DNB improves tradability of gold reserves

In view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness. Improving the liquidity and tradability of the Dutch gold reserves is part of these preparations. Moreover, a more balanced distribution of these reserves between North America, the United Kingdom and the Netherlands helps to spread risks and will make them more readily available for use in a crisis situation.

Between March and August 2026, approximately 86 tonnes of gold were transferred from the combined total of approximately 313 tonnes held in the United States and Canada to London, which is regarded worldwide as a major trading centre for physical gold. Gold that is held with the Bank of England must meet modern international trade standards and is regarded as the world's most easily tradable gold and will therefore be the most readily available for DNB in a crisis situation. The gold reserves held in New York and Ottawa cannot be utilised as quickly and directly in such a situation.

Keeping a larger share of the gold reserves in London strengthens the function of gold as an anchor of trust. Gold is seen as the ultimate reserve asset because it is ideally suited to hedge extreme systemic risks. 

“With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” said DNB Governor Olaf Sleijpen. 

Amounting to 612.4 tonnes, worth €72.2 billion as at year-end 2025, the Dutch gold reserves are part of DNB’s official foreign reserves. For many years, the Dutch gold reserves have been spread over different locations around the world as part of a risk diversification strategy, including DNB's Cash Centre in Zeist, and central banks in the United Kingdom, Canada and the United States. Following the recent relocation, the geographical spread of the Dutch gold reserves is now more balanced, with both the United States and Canada each holding 18.5%.

The relocation was largely effected by first selling approximately 59 tonnes of gold in New York and then buying gold in London that meets the international market standards. In addition, more than 27 tonnes of gold were physically transferred from the United States and Canada to Zeist, and a similar quantity of gold that meets the international market standards was transferred from Zeist to London, preventing the need to remelt gold bars. Better tradability also means that the quality of the gold reserves has improved. The total size of the gold reserves has remained the same. 

Combining the processes of buying and selling and physical transport has allowed DNB to spread the risks associated with such a complex physical gold relocation operation, while also ensuring efficiency and cost-consciousness. Moreover, experience of both approaches will be useful in the event that another relocation is required during a potential future crisis, and one of the two approaches proves impossible due to circumstances at the time. This also fits in with DNB’s efforts to increase its crisis preparedness. 

For more information, media representatives can contact Dorinde Meuzelaar: d.c.meuzelaar@dnb.nl or +31651963073.