Dutch Central Bank Shifts 86 Tons of Gold from US and Canada to London Vault

The Dutch central bank has taken a significant step to mitigate economic uncertainty by relocating nearly 86 tons of gold from the US and Canada to the Bank of England in London. The move, worth billions of dollars, was carried out between March and August this year.

In response to ongoing trade war tariffs and conflicts affecting global trade, the Dutch bank transferred an initial 27 tons of gold from US and Canadian banks to their own vaults in the Netherlands before sending it on to London. However, due to difficulties in transporting the remaining gold, a different plan was devised: selling the gold held in New York on the spot market and using the proceeds to buy back and store gold in the London market.

The Bank of England's Threadneedle Street vault is renowned for its security, able to withstand bomb attacks and resistant to drilling. It holds over 90% of all the gold on Earth, much of which belongs to central banks and international institutions from more than 30 countries. This strategic relocation aims to provide a safeguard for nations' economies during financial emergencies.