Dutch Central Bank Moves Billions in Gold to UK Amid Geopolitical Tensions

The Dutch central bank has moved 86 metric tonnes of gold worth billions of dollars from the U.S. and Canada to the Bank of England, citing 'geopolitical unrest' as a reason for the transfer.

This move is aimed at strengthening the bank's crisis preparedness, according to DNB president Olaf Sleijpen. He stated that while they assume they will never need to deploy the gold, it is necessary to enhance their resilience and preparedness.

The precious metal was moved from New York and Ottawa, where DNB held 31.3% and 19.7% of its combined total of 313 metric tonnes, respectively. The share of gold held in the Bank of England has increased from 18.1% to 32.1%.

The transfer was done by combining buying and selling with physical transport, which spread the risks associated with moving a large quantity of gold.