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Netherlands moves billions in gold to London in 'crisis preparedness' move
Confirmed
In Short: The Dutch central bank has moved billions of dollars in gold from North America to London to enhance crisis preparedness, citing increasing geopolitical unrest.
The Dutch central bank (DNB) has confirmed the relocation of billions of dollars in gold from North America to London, citing 'increasing geopolitical unrest' as the reason for the move. The complex operation involved the physical transfer of 86 tonnes of gold, with more than 27 tonnes being transported from New York and Ottawa to Zeist in the Netherlands over several months.
Bank president Olaf Sleijpen stated that the move was 'necessary to strengthen our resilience and preparedness.' The transfer, which took place between March and August, involved both the physical transport of gold and the sale and repurchase of gold in New York and London.
The DNB emphasized that the transfer to the Bank of England, which is considered the world's most easily tradable gold, enhances the country's ability to respond to crises. Approximately 18 percent of the Netherlands' gold remains in the U.S., with another 18 percent stored in Canada.
The move aligns with a growing trend among countries to reduce counterparty risk by moving gold reserves out of the U.S., reflecting broader concerns about geopolitical stability and financial security.
Background
The Netherlands, also informally known as Holland, is a country in Northwestern Europe, with overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Netherlands.
What's confirmed
What's still developing
- While much of the gold was sold in New York and then repurchased in London, more than 27 tonnes was physically moved to the UK The Dutch central bank (DNB) has confirmed that billions of dollars in gold has been…
- DNB said on Wednesday that 86 tonnes of gold had been removed from the US and Canada in a complex operation that took several months.
- Bank president Olaf Sleijpen said the move was "necessary to strengthen our resilience and preparedness".
- DNB said the transfer, which took place between March and August, saw 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands.
- Exactly how so much gold was transported across the Atlantic Ocean has not been revealed.
- The rest of the transfer was carried out by selling the gold in New York, and repurchasing it in London, the bank said, external.
- "Combining the processes of buying and selling and physical transport has allowed DNB to spread the risks associated with such a complex physical gold relocation," the statement said.
- DNB said that gold that is held with the Bank of England "is regarded as the world's most easily tradable gold," and therefore more readily available in a crisis than if it was still in the US or Canada.