Dutch Central Bank Shifts Gold Reserves to London Amid Global Unrest
The Dutch central bank has moved billions of dollars' worth of gold reserves from North America to London as part of 'crisis preparedness' efforts amid global political unrest.
Between March and August, some 86 metric tons (94.8 tons) of gold were transferred from New York and Ottawa, Canada to the Bank of England in London. This move has reduced the percentage of gold held in both cities, with New York now holding 18.5% and Ottawa also holding 18.5%. Prior to this relocation, New York housed 31.3% of the Dutch gold and Ottawa held 19.7%
The bank owns 612.4 metric tons (675 tons) of gold worth approximately $83.6 billion at the end of last year. According to Governor Olaf Sleijpen, this relocation has improved the tradability of their gold reserves.