European Central Banks Flock to London as Gold Reserves Come Home

The Netherlands has moved nearly 86 tonnes of its gold reserves from North America to London, citing rising geopolitical tensions as the reason.

This is part of a broader trend among European central banks to hold their gold reserves closer to home. France announced earlier this year that it would withdraw its gold reserves from the US, while Germany transferred over 216 tonnes from overseas storage facilities in previous years.

The Bank of England's vaults are now home to more than 400,000 bars worth over £200 billion, making them one of the world's largest gold custodians.

Gold prices soared to a record $5,000 an ounce in January, driven by its role as a safe-haven asset during times of crisis and its resilience against inflation. Goldman Sachs forecasts that the price will reach $4,900 per troy ounce by the end of 2026.