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Dutch Bank Moves 86 Tonnes of Gold From US, Canada to UK
The move makes a larger share of reserves quickly tradable and spreads risk, with 86 tonnes shifted from North America, DNB 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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Leaning Left46Leaning Right36Center39Last UpdatedBias Distribution38% Left
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38% Left
L 38%
C 32%
R 30%
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