The Dutch central bank, De Nederlandsche Bank (DNB), has shifted approximately 86 metric tons of gold, worth roughly $12 billion, out of the United States and Canada and into the Bank of England. The move, which took place between March and August 2026, is aimed at strengthening the central bank’s ability to access the precious metal during a potential crisis. DNB said the transfer was prompted by “increasing geopolitical unrest” and would make its reserves more readily available in an emergency.
The relocation comes as geopolitical and financial uncertainty is reshaping how central banks manage their reserves. War in the Middle East, trade tensions, rising government borrowing costs, and concerns over fiscal sustainability have increased scrutiny of assets traditionally viewed as financial safe havens.
DNB’s move follows a separate reallocation by the Bank of France involving 129 metric tons of gold previously held in New York. While neither central bank has explicitly characterized its actions as a rejection of the United States or its policies, both banks made decisions that have drawn attention to broader questions about reliance on the U.S. financial system by foreign powers.
Central banks added a net 289 metric tons of gold to their reserves during the second quarter of 2026, up 62% from one year earlier, according to the World Gold Council (WGC). Buying has continued since then, led by countries including China and Poland. The WGC’s latest survey found that 89% of responding central banks expect global gold reserves to increase over the next year.
The combination of central-bank demand, geopolitical instability, concerns about U.S. debt and the dollar, and renewed demand from other sectors could provide continued support for gold prices. Gold has already rebounded sharply from its midyear lows, climbing nearly 12% since mid-July. Analysts cited by Barron’s said many of the forces that helped drive gold higher remain in place, suggesting that if demand continues to strengthen and concerns about the global financial system persist, the metal could have further room to rise.
