Netherlands Relocates €10 Billion Gold Reserves from US and Canada to London

The Netherlands has moved around €10 billion in gold reserves to London over several months. The transfer, which took place between March and August this year, was aimed at making it easier to trade and use the country's gold during a severe crisis.

According to the Dutch Central Bank (DNB), most of the gold previously held in New York and Ottawa has been relocated to London, one of the world's main centers for physical gold trading. Gold stored with the Bank of England meets international market standards and can be traded more quickly than reserves held in the United States and Canada.

DNB Governor Olaf Sleijpen said that the relocation 'has improved the tradability of our gold reserves.' He added, 'We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.'