The Dutch central bank (DNB) said the move was intended to prepare for "serious crises" amid "growing geopolitical instability," without providing further details.
Gold held at the Bank of England is considered the most liquid in the world, and in a crisis it can be accessed faster than reserves stored in North America. The distribution of reserves is now more balanced: 32.1% will be held in London, 18.5% each in New York and Ottawa, and 30.8% will remain in the Dutch town of Zeist. The Netherlands' total gold reserves of 612.4 tons are unchanged.
Part of the transfer was physical, while the rest was carried out by selling gold in New York and buying it in London. At the end of 2025, the reserves were valued at 72.2 billion euros.
This is not the first time the Netherlands has moved gold out of the United States: in 2014, DNB transported 122 tons from New York back home. As The Guardian reports, analysts now suggest other central banks may follow the Dutch example if they consider the current US administration an unreliable partner. Similar calls have been made in Germany, where about a third of the country's reserves are stored in New York.