Netherlands moves billions in gold to London in 'crisis
Netherlands moves billions in gold to London in 'crisis
Key Highlights
- While much of the gold was sold in New York and then repurchased in London, more than 27 tonnes was physically moved to the UK The Dutch central bank (DNB) has confirmed that billions of dollars in gold has been taken out of north America and relocated to London, citing "increasing geopolitical unrest".
- DNB said on Wednesday that 86 tonnes of gold had been removed from the US and Canada in a complex operation that took several months.
- It is now being held Bank president Olaf Sleijpen said the move was "necessary to strengthen our resilience and preparedness".
The Dutch central bank, De Nederlandsche Bank (DNB), has confirmed that billions of dollars in gold have been relocated from North America to London amid increasing geopolitical tensions.
According to DNB, 86 tonnes of gold had been removed from the US and Canada over a complex operation spanning several months. The transfer, which took place between March and August, involved moving 27 tonnes of gold bars from New York and Ottawa to Zeist in the Netherlands before being transported to London.
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Bank president olaf sleijpen described
Bank president Olaf Sleijpen described the move as "necessary to strengthen our resilience and preparedness" in light of the ongoing trade dispute between the US and Canada. The decision comes amid an uncertain economic climate, with the US still reeling from its ongoing conflict with Iran.
"Combining the processes of buying and selling and physical transport has allowed DNB to spread the risks associated with such a complex physical gold relocation," the bank stated. However, details about the exact logistics of the transfer remain unclear.
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DNB's decision to diversify its gold reserves has been driven The bank now holds 32.1% of its gold reserves in London, up from 18.1%, while its share in the Netherlands has decreased to 30.8%.
The total value of DNB's gold stock stands at €72.2 billion, with the bank's gold holdings now valued at 612.4 tonnes.
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I write about the forces shaping business and the global economy, from startup growth and changing markets to international trade and policy. My work focuses on breaking down complex developments into clear, practical insights and understanding what they could mean for businesses, investors, and the wider economy.
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