Treasury yields move lower as traders await fresh data after bond sell-off
Treasury yields moved lower across the curve on Thursday, as traders look ahead to key services and jobs data.
Between March and August, the Dutch central bank, the De Nederlandsche Bank (DNB), quietly moved 86 tons of gold out of the United States to London. This decision was attributed to "increasing geopolitical unrest," according to the DNB. They explained that gold stored in London, particularly at the Bank of England, is the "most easily tradable gold in the world," making it the quickest option to deploy in a crisis.
Currently, the DNB holds 612 tons of gold, with 18.5% stored in New York and Ottawa. However, this isn't the only instance of this nature. In March, the Banque de France also moved 129 tons of its gold reserves out of the U.S. and into Europe. While the DNB did not mention geopolitical risk, the move does raise questions about the trust and international reputation of the United States.
With U.S. national debt surpassing $40 trillion, international banks moving their safest asset out of the U.S. economy is raising concerns about its longstanding safe harbor status.
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