The Dutch central bank (DNB) has decided to transfer part of its gold reserves from the US and Canada to the Bank of England, believing that this will make them “more accessible in crisis situations“.
“Between March and August 2026, approximately 86 tonnes of gold, out of a total of approximately 313 tonnes stored in the US and Canada, were transferred to London, which is considered the main trading center for physical gold worldwide. Gold stored at the Bank of England must meet modern international trading standards and is considered the most easily marketable in the world, so it would be most accessible to the DNB in a crisis. The gold reserves stored in New York and Ottawa cannot be accessed as quickly and directly in such a situation“, the bank said in a statement on its website.
The regulator notes that the Netherlands' gold reserves, amounting to 612.4 tonnes and valued at €72.2 billion at the end of 2025, are stored in its DNB money centre in Zeist, the Netherlands (30.8%), London (32.1%), New York and Ottawa (18.5% each).
Previously, the Venezuelan government, having deposited 31 tonnes of gold worth approximately $4 billion at the Bank of England, had repeatedly tried to carry out transactions with the country's gold reserves in the UK, but had been refused by the British bank. The reason given was the alleged illegitimacy of Nicolás Maduro's rule in the Bolivarian Republic. Following the abduction of Maduro by US authorities and the devastating earthquake in Venezuela, the government in Caracas and the opposition decided to demand the return of gold reserves that were intended for the reconstruction of the country and assistance to the residents of the affected regions. As reported by the Financial Times, the Bank of England declined to comment on the matter.