Why has the Netherlands moved $10bn of its gold from the US?

What the report says

The Dutch central bank said the Netherlands has shifted part of its gold reserves out of the United States and Canada and into the United Kingdom, describing the move as a step to improve preparedness for severe crises. The transfer comes at a time of heightened geopolitical and trade tensions, though the bank did not specify any particular threat it was planning for. Al Jazeera reported the change on 3 September 2026.

The Netherlands holds about 612.4 tonnes of gold, valued at roughly $83.8bn, and traditionally spreads those reserves across several locations for security and diversification. Before the recent relocation, a large share was stored in New York and Ottawa, alongside holdings in Zeist, the Dutch bank’s domestic cash centre, and in London. After the move, a larger portion is now held in London, while the shares in the US and Canada have fallen.

According to the Dutch central bank, the transferred gold was worth about 10.11 billion euros, or about $11.73bn, at the end of 2025 valuations. The bank said some gold was moved through sales and purchases between locations, while other bars were physically transported. It said using both methods helped spread operational risk and preserve flexibility for any future emergency.

The article links the decision to broader concerns about transatlantic relations, trade disputes and instability in the global system. In general, central banks keep gold as a reserve asset because it can serve as a backstop when financial markets or currencies come under pressure.