Netherlands moves billions in gold to London in 'crisis preparedness' move

The Dutch central bank (DNB) has relocated 86 tonnes of gold from North America to London, citing "increasing geopolitical unrest" as the reason for the move. The operation, which took place between March and August, involved moving 27 tonnes of gold bars from New York and Ottawa to Zeist in the Netherlands, followed by transporting the remaining 59 tonnes to London.

The gold is now held by the Bank of England, where it can be more easily traded in a crisis situation. DNB president Olaf Sleijpen stated that the move was necessary to strengthen the bank's resilience and preparedness. The decision comes amid a trade dispute between the US and Canada, with both countries imposing fresh tariffs on each other.

The transfer of gold was accomplished through a combination of selling the metal in New York and repurchasing it in London, as well as physical transportation of the bars. DNB did not confirm the reason behind the mention of "geopolitical unrest," but the ongoing conflict between the US and Iran has impacted global trade. Prior to the move, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa, but this has now decreased to 18.5% in both countries. The total Dutch gold stock is 612.4 tonnes, with 32.1% held in London and 30.8% in the Netherlands.