Dutch Central Bank Transfers Gold to London Amid US-Canada Trade Tensions
The Dutch Central Bank (DNB) has transferred billions of dollars in gold from North America to London due to escalating geopolitical tensions. The transfer, which took months to complete, saw 86 tonnes of gold removed from the US and Canada.
The move is attributed to a long-running commercial disagreement between the US and Canada, with both countries imposing fresh tariffs on each other after trade negotiations collapsed. As a result, DNB decided to relocate its gold reserves to London for greater stability.
The bank confirmed that it sold its gold in New York and repurchased it in London, spreading risks associated with such complex physical gold relocation. At present, the US economy remains unstable, impacting global trade, while DNB's share of gold held in London has increased from 18.1% to 32.1%, with 30.8% retained in the Netherlands.