The Netherlands has moved about 86 tonnes of gold out of North America in a major reshuffling of its national reserves, drawing attention to growing concerns about geopolitical and financial stability. Between March and August, De Nederlandsche Bank transferred gold previously held in New York and Ottawa toward London, where bullion can be traded more quickly during a serious economic crisis. The move reduced the share of Dutch gold held at the U.S. Federal Reserve from 31.3% to 18.5%, while London now holds the largest portion of its overseas reserves. DNB said the decision was intended to strengthen its ability to respond to major crises amid increasing geopolitical unrest.

The move has nevertheless fueled speculation about Europe’s confidence in the United States under President Donald Trump. Financial expert Johan de Ruiter reportedly argued that Dutch reserves should not remain heavily concentrated in America, while broader concerns have emerged over tariffs, trade disputes and strained relations between the U.S. and its allies. The Netherlands used a combination of physical transfers and transactions to complete the operation, including selling roughly 59 tonnes in New York and repurchasing equivalent bullion in London. With Dutch gold reserves valued at more than €72 billion, the decision highlights how central banks are reassessing where they keep national wealth. Whether the shift is simply a practical risk-management strategy or a sign of deeper concerns about U.S. policy remains a subject of debate.