Focus on gold stocks

The Dutch central bank (DNB) holds a gold reserve of 612.45 tonnes (or 612,450 kilogrammes of 24 carat gold). At year-end 2024, the gold was worth nearly €50 billion. It is kept in 4 vaults spread across the world: Zeist, London, Ottawa and New York. DNB manages the gold stock. On behalf of the State of the Netherlands, the Minister of Finance is the sole shareholder in DNB.

What are we investigating?

This investigation asks how the Minister of Finance oversees the gold reserve entered on DNB’s balance sheet to an amount of nearly €50 billion. What are the minister’s responsibilities and powers regarding the gold stock and how are they exercised in practice? What are the risks to the State and how does the minister mitigate them?

Wider context: Strategic stocks

The Netherlands Court of Audit has investigated several aspects of the importance of crisis preparedness, financial resilience and strategic stocks. In 2022 we published Focus on strategic stocks. The investigation looked at strategic stocks of vital importance to citizens: water, food, medicines, oil, gas and cash. Gold can also be regarded as a strategic stock.

In 2023 we published Beyond the dyke, which examined the Netherlands’ crisis preparedness in the event of flooding. The audits we carry out for our Accountability Audit also consider this wider context. As part of our Accountability Audit for 2024, we released reports on drinking water and medicines. We expect to return to this subject in our Accountability Audit for 2025.

Focus investigation

A focus investigation differs from an audit in that it is carried out in a considerably shorter period of time, looks at current events and answers specific, well-defined questions. A focus investigation culminates in a clear, concise report without opinions or recommendations.

Do you want to take part in this investigation?

The Court of Audit invites you to share any information you may have that would benefit our investigation. We appreciate all contributions, knowledge and experience you may care to share with us on this topic. Simply send an email to bijdrage@rekenkamer.nl.

We read all emails carefully and treat them in confidence. However, we are not able to reply to every contribution we receive.