The Netherlands has moved 86 tons of gold out of the United States and Canada to increase reserves in London in preparation for a crisis.
The Dutch central bank moved 86 tons of gold reserves out of the United States and Canada, increasing its stake in London from 18.1% to 32.1%. It stated that depositing gold with the Bank of England (BoE) makes it easier to trade and more readily available during times of crisis.
On September 3, 2569 at 00.10:XNUMX a.m., BBC News reported that The Central Bank of the Netherlands (DNB) It was revealed that 86 tons of gold reserves had been moved out of the United States and Canada to London amid heightened geopolitical uncertainty, stating that: The restructuring of the gold storage facilities aims to enhance preparedness for crisis situations.
DNB It was stated on Wednesday that The operation took place between March and August and lasted for several months. The gold moved to the UK was stored at the Bank of England, one of the most liquid gold trading centers in the world, making it easier to trade or utilize the gold during times of crisis.
Olaf Sliegepen, President of the Central Bank of the Netherlands. said These measures are necessary to strengthen the country's resilience and readiness.
The move comes amid the ongoing trade dispute between the United States and Canada, following the failure of trade negotiations and the announcement of new retaliatory tariffs by both countries. Meanwhile, uncertainty surrounding a potential conflict between the United States and Iran is also impacting global trade and the economy.
DNB revealed that This gold relocation did not involve transporting all 86 tons of gold directly across the Atlantic Ocean, but rather used a combination of methods to mitigate the risks of a large-scale operation.
Of this amount, approximately 27 tons of gold bars were transported from New York and Ottawa to Zeist in the Netherlands. From there, similar quantities and quality of gold were moved from the Netherlands to London, without the need to melt down new gold bars.
However, the DNB did not disclose details of how such a large quantity of gold was transported across the Atlantic Ocean.
For the remaining gold, DNB used a method of selling the gold stored in New York and buying it back in London, instead of physically transporting all the gold.
The central bank stated that combining gold trading with the physical transportation of gold helps diversify the risks associated with large-scale and complex gold movement operations.
Prior to this restructuring, DNB held approximately 31.3% of its gold reserves in New York and 19.7% in Ottawa. Following the action, the proportion of gold held in the U.S. and Canada decreased to 18.5% each in the same country.
Conversely, the proportion of Dutch gold reserves stored in London increased significantly, from 18.1% to 32.1%, while the remaining 30.8% remains held within the Netherlands.
DNB Explain that Gold held by the Bank of England is the most readily traded gold in the world, making it more accessible and usable in times of crisis compared to gold stored in the United States or Canada.
By the end of 2568, the Netherlands will have total gold reserves of 612.4 tons, valued at approximately €72,200 billion.
DNB did not specify which "geopolitical instability" was the primary reason for this decision, but the gold move comes at a time when the global economy and trade face numerous uncertainties.
In addition to the potential conflict between the United States and Iran, trade relations between the US and Canada are also strained. Canada has been affected by US tariffs on key industries such as steel, aluminum, lumber, and automobiles, as well as additional tariffs of 50% on Canadian goods worth approximately CAD$28,000 billion, or about US$20,000 billion.
Increasing the proportion of gold in London is therefore part of diversifying asset storage locations and enhancing access to gold in the event of future financial or geopolitical crises.
refer : www.bbc.com
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