Central banks are withdrawing their gold from the U.S.

The Netherlands has moved 86 metric tons of gold out of North America—and France has already withdrawn its gold from the Federal Reserve in New York. When geopolitical tensions flare up, European central banks move their strategic reserves, and the question of who controls the gold once again takes center stage.

Between March and August, the Dutch central bank, DNB, moved 86 metric tons of gold from New York and Ottawa to London. The gold is worth approximately 115 billion kronor, and the move was motivated, among other things, by geopolitical concerns and increased crisis preparedness, reports Industry Today (DI).

Tons of Gold Across the Atlantic

About 59 metric tons were sold in New York, while an equivalent amount was purchased in London. In addition, just over 27 metric tons were physically transported from the United States and Canada to the Netherlands, after which the equivalent amount was shipped on to London.

Exactly how the shipments across the Atlantic were carried out has not been made public. Following the operation, 32.1 percent of the Dutch gold reserve is held in London, up from 18.1 percent previously.

”Strengthen Our Resilience”

According to DNB, gold in London is easier to liquidate and therefore more readily available during a crisis. The central bank governor Olaf Sleijpen says:

– With this move, we have improved the marketability of our gold reserves. We do not expect to ever need to use them, but we need to strengthen our resilience and preparedness.

France has already left New York

The Netherlands is not the first. France withdrew all of its gold from the Federal Reserve in New York between July 2025 and January 2026. In Germany, too, there has been discussion about the security of the country’s gold reserves in New York, but the Bundesbank has so far chosen to keep them there.

Sweden has nearly 126 metric tons of gold. About 60 percent is held in the United Kingdom, while the rest is distributed among Sweden, the United States, Canada, and Switzerland, among other countries—a diversification that reduces dependence on a single storage location.