Dutch Central Bank Relocates Gold to UK Amid Geopolitical Tensions
The Dutch central bank has relocated 86 metric tons of gold from the U.S. and Canada to the United Kingdom, citing 'crisis preparedness' and 'increasing geopolitical unrest'. The move represents one-quarter (25%) of the reserves held in New York City and Ottawa.
The transferred gold is now stored with the Bank of England, which the Dutch central bank claims is 'the world's most easily tradable gold'. According to Governor Olaf Sleijpen, the relocation will improve the tradability of their gold reserves and strengthen their resilience.
The price of gold has risen nearly 25% over the past 12 months and is currently trading at $4,474.00 U.S. per ounce. The United Kingdom now holds 32% of the Dutch central bank's gold, while New York and Ottawa hold 18.5%.
The relocation comes amid an escalating trade war between the U.S. and Canada and as America continues to trade military strikes with Iran in the Middle East.