The Dutch central bank has transferred approximately 86 tonnes of its gold reserves from New York and Ottawa to London to hedge against "extreme systemic risks," the bank announced recently. While it did not specify the nature of the risks, the bulk of the relocated gold had been stored in the United States. France, Germany, and other European nations have also reduced their gold holdings in the U.S. in recent years. Analysts say the growing U.S. practice of weaponizing the dollar, international trade relations, and the global payments system has unsettled many countries, prompting them to ensure physical control over their gold reserves by adjusting storage locations.
In a statement issued on Sep. 2, the Dutch central bank said that between March and August of this year, it moved roughly 86 tonnes of gold from New York and Ottawa to London as part of a risk-diversification strategy. About 59 tonnes were transferred via sales on the New York market and simultaneous purchases in London; more than 27 tonnes were physically shipped from the U.S. and Canada to the Dutch city of Zeist, with an equivalent amount then moved from Zeist to London. The bank noted that London is regarded as a major hub for physical gold trading, offering high liquidity that allows the Netherlands to "trade quickly in crisis situations" — something that could not be done as swiftly or directly with gold stored in North America.
Following the adjustment, the share of Dutch gold reserves held in New York fell from 31.3% to 18.5%, while the share stored in London rose from 18.1% to 32.1%.
The Netherlands is not alone in reducing its gold footprint in the U.S. In April, the Bank of France announced it had sold its final tranche of roughly 129 tonnes of gold held at the Federal Reserve Bank of New York between July last year and January this year, purchasing an equivalent amount on European markets for storage in Paris. Germany's Bundesbank repatriated 674 tonnes of gold between 2013 and 2017, including 300 tonnes from New York. This year, a growing number of German politicians and economists have called for further gold repatriation from the U.S. Michael Jäger, president of the German Taxpayers Association, put it bluntly: President Trump is unpredictable and will use every means to generate revenue. That is why our gold is no longer safe in U.S. vaults.
Frederic Schneider, a senior fellow at the Middle East Council on Global Affairs in Qatar, said the moves by the Netherlands, France, and Germany are aimed at securing actual control over their national gold reserves. He pointed to Trump's return to the White House, describing his stance as "bellicose and capricious," and said the increasing weaponization of the dollar, trade relations, and the payments system has created anxiety among many nations, including European allies.
Al Jazeera reported that the U.S. has used the Russia-Ukraine conflict as a pretext to freeze Russian overseas assets, launched global trade wars, and conducted military actions against Venezuela and Iran — all factors pushing European countries to shift gold to mitigate geopolitical risks, particularly as transatlantic ties show strains over trade disputes. The Dutch central bank had previously warned that the U.S. could easily disrupt Dutch payment transactions, underscoring the need to reduce dependence on America.
Analysts also view the multilateral gold repatriation as a signal of accelerating global "de-dollarization." Mounting U.S. debt has raised doubts about the long-term credibility of the dollar, while gold, as a non-sovereign credit risk asset, offers a hedge against U.S. Treasury depreciation and declining dollar purchasing power. By relocating gold from U.S. vaults and diversifying custodians, central banks can buffer such risks. In the short term, this trend will not topple dollar hegemony, but it does reflect a profound shift in global reserve management logic.
According to the 2026 Global Central Bank Gold Reserves Survey released by the World Gold Council, 74% of reserve managers expect the dollar's share of global reserves to decline over the next five years, while 84% anticipate gold's share to rise, and 45% plan to increase their gold holdings within the coming year. Over the past four years, central banks have added an average of 1,000 tonnes of gold annually — significantly higher than the 500-tonne average over the previous decade.
Observers note that with financial markets rocked by trade wars and military conflicts, investors are increasingly favoring gold. In January this year, international gold prices hit an all-time high of about US$5,600 per ounce. As of Sep. 8, gold was trading around US$4,400 per ounce. Goldman Sachs researchers project prices will climb to US$4,900 by year-end.
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