Dutch Central Bank Moves 86 Tonnes of Gold from US and Canada to London

The Dutch central bank has moved 86 tonnes of its gold reserves from the US and Canada to London, citing 'geopolitical unrest'. The De Nederlandsche Bank (DNB) transferred a total of 612.4 tonnes of gold, valued at €72.2bn ($83.7bn) as of the end of last year. The move aims to improve the deployability of the bank's gold reserves in times of crisis.

Before the transfer, 31.3% of the Dutch gold was held in New York and 19.7% in Ottawa. After the move, each country now accounts for 18.5% of the total. London now holds a significant share of 32.1%, while 30.8% remains in the Netherlands.

Laurent Schwartz, president of the National Gold Counter, notes that central banks have been moving their reserves around for about a decade. He attributes this to the current political context in the US, which may push certain central banks to favor other storage locations.