De Nederlandsche Bank (DNB) manages more than 600 tonnes of gold (EUR 26.7 billion at the end of 2019) as part of its total assets. The gold stock mainly functions as a reserve asset and as an anchor of trust.
Gold: anchor of trust
In the past, coins were made of precious metals such as gold and silver. Nowadays, coins and banknotes are produced from cheap and durable materials. The gold standard was introduced as a measure of value. Coins and banknotes could be exchanged for gold on the basis of this standard. The gold standard has been abandoned, but the gold stock still functions as an anchor of trust.
Where is the gold?
The Dutch gold reserves are kept in various locations in the world. Part of it is stored in the Netherlands, but most of it is stored in other countries: the United States, Canada and the United Kingdom. Our own gold vault stores 15,000 bars of gold, worth around EUR 10 billion and representing a third (31%) of the total gold stock. Another third (31%) is located in New York. This gold is stored in the vaults of the Federal Reserve Bank, on Manhattan's granite rocks. A further 38% is stored in the vaults of the Canadian and UK central banks in Ottawa and London.
From Amsterdam to Haarlem to Zeist
Until 2020, the gold vault was located underneath our head office in Amsterdam. The office premises at Frederiksplein had to be renovated, which is why the gold had to be relocated. Eventually the gold will be moved to our new Cash Centre in Zeist, along with our banknote activities. The new Cash Centre is scheduled for completion in 2023. Until then, the gold is stored in Haarlem.