Eurozone Banks Flee US Gold Reserves Amid Global Unrest
European central banks are quietly reshuffling their gold reserves in response to rising global tensions. The Netherlands has confirmed that it moved 86 tonnes of gold from the United States and Canada into vaults in London between March and August.
The decision was made to ensure the metal is readily available for use in a crisis situation, rather than expecting disaster. DNB governor Olaf Sleijpen stated that the bank wants to strengthen its resilience and preparedness by having gold stored in London, where it can be bought, sold or pledged more quickly.
This move follows similar steps by other European nations, including France, which removed its gold reserves from the US earlier this year. Germany's Bundesbank has also repatriated over 216 tonnes of gold from abroad since 2016.
Analysts attribute the trend to a broader rethink of where sovereign assets should be held in an era of sanctions, trade wars, and military conflicts. Goldman Sachs researchers forecast that the price of gold will climb to $4,900 per troy ounce by the end of 2026.