Netherlands Moves Gold from US and Canada to UK...Here's Why

Analysis Suggests Deteriorating Relations Between Europe and the United States as the Cause

The Dutch central bank (De Nederlandsche Bank, DNB) has relocated part of its gold reserves, previously held in the United States and Canada, to the United Kingdom.

Gold bar. Photo by Jinhyung Kang

On September 2 (local time), AFP and other media reported that the DNB issued a statement announcing that it had transferred 86 tons of its gold reserves, which had been stored in New York, USA and Ottawa, Canada, to London.

Olivier Sleijpen, President of the DNB, stated, "This measure has increased the flexibility of our gold reserves," and added, "Although it is unlikely we will need to use the gold, it is important to strengthen resilience and preparedness." He explained that, amid escalating geopolitical tensions, gold stored in London is considered easier to trade than gold kept in New York or Ottawa.

The DNB explained that in this recent operation, it both physically transported some gold and conducted sales transactions, stating, "By combining sales and physical transportation, we mitigated the risks associated with moving large amounts of gold directly."

Dutch public broadcaster NOS described the DNB's decision as unusual, analyzing that it may be due to worsening relations between Europe and the United States. Recently, the DNB warned that the United States could paralyze the Dutch payment system, emphasizing the need to reduce dependence on the US—especially in the payments sector. Some in European political circles have raised concerns that, with rising tensions in the transatlantic alliance, the Trump administration in the United States could seize gold entrusted by European countries.

As a result of this measure, the proportion of DNB gold reserves held in New York decreased from 31.3% to 18.5%. The proportion in Ottawa was likewise adjusted from 19.9% to 18.5%. The percentage held in London increased from 18.1% to 32.1%, while the share held domestically in the Netherlands remained at 30.8%.

As of the end of last year, the Netherlands' total gold reserves amounted to 612.4 tons, valued at 72.2 billion euros (approximately 114 trillion won).

Meanwhile, France also withdrew all of its gold from the Federal Reserve Bank of New York between July last year and January this year. Earlier this year, there were calls in Germany to repatriate gold stored in New York. Since President Trump began his second term in January last year, the United States and Europe have been at odds in areas such as tariffs, trade, and security, with significant disagreements.

The Bank of Korea currently holds 104.4 tons of physical gold, all of which is stored at the Bank of England in London.

This content was produced with the assistance of AI translation services.