Gold reserves: Netherlands exiting U.S. – others to follow?

Are foreign gold reserves stored in the United States still as secure under President Donald Trump as they once seemed? The question has been simmering across Europe for months. Now the Netherlands has given the debate new momentum. De Nederlandsche Bank, the Dutch central bank, announced that it shifted about 86 metric tons of gold away from New York and Ottawa toward London, citing geopolitical uncertainty, better risk diversification and the need to make reserves easier to use during a crisis. Between March and August 2026, the share of Dutch gold held in New York fell from 31.3 percent to 18.5 percent. Canada’s share declined from 19.7 percent to 18.5 percent, while London’s jumped from 18.1 percent to 32.1 percent. The Netherlands holds 612.4 tons of gold, valued at €72.2 billion at the end of 2025.

Gold reserves: Why the Netherlands chose London

The Dutch central bank did not claim that gold in the United States was unsafe. Instead, it stressed London’s role as one of the world’s leading gold markets, where bullion can be traded and mobilized more quickly during a severe financial or geopolitical crisis. DNB said the reshuffle would make its reserves more readily available while spreading risks across several jurisdictions. Still, the reference to rising “geopolitical unrest” is significant. The Netherlands is not abandoning North America, but politics has clearly become part of the calculation over where national gold should be stored. After the move, substantial Dutch reserves remain in both New York and Ottawa, but London has become the country’s largest foreign storage location.

Trump adds fuel to gold debate

The Dutch central bank did not mention Trump or the U.S. government in its announcement. Outside the institution, however, criticism has been much sharper. Steven Strauss, a longtime visiting professor at Princeton University, has argued that foreign governments should reconsider storing gold at the Federal Reserve Bank of New York. For decades, Strauss wrote, governments trusted the United States as a “bastion of the rule of law,” where property rights and global financial stability would be protected. He now describes Trump’s America as increasingly resembling a “rogue superpower” — a less predictable and reliable global power. There is no evidence that Washington plans to seize foreign gold, but the debate reflects a broader concern over whether U.S. institutional stability and the independence of institutions such as the Federal Reserve can still be taken entirely for granted.

Germany keeps 1,236 tons in New York

Germany has far more at stake. The Bundesbank held 1,236 tons of gold at the New York Fed at the end of 2025, almost 37 percent of Germany’s total reserves. At current prices, that gold is worth roughly €150 billion. Germany also stores about 1,710 tons in Frankfurt and another 404 tons in London. Berlin has already brought significant quantities home: Between 2013 and 2017, the Bundesbank transferred 300 tons from New York and 374 tons from Paris to Frankfurt. Yet Germany continues to view New York as an important part of its storage network, arguing that keeping gold at major international financial centers provides flexibility and access in times of crisis.

France already left New York

France chose another route. In 2025, the Banque de France sold the final 129 tons of gold it held in New York and purchased an equivalent amount in Europe, leaving its total reserves unchanged at roughly 2,437 tons. The official reason was mainly technical: the older U.S.-held bars did not meet France’s desired purity standards. Nevertheless, the geographical result was clear — France no longer holds that gold in New York. The Netherlands used a similar strategy in its latest reshuffle. Of the 86 tons shifted, about 59 tons were sold in New York and replaced with gold bought in London. Only a little more than 27 tons were physically moved from North America, reducing the risks involved in transporting huge quantities of bullion across the Atlantic.

Italy has even greater U.S. exposure

Italy may now face the most uncomfortable questions. The Banca d’Italia stores around 1,061.5 tons of gold in the United States — 43.29 percent of its entire reserve. At current prices, those holdings are worth roughly €130 billion. Italy owns about 2,452 tons of gold overall, one of the largest national reserves in the world. Foreign gold stored beneath Manhattan remains the property of the respective country; the Federal Reserve merely acts as custodian. The bigger issue is geopolitical risk. France has eliminated its New York position, the Netherlands has dramatically reduced its exposure, while Germany and Italy still keep enormous national treasures beneath Manhattan. There is no coordinated European withdrawal from America, but the question is becoming harder to ignore: In an increasingly unstable world, where is a nation’s gold really safest?