Dutch Central Bank Shifts Gold Reserves Amid Global Unrest
The Dutch central bank has relocated billions of dollars worth of its gold reserves from North America to London, citing 'crisis preparedness' in a time of global political unrest. The move involved transferring 86 metric tons (94.8 tons) of gold between March and August, with around 59 metric tons (65 tons) sold in New York and used to buy gold in London.
The relocation has significantly reduced the proportion of Dutch gold held in North America, from 31.3% in New York and 19.7% in Ottawa to just 18.5% in both cities. The bank's governor, Olaf Sleijpen, stated that this move 'improved the tradability of our gold reserves' and strengthened its resilience.
The Dutch central bank owns a total of 612.4 metric tons (675 tons) of gold, worth approximately $83.6 billion at the end of last year. The gold held in London is considered the most easily tradable and readily available for use in a crisis situation.