DUTCH GOLD · SAME RESERVE, DIFFERENT EXIT ROUTE

London Became the Largest Foreign Vault

DNB moved exposure out of New York and into the world's deepest physical-gold market without changing total holdings.

86tshifted from North America to London

612.4ttotal Dutch gold; unchanged

€72.2Breserve value at year-end 2025

After relocation

Zeist

0.0pp

London

+14.0pp

New York

−12.8pp

Ottawa

−1.2pp

What changed: London rose from the smallest Dutch storage location to the largest. Roughly 59 tonnes moved through sell-and-rebuy transactions; more than 27 tonnes moved physically.

Source: De Nederlandsche Bank, “DNB improves tradability of gold reserves,” Sept. 2, 2026. Percentages may not sum exactly due to rounding.