The Dutch central bank (DNB) has relocated over a quarter of its gold reserves, approximately 86 tons, from New York and Ottawa to London between March and August. This strategic move is aimed at improving the tradability of its gold reserves, as gold stored with the Bank of England is recognized as the world's most easily tradable gold and meets international trade standards.
DNB Governor Olaf Sleijpen emphasized that while the bank does not anticipate needing to use these reserves, enhancing resilience and preparedness is crucial. The transfer comes at a time when gold prices have surged nearly 25% over the past year, currently trading at $4,429.61 per ounce, reflecting its status as a safe-haven asset amid financial uncertainty.
This action follows a similar move by the French central bank, which transferred 129 tons of gold from the New York Federal Reserve, although it was stated that their decision was not politically motivated. Following the transfer, DNB reported a more balanced geographical distribution of its gold reserves, with London now holding 32.1%, the Netherlands 30.8%, and New York and Ottawa 18.5% each