The announcement

Bankitalia is not following the Dutch central bank’s lead: no transfer of gold reserves

Between March and August 2026, De Nederlandsche Bank transferred 86 tonnes of gold from the United States and Canada to the Bank of England

by Pietro Menzani

5 September 2026

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3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

The Bank of Italia has not carried out any transfer of gold reserves. The announcement was made by the Bank itself, in response to those who were wondering whether it would take the same decision as the Dutch Central Bank (DNB), which in recent days announced that it had moved part of its gold reserves from the United States and Canada to London in response to growing geopolitical tensions.

Italian reserves

As stated on the Bank of Italy’s website, with total gold reserves of 2,452 tonnes, with a current market value of approximately 280 billion euros, Italia ranks fourth in the world in terms of gold reserves. The top three in the ranking are the US Federal Reserve, the German Bundesbank and the International Monetary Fund. Italia’s gold holdings consist mainly of ingots (95,493) and, to a lesser extent, coins

Our country’s reserves are held not only in the vaults of Palazzo Koch in Rome, but also at a number of other banks. Whilst 1,100 tonnes remain in Italia (44.86 per cent of the total), an almost equivalent portion of our reserves is held in the United States (1,061.5 tonnes, 43.29 per cent of the total). Gold is also held, to a lesser extent, in Switzerland (149.3 tonnes, 6.09 per cent) and in the United Kingdom, where 141.2 tonnes (5.76 per cent) are held.

The DNB’s decision

Last Wednesday, De Nederlandsche Bank announced that it had withdrawn 86 of the 313 tonnes of gold held in the US and Canada. In a statement, the DNB explained that the measure is intended to improve the liquidity and marketability of the reserves and strengthen the bank’s resilience to crises. In order to respond more effectively to emergencies arising from an increasingly unstable international situation, the Netherlands has sought to achieve a more balanced distribution of its reserves to spread the risk.

The transfer took place between March and August, and the gold was moved to the Bank of England in London. The British capital is regarded as the world’s ‘leading centre’ for physical gold, where the metal can be made available more easily and quickly in the event of a crisis. Governor Olaf Sleijpen clarified that the Netherlands expects “never to have to use it” but that, at the same time, it needs to strengthen the country’s resilience.

The DNB’s total reserves amount to 612.4 tonnes, with a value that stood at 72.2 billion euros at the end of 2025. The Netherlands holds 30.8 per cent of its gold domestically. Prior to the transfer from North America to the United Kingdom, 31.3 per cent of De Nederlandsche Bank’s gold was held in New York and 19.7 per cent in Ottawa. Now, the US and Canada each hold 18.5 per cent of the Dutch gold reserves. The proportion of gold held in London, meanwhile, has risen from 18.1 per cent to 32.1 per cent.

Why hold gold

Bankitalia explains that, in addition to historical reasons linked to the locations where the gold was purchased, the decision to hold reserves in different locations also stems from a ‘diversification strategy aimed at minimising risks’. Furthermore, storing it in major financial centres ‘allows it to be utilised more quickly if necessary, thereby limiting the costs and time involved in transporting the metal’.

There are many reasons for holding gold. Firstly, as explained on the Bank of Italia’s website, its chemical and physical properties prevent it from deteriorating, making it possible to store it for long periods. From a financial perspective, it also represents ‘an effective hedge against adverse events’, given that its price tends to rise when financial market participants perceive a high level of risk.

Furthermore, in the event of a currency crisis, a central bank can draw on its gold reserves to preserve confidence in the national currency ‘by using it as collateral to secure loans or, as a last resort, by selling it on the market to buy the national currency and thereby prop up its value’. Finally, as the value of gold tends to remain stable over time, it constitutes ‘a good hedge against inflation’.