European Central Banks Reassess Gold Storage as Geopolitical Risks

European central banks are reassessing where they hold their gold reserves as geopolitical tensions increase, with the Netherlands moving 86 tonnes from storage in the United States and Canada to London to improve access to the metal during a potential crisis.

According to information published by Coin Bureau, the relocation reflects a broader reassessment of overseas gold storage. De Nederlandsche Bank said the transfer, carried out between March and August 2026, was intended to strengthen crisis preparedness and improve the tradability of its reserves.

Netherlands Moves 86 Tonnes of Gold to London

The Dutch central bank transferred approximately 86 tonnes markets from its holdings in New York and Ottawa to London. DNB said gold stored at the Bank of England is more readily tradable and can therefore be deployed more quickly in a crisis.

The move changes the distribution of the Netherlands' 612.4-tonne gold stock. London’s share increased from 18.1% to 32.1%, while the portions held in New York and Ottawa each fell to 18.5%. DNB said the reallocation was driven by increasing geopolitical unrest and a desire to spread storage risks more evenly across locations.

France has also reduced its New York holdings. Banque de France converted 129 tonnes of gold previously held at the Federal Reserve Bank of New York into modern, internationally compliant bars between July 2025 and January 2026, with the upgraded holdings stored in Paris. The central bank said the operation was primarily related to trading efficiency rather than political considerations.

Germany's often-cited 216-tonne transfer, meanwhile, dates to 2016 rather than 2026. The Bundesbank moved 111 tonnes from New York and 105 tonnes from Paris to Frankfurt that year as part of a longer-term storage plan. As of the end of 2025, Germany still held 1,236 tonnes at the Federal Reserve Bank of New York.

Central Banks Maintain Historically High Gold Demand

The relocation trend comes alongside financial sustained central-bank demand for gold. The World Gold Council reported that central banks purchased 863 tonnes in 2025, below the 1,000-tonne threshold reached in each of the previous three years but still substantially above the 473-tonne annual average recorded from 2010 through 2021.

That buying pattern highlights why the location and accessibility of official gold reserves have become increasingly relevant. Gold is being treated not only as a reserve asset but also as a component of broader crisis and diversification strategies.

The Netherlands' latest move therefore raises a specific question for other central banks: whether improving domestic or regional access to bullion will become a more common part of reserve management as geopolitical risks remain elevated.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.