According to Xinhua news agency, the Bank of the Netherlands said on September 2 that it had transferred about 86 tons of gold from New York and Ottawa to London in the period of August-August 2026.
After that, the proportion of Dutch gold held in New York decreased from 31.3% to 18.5%, while the proportion in London increased from 18.1% to 32.1%.
Before the Netherlands, France also completed the departure of 129 tons of gold from New York. However, this was not a direct physical gold shipment. The Central Bank of France sold gold in the US and then bought equivalent amounts in Europe and stored them in Paris. The operation took place from July 2025 to January 2026, equivalent to about 5% of France's total gold reserves.
Germany also repatriated 674 tons of gold in the period 2013-2017, including 300 tons from New York and 374 tons from Paris. This year, calls to continue bringing gold home have reappeared amid rising geopolitical tensions and more disagreements between the US and Europe.
According to experts quoted by Xinhua, these changes reflect an increasing concern about the safety of gold stored abroad.
Mr. Nader Antar, Executive Vice President of Brink's Global Services, said that geopolitical and economic instability, along with the increasing role of gold as a strategic reserve asset, are contributing to promoting this trend.
Mr. Frederic Schneider, senior researcher at the Global Affairs Council for the Middle East in Qatar, said that countries are seeking to increase practical control over their national gold reserves. According to him, the US's increasing use of the USD, trade relations and global payment systems as geopolitical tools is causing many countries to re-evaluate how and where to hold reserves.
This trend is taking place as global central banks continue to increase gold holdings. International gold prices once set a record of about 5,600 USD/ounce in January before falling to about 4,400 USD/ounce as of September 8.
According to the World Gold Council's 2026 Central Bank Gold Reserves Survey, 74% of reserve managers forecast that the proportion of USD in global reserves will decrease in the next 5 years, while 84% forecast that the proportion of gold will increase. About 45% expect to continue to increase their gold holdings in the next 12 months.
The above figures show that gold is strengthening its position as a strategic reserve asset, while central banks are increasingly focusing on the ability to control and preserve reserves in a volatile geopolitical environment.
