The Dutch central bank (DNB) has moved 86 tonnes of gold reserves from the US and Canada to London, citing "increasing geopolitical unrest". DNB president Olaf Sleijpen said the shift improves deployability in a crisis, noting gold in London can be traded more easily than in New York or Ottawa. The total Dutch gold stock stands at 612.4 tonnes, valued at €72.2bn ($83.7bn).

Before the move, 31.3% was held in New York and 19.7% in Ottawa; now each holds 18.5%, while London's share rose from 18.1% to 32.1%. The Netherlands retains 30.8%. The operation, conducted between March and August, combined buying/selling with physical transport of over 27 tonnes via Zeist to avoid melting bars.

Analyst John Plassard called it a move for immediate crisis availability, warning broader shifts could undermine confidence in the US. Laurent Schwartz of the National Gold Counter noted central banks have been repositioning reserves for a decade, with London offering the deepest liquidity. Germany's Bundesbank, however, affirmed it will keep reserves at the New York Fed.