Dutch Central Bank Moves Gold from North America to London Amid Geopolitical Tensions
The Dutch central bank, DNB, has moved approximately 86 metric tonnes of gold from North America to London over the past six months. This transfer represents 27.5% of the gold previously held in New York and Ottawa.
According to DNB, this move is part of their efforts to strengthen crisis preparedness amidst rising geopolitical tensions.
DNB President Olaf Sleijpen stated that there was a need 'to strengthen our resilience and preparedness', although the central bank does not expect to use its reserves. Julius Baer analyst Carsten Menke said that DNB's explanation is credible, as gold held at the Bank of England is generally considered more readily tradable in a stress scenario.
The Netherlands now holds 32% of its gold in London, while 31% remains domestically and 37% is split between New York and Ottawa.