Why are European countries moving their gold out of North America? - BBC News

The Netherlands has relocated 86 tonnes of the shiny stuff - what's going on?

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished5 September 2026When the central bank of the Netherlands confirmed this week that it had moved tonnes of the country's gold out of North America, it said the relocation would make it "better prepared for severe crises".

Some 86 tonnes from the combined total of about 313 tonnes held in the US and Canada were relocated to London "in view of increasing geopolitical unrest", it said, so the shiny stuff could be "readily available for use in a crisis situation".

Questions were bound to follow. Why were the Dutch doing this? Were they anticipating some major economic shock on the horizon?

It seems not, but the move was clearly in response to the unstable and uncertain state the world finds itself in, with trade and military wars prompting countries to take precautions and hold their gold closer to home.

Earlier this year, France announced it had removed its gold reserves from the US to home shores. Meanwhile, Germany's Bundesbank transferred more than 216 tonnes of the metal from storage locations abroad - 111 tonnes from New York and 105 tonnes from Paris - over a few years ending in 2016., external