Dutch Central Bank Moves 78 Tons of Gold from New York to London

The Dutch central bank, DNB, has completed a months-long gold reserve relocation. The bank withdrew more than 78 tons of gold from the Federal Reserve Bank of New York and 7 tons from Ottawa, Canada, and transferred all of it to the Bank of England in London.

DNB Governor Olaf Sleijpen said this move aims to address an 'increasingly volatile geopolitical environment' by distributing gold reserves more evenly across different jurisdictions. This would enhance deployability in crisis situations.

The share of Dutch gold held in New York plummeted from 31.3% to 18.5%, while Ottawa's share fell from 19.7% to 18.5%. London has now overtaken both New York and the Netherlands itself, becoming the bank's largest overseas gold custodian location.