Gold moves expose cracks in reserve order

According to The Express Tribune, the Dutch central bank (DNB) moved 86 metric tons of gold from New York and Ottawa to London, presenting the step as crisis preparedness amid rising global political tensions. Its gold reserves totalled 612.4 metric tons at the end of 2025, valued at 72.2 billion ($83.6 billion). Only 27 tonnes were physically transported, while the rest was sold in New York and replaced through a book transfer that bought equivalent gold in London, sparing the costs and security risks of shipping.

The Dutch share of gold held in New York fell from 31.3% to 18.5%, while London became the largest custodian for the country's reserves. The move reflects a wider reassessment by central banks of the risks tied to keeping reserves abroad. The article also cites gold repatriations by Germany, France, Serbia and Poland as part of the same trend.

The article links the shift to Russia's invasion of Ukraine, after which Washington and its partners seized Russian assets exceeding $300 billion. It notes that central banks bought over 1,000 tonnes of gold a year from 2022 to 2024, though the writer says this is not proof of a coordinated campaign against the United States. The dollar still remains deeply entrenched in trade, markets and reserves, so the change lies in the willingness of countries to rely on Western institutions without alternatives.