Netherlands Transfers 86 Tonnes of Gold from North America to London
The Dutch central bank, De Nederlandsche Bank (DNB), has transferred 86 metric tonnes of gold reserves from North America to London as a precautionary measure amid global uncertainty.
The move aims to strengthen the DNB's crisis preparedness by spreading risks and making it easier to deploy its gold through sales in case of a crisis. The bank held about 313 tonnes of gold in New York and Ottawa before the transfer, which took place between March and August.
About 31.3% of the Dutch gold reserves were previously held in New York, while 19.7% was stored in Ottawa. After the transfer, both cities now account for 18.5% of the reserves. London now holds the largest share of Dutch gold reserves at 32.1%, up from 18.1%.
The DNB President Olaf Sleijpen stated that the bank assumes it will never need to deploy its gold, but it is necessary to strengthen their resilience and preparedness. The Netherlands itself holds 30.8% of its country's gold reserves.