The Netherlands has recently joined other countries in relocating gold reserves from the United States, citing increasing geopolitical unrest. On Wednesday, the Dutch Central Bank (DNB) announced its decision to move 86 tons of its gold from New York and Canada to London. This strategic move is intended to ensure faster deployment during potential crises.
Prior to this transfer, the Dutch bank maintained 31.3% of its gold reserves in New York and 19.7% in Ottawa. Following the change, both locations now hold 18.5% each, while London’s share has increased from 18.1% to 32.1%. An additional 30.8% of DNB’s gold remains within the Netherlands.
The Netherlands is the second European nation to remove its gold reserves from the U.S. this year, following France’s actions in January. The Banque de France sold 129 tons of gold previously held in New York between July 2025 and January 2026, comprising about 5% of its total reserves. The proceeds were used to purchase an equivalent amount of new, compliant gold within Europe, now stored in Paris. France’s total gold reserves approximate 2,437 tons.
This trend isn’t entirely new. Germany’s Bundesbank completed its transfer of 300 tons of gold from the Federal Reserve Bank of New York to Frankfurt in 2017. It was part of Germany’s strategy to maintain the majority of its gold reserves domestically. While 36.6% of its gold remains in New York, all 374 tons of France’s gold were withdrawn.
Despite growing pressure last year due to trade tensions and concerns over U.S. monetary policy under President Trump, Germany and Italy opposed calls to repatriate $245 billion worth of gold from New York’s vaults. These nations, holding 3,352 tons and 2,452 tons respectively, rank second and third globally in terms of gold reserves. Italy keeps approximately one-third of its reserves in New York. The United States remains the leading holder with 8,133 tons of gold.
In a similar move back in 2012, Venezuela repatriated about 160 tons of gold from foreign banks in the United States and Europe, returning them to Caracas under President Hugo Chavez.
This situation is evolving and further updates are anticipated.
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