DNB Repositions Gold Reserves to Boost Resilience

The Dutch National Bank (DNB) has completed a major restructuring of its gold reserves, relocating 86 tonnes from North America to London and the Netherlands in a move designed to improve the liquidity and tradability of its reserves. 'We expect that we will never need to use them', said DNB Governor Olaf Sleijpen, 'but we do need to strengthen our resilience and preparedness'.

The relocation, carried out between March and August 2026, forms part of DNB's wider strategy to ensure that its gold reserves can be accessed and deployed more effectively during periods of severe market disruption.

Of the 86 tonnes moved, more than 27 tonnes of physical gold were transferred from storage locations in New York and Ottawa to the Netherlands. An equivalent quantity of internationally tradable gold was then moved from the Netherlands to the Bank of England in London, preventing the need to remelt gold bars. The remaining 59 tonnes were effectively relocated through a sell-and-repurchase process, with gold sold in New York and repurchased in London.