De Nederlandsche Bank completed between March and August an operation to transfer 86 tonnes of gold from vaults in New York and Canada to London, representing more than a quarter of its North American holdings. Of this total, 59 tonnes involved selling gold in New York and simultaneously purchasing equivalent quantities in London, while 27 tonnes were physically shipped to the Netherlands before being re-exported as standardized gold bars. The Dutch central bank holds 612.4 tonnes of gold valued at approximately 72.2 billion euros, now distributed across London (32.1%), Zeist (30.8%), New York (18.5%), and Ottawa (18.5%). This decision reflects a global trend among central banks to repatriate gold reserves, driven by sanctions risk and the desire to reduce dependence on dollar-denominated assets.
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