Dmitri Lysenko
The Netherlands’ total gold reserves remain unchanged at 612.4 tonnes. The operation was a relocation of existing reserves, not a new gold purchase.
Following the move, Dutch gold is distributed approximately as follows:
| Location | Share |
| London | 32% |
| Netherlands | 31% |
| New York | 18.5% |
| Ottawa | 18.5% |
The main reason for the shift is liquidity and crisis preparedness. Gold held at the Bank of England meets standards used in the London bullion market, making it easier to sell or mobilize during periods of financial stress.
DNB said the new allocation improves the tradability of its reserves and strengthens its ability to respond to financial or geopolitical crises.
The transaction was not entirely a physical transfer. Around 59 tonnes were sold in New York and replaced with equivalent gold in London, while more than 27 tonnes were physically moved from North America to the Netherlands, accompanied by a corresponding transfer of market-standard bullion from the Netherlands to London.
The move leaves roughly 37% of Dutch gold in North America, while almost two-thirds is now held either domestically or in London.
The key point: the Netherlands is not increasing its gold holdings — it is repositioning them toward a market where the reserves can be converted into liquidity more quickly during a crisis.
Dmitri Lysenko
