Netherlands shifts 86 tonnes of gold from US and Canada to Bank of England

De Nederlandsche Bank moved 86 tonnes of gold from holdings in the United States and Canada to the vaults of the Bank of England in London, saying the shift makes the metal easier to access in case of severe geopolitical or economic disruption. The transfer is part of a wider reconfiguration of central-bank gold positions across Europe as institutions reassess where to store and trade bullion.

According to the Dutch central bank, the 86 tonnes were taken from a total of 313 tonnes it had held in the US and Canada. Governor Olaf Sleijpen said the bank does not expect to make active use of the gold but wanted to strengthen the country’s resilience and readiness for emergencies.

The Dutch move follows similar steps elsewhere this year: France repatriated all of its gold reserves from the United States earlier in the year, while Germany completed a multi-year return of more than 216 tonnes to Frankfurt — 111 tonnes from New York and 105 tonnes from Paris. Analysts at Goldman Sachs, Lina Thomas and Daan Struijven, noted that during the Cold War Europe often stored bullion in New York for safety; the current flow is moving back toward flexible financial centres such as London.

How the bullion was shifted

Central banks used two main methods to relocate large volumes of gold. First, through market transactions: the Netherlands sold 59 tonnes in New York and simultaneously bought an equal amount in London, avoiding the need for physical shipment across the Atlantic. Second, by transporting metal physically: more than 27 tonnes were flown from the US and Canada to the Dutch town of Zeist, and a comparable quantity was then moved from Zeist to London.

Experts stress that geopolitical risk is only one driver. Joseph Cavatoni, senior market strategist at the World Gold Council, said that inflation management, interest-rate dynamics and liquidity — the ability to sell or swap gold quickly — are central considerations for central banks making these decisions.

London is the world’s leading market for gold trading and the Bank of England is one of the largest custodians of bullion. Its central London vaults hold about 400,000 gold bars with an estimated value in excess of £200 billion (451.8 billion MKD).

Logistics firms involved in precious-metal transport, including Brink's Global Services, report a sharp rise in demand from central banks for secure moving and custody services. Firms say operations follow the strictest security standards to minimise theft risk.

Keeping gold at home is costly — security, auditing and insurance add up — which can make domestic storage uneconomical for smaller national banks. Still, global purchases of bullion have accelerated: over the past four years central banks have bought about 1,000 tonnes per year on average, double the ten-year average of 500 tonnes. Many analysts say gold continues to serve as a sought-after safe haven amid high inflation, volatile interest rates and geopolitical tensions, and that diversification of reserves will likely continue.

Photo: press material from the event