- BIST10011,430-2.49%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,161.40-0.47%
- INTEREST37.00%-1.00
- BITCOIN81,751-0.32%
- October 19, 202618°
- BIST10011,430-2.49%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,161.40-0.47%
- INTEREST37.00%-1.00
- BITCOIN81,751-0.32%
- October 19, 202618°
The Netherlands moved more than a quarter of its US and Canadian gold to London
The Dutch central bank transferred around 86 tonnes of gold reserves held in the United States and Canada to London between March and August. DNB said the transfer would strengthen preparations for serious crises and also moved more than 27 tonnes of gold to Zeist in the Netherlands.
The Dutch central bank (DNB) moved around 86 tonnes of gold reserves stored in the United States and Canada to London between March and August.
This amount represents more than a quarter of the approximately 313 tonnes of gold DNB holds in the United States and Canada. The bank also physically transferred more than 27 tonnes from the same reserves to Zeist in the Netherlands.
Transfer aimed at crisis preparedness
DNB said moving the gold to different locations was intended to strengthen preparedness for serious crises. The bank assessed that the precious metal could be sold more quickly during periods of crisis in London, one of the major centres of the physical gold trade.
It said the gold held in New York and Ottawa would be less readily available for emergency use under similar circumstances.
Shares held in New York and Canada decline
Following the transfers, the share of the Netherlands’ total reserves held in New York fell from 31.3% to 18.5%. The share of reserves held in Canada also declined from 19.7% to 18.5%.
DNB assesses Europe-US relations
DNB had previously expressed concerns that relations between Europe and the United States could deteriorate. The bank argued that dependence on Washington should be reduced, warning that the United States could halt payment transactions in the Netherlands relatively easily.
However, DNB also said it did not fear that the United States would use the Netherlands’ gold reserves if relations deteriorated further.
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