Dutch Bank Moves 86 Tonnes of Gold From US, Canada to UK
The move shifts more reserves into the world’s main physical gold market and leaves total Dutch holdings unchanged at 612.4 tonnes, the bank said.
- The Dutch central bank, known as DNB, announced Wednesday it relocated billions of dollars in gold reserves from North America to London, describing the move as "crisis preparedness" amid global political unrest.
- Gold held in London must meet modern international trade standards and is regarded as the world's most easily tradable, according to DNB, making reserves there more accessible than those in New York and Ottawa.
- Between March and August, the bank transferred 86 metric tons of gold to London from the combined 313 metric tons held in New York and Ottawa, while selling an additional 59 metric tons in New York.
- Holdings in New York and Ottawa each dropped to 18.5% from their previous levels of 31.3% and 19.7% respectively, reshaping the bank's geographic distribution of reserves.
- Bank governor Olaf Sleijpen stated the institution expects to never need these reserves but must strengthen resilience; a similar quantity of gold was transferred from DNB's vault in Zeist to London.
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Tensions between the United States and Canada have prompted the Dutch central bank to withdraw some of its gold reserves from America to Europe. Due to rising geopolitical tensions, it has moved 86 tons of gold from the United States and Canada to the Bank of England in London, from where it can be more easily used in the event of a crisis.
It's because of the "growing geopolitical instability"
Dutch bank moves billions in gold as global unrest grows
The Hague: The Dutch central bank announced on Wednesday, September 2,that it has moved billions of dollars worth of its gold reserves out of North America in a move it described as “crisis preparedness” in a time of global political unrest. It said that between March and August, some 86 metric tons (94.8 tons) of … Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram b…
"Crisis Preparedness": Dutch Move Billions in Gold Out of U.S. as Goldman Warns of "Geographic Concentration Risk"
(ZeroHedge)—The Netherlands’ central bank transferred nearly 90 metric tons of gold bars from the United States and Canada to Britain amid growing concerns of “increasing geopolitical unrest,” according to CNBC. “With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do […] The post “Crisis Preparedness”: Dutch Move Billions in Gold Out of U.S. as Goldman Warns of “Geogr…
How sure is the gold that foreign central banks are storing in New York? Critical voices are increasing. The Dutch central bank has now lowered its stock there. The reason? Diplomatic.
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