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Dutch Bank Moves 86 Tonnes of Gold From US, Canada to UK
DNB said the move improves tradability and spreads risk, with 86 tonnes shifted as central banks face higher geopolitical uncertainty.
- The Dutch central bank, known as DNB, announced Wednesday it relocated billions of dollars in gold reserves from North America to London, describing the move as "crisis preparedness" amid global political unrest.
- Gold held in London must meet modern international trade standards and is regarded as the world's most easily tradable, according to DNB, making reserves there more accessible than those in New York and Ottawa.
- Between March and August, the bank transferred 86 metric tons of gold to London from the combined 313 metric tons held in New York and Ottawa, while selling an additional 59 metric tons in New York.
- Holdings in New York and Ottawa each dropped to 18.5% from their previous levels of 31.3% and 19.7% respectively, reshaping the bank's geographic distribution of reserves.
- Bank governor Olaf Sleijpen stated the institution expects to never need these reserves but must strengthen resilience; a similar quantity of gold was transferred from DNB's vault in Zeist to London.
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Dutch central bank cites 'geopolitical unrest' in moving gold from New York to London (GLD:NYSEARCA)
The Dutch central bank said it has shifted the location of 78 metric tons of gold worth $11B from vaults in New York to London, citing "increasing geopolitical unrest."
·Ra'anana, Israel
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Tensions between the United States and Canada have prompted the Dutch central bank to withdraw some of its gold reserves from America to Europe. Due to rising geopolitical tensions, it has moved 86 tons of gold from the United States and Canada to the Bank of England in London, from where it can be more easily used in the event of a crisis.
It's because of the "growing geopolitical instability"
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Leaning Left55Leaning Right44Center52Last UpdatedBias Distribution36% Left
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36% Left
L 36%
C 35%
R 29%
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