Netherlands Transfers 86 Tonnes of Gold from US and Canada to Bank of England

The Central Bank of the Netherlands has transferred 86 tonnes of gold from the United States and Canada to the Bank of England's vaults in London. The move was made in response to rising geopolitical tensions, with the bank citing the need for rapid access to reserves in case of a crisis.

According to Olaf Sleijpen, head of De Nederlandsche Bank, the bank does not expect to use these reserves but wants to strengthen its resilience and crisis preparedness. The gold was transferred from March to August, with part of it being physically delivered from the US and Canada to the Dutch city of Zeist before being sent to London.

The Netherlands sold about 59 tonnes of gold in New York and bought gold in London as part of the operation. The Bank of England's vaults hold approximately 400,000 gold bars worth over £200 billion.

This move is part of a trend among central banks, with France announcing the transfer of its gold reserves from the US to France earlier this year. Germany's Bundesbank also moved more than 216 tonnes of gold from foreign vaults in 2016, including 111 tonnes from New York and 105 tonnes from Paris.