European Central Banks Rework 215 Metric Tons of Gold Holdings

De Nederlandsche Bank (DNB) and Banque de France reworked 215 metric tons of gold holdings through separate transactions, combining a Dutch reallocation with France’s replacement of bars held in New York.

The combined figure does not mean 215 metric tons were physically moved to Europe. DNB reallocated about 86 metric tons from holdings in New York and Ottawa to London between March and August 2026.

DNB’s 86 metric tons came from two types of activity. It sold nearly 59 metric tons in New York and bought gold in London. It also physically transferred more than 27 metric tons from North America to the Netherlands, then a similar amount from the Netherlands to London. DNB’s total gold reserves were unchanged.

“We do need to strengthen our resilience and preparedness,” DNB Governor Olaf Sleijpen said.

Banque de France carried out a separate transaction from July 2025 through January 2026, selling 129 metric tons stored in New York and buying replacement gold in Europe. The replacement bars meet a 99.99% purity standard and are held in Paris. France’s total gold reserves remained at 2,437 metric tons.

The 215 metric tons combines DNB’s sale-and-purchase activity and physical transfers with Banque de France’s sale-and-replacement transaction. It is not a tally of gold physically transported. The Dutch bank’s reserves did not increase through its reallocation, while France’s stated total remained unchanged after the replacement.

Reported central-bank gold transactions showed net purchases of 39 metric tons in August and 170 metric tons from January through August 2026. The August figure was up from 23 metric tons in July and matches earlier coverage of central-bank gold purchases. Net-purchase figures track buying and sales; reserve relocations can change where gold is held without changing a central bank’s total reserves.

A 2026 survey found that 10% of central-bank respondents had diversified overseas gold-storage locations in the previous 12 months, compared with 2% in the prior survey.