Central Banks Accelerate Gold Buying as Dutch Reserves Leave U.S. Custody

Watcher.Guru wrote on X on October 22 that central banks worldwide were “quietly stockpiling 4x more gold than usual” and moving it out of the United States, citing Fortune. The post did not identify the institutions involved, specify the total amount transferred or explain whether the activity reflected purchases, sales, custody changes or a combination of all three.

Data from Goldman Sachs Research says central bank gold purchases averaged 17 tonnes per month before 2022, while its forecast puts the 2026 average at 50 tonnes per month. Goldman’s nowcast showed purchases reaching 100 tonnes per month on a three-month seasonally adjusted basis in June.

That comparison supports the broad direction of the X post, although it does not establish that buying has remained at four times the normal pace worldwide. The Goldman figures also describe purchase flows, not necessarily the location of central-bank reserves.

The Dutch transfer

The clearest documented example concerns the Netherlands. De Nederlandsche Bank said it moved approximately 86 tonnes of gold from New York and Ottawa to London between March and August 2026. The central bank said the relocation was intended to improve the tradability of its reserves, strengthen crisis preparedness and diversify the geographical locations where its gold is held.

That announcement gives the claim a concrete foundation, but it also narrows its meaning. DNB described a custody rearrangement rather than a sale of U.S. assets. Gold held in London remains gold, and the move does not by itself demonstrate that the Netherlands has abandoned dollar reserves or plans to liquidate Treasury securities.

The World Gold Council analyst Krishan Gopaul says the Dutch operation involved sales and replacement purchases, as well as physical transfers and broader custody diversification. Gopaul also cautioned that relocating bullion does not automatically indicate an intention to sell or a uniform retreat from overseas storage.

Why the move is drawing scrutiny

The critical interpretation is more consequential. Fortune reported that the Dutch transfer was “not normal behavior” and quoted UBS economist Paul Donovan, who said its direct market impact was nil because the asset remained gold. Donovan nevertheless suggested that the decision could signal concerns about trust in the United States.

That argument focuses less on the quantity of metal than on the custody decision. Central banks typically choose storage locations for liquidity, security and access to financial markets. Moving bullion from New York and Ottawa to London can therefore be read as an attempt to reduce jurisdictional exposure or prepare for a more fragmented geopolitical environment.

The opposing view is that London is also a major global gold center, so the transfer may improve trading access rather than represent a political rebuke. DNB’s stated reasons support that interpretation, particularly its emphasis on tradability and diversification.

For markets, the important question is whether the Dutch move is an isolated operational decision or part of a wider reserve strategy. Sustained official-sector buying would support gold and intensify debate over the dollar’s reserve role. Crypto investors may view the trend as supportive of non-sovereign assets such as Bitcoin, but these records show gold accumulation and custody changes, not a direct institutional rotation into digital assets.