Dutch central bank moves gold from New York to London
“In view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness,” said De Nederlandsche Bank , announcing the transfer of about 86 tons of gold from the U.S. and Canada to London. “Improving the liquidity and tradability of the Dutch gold reserves is part of these preparations.”
“Keeping a larger share of the gold reserves in London strengthens the function of gold as an anchor of trust,” the DNB continued. “Gold is seen as the ultimate reserve asset because it is ideally suited to hedge extreme systemic risks.”
Prior to the move, the bank held about 51% of its 612.4 tons of gold in the U.S. and Canada. That’s dropped to 37%.
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