Why are European countries moving their gold out of North America?

September 5, 2026

Several European central banks, including the Netherlands, France, and Germany, have been relocating their gold reserves away from North America in response to growing geopolitical instability and trade tensions. The Dutch central bank recently moved 86 tonnes of gold from the US and Canada, with most going to London's Bank of England, which serves as a major global trading hub where gold can be quickly bought or sold during crises. While wars and economic uncertainty influence these decisions, experts say the moves are also driven by strategic asset management considerations like inflation, interest rates, and the desire for faster access to tradeable reserves.

Who is affected

The Netherlands' central bank (De Nederlandsche Bank)
France's central bank
Germany's Bundesbank
The United States and Canada (as storage locations being used less)
The Bank of England (receiving more gold for storage)
Central banks globally (considering storage strategies)
Security companies like Brink's Global Services (handling increased shipments)
Reserve managers at various central banks

What action is being taken

The Netherlands moved 86 tonnes of gold from the US and Canada between March and August, with most relocated to London
Central banks are increasingly buying gold
Central banks are diversifying where they store gold reserves
The Bank of England is storing approximately 400,000 bars worth over £200bn in its vaults
Companies like Brink's Global Services are handling increased gold shipment demands from central banks

Why it matters

This shift reflects growing global instability and geopolitical uncertainty, with countries wanting their strategic reserves closer to home and more readily accessible during potential crises. The relocations demonstrate how nations are reassessing their financial security strategies in response to trade wars, military conflicts, and economic volatility. London's position as a major trading center makes it strategically valuable because gold stored there can be bought or sold quickly in emergency situations, providing central banks with greater financial flexibility and resilience during severe economic shocks.

What's next

No explicit next steps stated in the article

Read full article from source: BBC