Dutch Central Bank Shifts Gold Reserves from North America to London

The Dutch central bank has relocated billions of dollars' worth of its gold reserves from North America to London in a move described as 'crisis preparedness'. The bank, known as DNB, transferred 86 metric tons (94.8 tons) of gold between March and August this year.

This represents about 28% of the country's total gold holdings, which amount to around $83.6 billion at current prices. Before the move, New York housed 31.3% of the Dutch gold and Ottawa held 19.7%. After the transfer, both cities now hold 18.5%, according to DNB.

The bank's governor, Olaf Sleijpen, stated that the relocation was intended to 'improve the tradability' of its gold reserves. He emphasized that while they hope not to need these reserves in a crisis situation, it is essential to strengthen their resilience and preparedness.