DNB: Netherlands bank moves billions in gold to London in 'crisis preparedness' move
The Dutch central bank (DNB) has confirmed that billions of dollars in gold has been taken out of north America and relocated to London, citing "increasing geopolitical unrest".
TL;DR
- The Dutch central bank (DNB) relocated 86 tonnes of gold from the US and Canada to London.
- The move was prompted by "increasing geopolitical unrest" and aims to strengthen the bank's resilience.
- Gold held by the Bank of England is considered more easily tradable in a crisis.
- The transfer involved physical movement of gold bars and selling/repurchasing gold in different locations to spread risk.
- Prior to the move, DNB held 31.3% of its gold in New York and 19.7% in Ottawa; these holdings have now decreased.
- DNB's share of gold in London increased from 18.1% to 32.1% after the relocation.