Central Banks Rethink Gold Storage as Liquidity and Access Gain Importance
Central banks are increasingly treating the location of their gold reserves as an active part of reserve management, with liquidity, crisis access and geographic diversification playing a larger role alongside security, according to the World Gold Council.
By Paul Ploumis
Published September 16, 2026
Key Points
- De Nederlandsche Bank reallocated approximately 86 tonnes of gold between North America, the Netherlands and London during March-August 2026.
- London’s share of Dutch gold reserves increased from 18.1% to 32.1%, making it the largest single storage location for the Netherlands.
- The World Gold Council says central banks are increasingly balancing custody risk, physical access and market liquidity when deciding where to store gold.
- The Bank of England remains the most commonly cited vaulting location, used by 57% of respondents to WGC’s 2026 central-bank survey.
- Recent gold movements should not automatically be interpreted as preparation for reserve sales.
MONTREAL (Scrap Monster): Central banks are increasingly treating gold storage as an active part of reserve management rather than simply a question of where bullion can be held most securely, according to the World Gold Council.
Recent changes in reserve locations suggest central banks are paying greater attention to liquidity, accessibility during periods of stress and geographic diversification.
Netherlands Reallocates About 86 Tonnes of Gold
The trend was highlighted by a major reserve reallocation by De Nederlandsche Bank during March-August 2026.
DNB shifted approximately 86 tonnes of gold between North America, the Netherlands and London as part of a plan to improve the liquidity and tradability of its reserves and strengthen crisis preparedness.
The operation was more complex than a simple physical transfer.
According to the World Gold Council, approximately 59 tonnes of gold was sold in New York and replaced with internationally tradable gold in London. More than 27 tonnes was physically moved from North America to DNB’s facility in Zeist, while a similar quantity was transferred from Zeist to London.
London Becomes Largest Storage Location for Dutch Gold
Following the reallocation, London’s share of Dutch gold reserves increased from 18.1% to 32.1%.
Gold held domestically accounted for 30.8% of the Netherlands’ reserves, while the shares stored in New York and Ottawa declined to 18.5% each.
The shift made London the largest single storage location for Dutch official gold.
DNB said the objective was to make its gold more readily deployable if needed during a severe crisis, while emphasizing that it does not expect to use the reserves.
Gold Storage Strategies Have Changed for Decades
The Netherlands is not alone in reassessing where its official gold is held.
Germany, Venezuela, Austria, Poland, Serbia, India and several other countries have changed the geographic distribution of portions of their reserves at different times.
Germany transferred approximately 674 tonnes from New York and Paris to Frankfurt between 2013 and 2017. Austria moved 90 tonnes from London between 2015 and 2018, while Poland later combined domestic repatriation with a substantial expansion of its gold reserves.
India has progressively increased the share of gold stored domestically since 2022, while Serbia reportedly returned around 13 tonnes between 2021 and 2022.
WGC Survey Shows Greater Diversification of Storage
The World Gold Council’s 2026 Central Bank Gold Reserves Survey indicates that reserve managers are increasingly diversifying where bullion is held.
The Bank of England remains the most commonly cited vaulting location, used by 57% of surveyed central banks. Domestic storage ranked second, with 49% reporting that they hold at least part of their reserves at home.
During the previous 12 months, 9% of respondents increased domestic storage while 10% diversified their overseas storage locations.
Looking ahead, 7% said they planned to increase domestic storage and 9% expected to diversify further across overseas locations. The latter figure was up from 2% in the previous year’s survey.
Reserve Relocation Does Not Necessarily Signal Selling
The WGC cautioned against interpreting gold transfers as evidence that central banks are preparing to reduce their holdings.
Moving bullion to a more liquid trading centre can improve the ability to mobilize reserves during a crisis without implying that a sale is planned.
Only 1% of respondents to the WGC survey expected their own gold reserves to decline over the next 12 months, while a record 45% expected their holdings to increase.
Singapore and Hong Kong Could Expand Global Storage Options
The range of potential gold-storage centres may also broaden.
Singapore has announced plans to provide gold-vaulting services for foreign central banks and sovereign entities, while Hong Kong is expanding its gold clearing, settlement and storage infrastructure.
The developments could give central banks additional options for distributing reserves across locations that combine security, market access and liquidity.
The emerging trend is therefore not simply one of repatriating gold. Instead, central banks appear to be managing bullion location more actively as part of broader reserve resilience and risk-management strategies.