
The bank said it considers gold an important reserve asset in periods of severe financial stress.
“Keeping a larger share of the gold reserves in London strengthens the function of gold as an anchor of trust. Gold is seen as the ultimate reserve asset because it is ideally suited to hedge extreme systemic risks,” DNB said.
The bank also said gold held in New York and Ottawa could not be utilised as quickly or directly in such a situation.
Is The Netherlands Moving Gold Because Of Tensions With The US?
DNB has not said that deteriorating relations with Washington were the reason behind the relocation. Its stated explanation is that it wants a more balanced geographical spread of reserves, greater tradability and stronger crisis preparedness.
However, the move comes at a time of increased geopolitical uncertainty involving the US.
Washington and Canada have been locked in a trade dispute since 2025. The Trump administration imposed tariffs on Canadian steel, aluminium and automobiles, before announcing an additional 50 per cent tariff on $20 billion worth of Canadian goods in August this year.
Canada responded with tariffs on more than 700 US products, also valued at $20 billion.
Relations between the US and several European countries have also become more strained during Donald Trump’s second term, amid disputes over trade, Greenland and the ongoing US-Israel war against Iran.
Trump has criticised European governments over their reluctance to join the Iran war and has also threatened tariffs against countries opposing his push to acquire Greenland.
DNB, however, has not linked any of these developments directly to its decision to relocate gold.
Which Countries Have The Largest Gold Reserves?
According to World Gold Council data, the United States holds by far the world’s largest gold reserves at 8,133.4 tonnes. Italy follows with 2,451.8 tonnes, ahead of China at 2,313.4 tonnes and Russia at 2,304.7 tonnes.
India ranks next with 880.5 tonnes, followed by Japan with 845.9 tonnes, Poland with 581.6 tonnes, Turkey with 534.8 tonnes, Uzbekistan with 415.5 tonnes and Kazakhstan with 353.5 tonnes.
Have Other Countries Moved Gold From The US?
Yes. The Netherlands is not the first European country to reduce its gold holdings in the United States.
In January this year, Banque de France moved 129 tonnes of gold worth about $17 billion from the Federal Reserve Bank of New York back to France. The gold had been held in New York since July 2025.
Banque de France cited a technical upgrade and the possibility of securing a better return as reasons for the move. It carried out the transfer by selling gold in New York and buying gold bars in Paris.
Germany had undertaken an even larger relocation earlier. Between 2013 and 2017, Germany moved more than 600 tonnes of gold from New York to Frankfurt, saying the move was intended to secure its national reserves.
Quick Answers
Ask News18The Netherlands’ central bank, DNB, stated the relocation was to improve crisis preparedness, enhance tradability of its gold reserves, and strengthen resilience. Gold held in London is considered more easily tradable than that in New York or Ottawa.
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Karishma Jain, Chief Sub Editor at News18.com, writes and edits opinion pieces on a variety of subjects, including Indian politics and policy, culture and the arts, technology and social change. Follo…Read More
September 04, 2026, 16:17 IST
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