The Hague, NetherlandsAP —
The Dutch central bank said Wednesday it had transferred billions of dollars worth of gold reserves from North America in “crisis preparedness” amid global political unrest.
The report said that between March and August, about 86 tonnes (94.8 tonnes) of gold was transferred to London, out of a total of about 313 tonnes (345 tonnes) stored in New York and Ottawa, Canada. Before the move, New York held 31.3% of Dutch gold and Ottawa held 19.7%. According to the bank, after the move, the holding rate in both cities is now 18.5%.
The bank holds 612.4 tonnes (675 tonnes) of gold, worth 72.2 billion euros (about $83.6 billion) at the end of 2025.
“This move increases the tradability of our gold reserves,” the bank’s president, Olaf Sleipen, said in a written statement. “We anticipate never having to use them, but we need to be more resilient and prepared.”
The bank said more than 27 tonnes (30 tonnes) of gold had been “physically transferred” from the United States and Canada to a heavily guarded Dutch Bank vault at a military base near downtown Zeist, but did not elaborate on how the bullion made it across the Atlantic. An equal amount of gold was transferred from Zeist to London.
The remaining transfer was accomplished by selling approximately 59 tonnes (65 tonnes) of gold in New York and using the proceeds to purchase gold in London.
Dutch Bank, known by its acronym DNB, said gold held by the Bank of England “must meet modern international trade standards and is considered the most tradable gold in the world, making it the most readily available to DNB in a crisis situation. The gold reserves held in New York and Ottawa cannot be accessed so quickly and directly in such circumstances.”
