WHY IS THE NETHERLANDS PULLING ITS GOLD RESERVES OUT OF THE US, CANADA?

Fri 04 September 2026:

The Dutch central bank (DNB) said Wednesday it had shifted a large portion of its gold reserves out of the United States and Canada to strengthen its preparedness for crises, according to broadcaster NOS.

DNB reported that about 86 tonnes of Dutch gold were moved from the US and Canada to London between March and August this year.

The figure represented over a quarter of the approximately 313 tonnes of gold that DNB had stored in the US and Canada.

DNB noted that the gold had been moved to “better prepare for serious crises.”

It said London was a major trading center for physical gold and that the precious metal could be sold more quickly in a crisis.

In New York and Ottawa, however, the gold is “less immediately available” at such a moment, according to the DNB.

Over 27 tons of gold from the US and Canada have been physically moved to Zeist in the Netherlands.

In New York, the share of gold reserves held there fell from 31.3% to 18.5%. In Canada, the figure fell from 19.7% to 18.5%.

The DNB reportedly had previously expressed concerns about the hardening relationship between Europe and the US. The central bank warned that the US could easily halt payment transactions in the Netherlands, further advocating for becoming less dependent on the US.

However, DNB told NOS at the time that it was not concerned about the possibility that the US would use the Dutch gold reserves in the event of a further deterioration of relations.

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Gold reserves are useful in a crisis because they are nobody’s IOU.Paper money, government bonds and bank deposits all depend on someone else’s promise to pay. Those promises can be broken by inflation, default, capital controls or sanctions. Gold does not. It is a physical asset that has been accepted as money for thousands of years and does not rely on any government or bank remaining solvent.

In a severe financial shock, gold often holds or gains value while stocks, bonds and currencies fall. That makes it a hedge. In a geopolitical crisis, foreign-held currency reserves can be frozen — as happened with Russian assets in 2022. Physical gold stored in a liquid market such as London is harder to seize and can be sold or pledged more quickly.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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