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Netherlands Moves Gold Reserves from US, Canada to London
(MENAFN) The Dutch Central Bank transfers a significant portion of the Netherlands’ gold holdings from the United States and Canada to London as part of efforts to strengthen its readiness for potential crises, according to reports.
Around 86 tonnes of Dutch gold reserves are moved from storage facilities in the US and Canada to London between March and August this year. The amount accounts for more than a quarter of the roughly 313 tonnes held by the central bank across the two countries.
The central bank says the relocation is intended to "better prepare for serious crises."
London is described as a major global hub for physical gold trading, allowing the reserves to be accessed and sold more rapidly if a severe crisis occurs.
By comparison, gold stored in New York and Ottawa is considered "less immediately available" during such circumstances, according to the Dutch Central Bank.
More than 27 tonnes of the reserves are also physically transferred from the US and Canada to Zeist in the Netherlands.
Following the transfers, the proportion of Dutch gold held in New York drops from 31.3% to 18.5%, while the share stored in Canada declines from 19.7% to 18.5%.
Around 86 tonnes of Dutch gold reserves are moved from storage facilities in the US and Canada to London between March and August this year. The amount accounts for more than a quarter of the roughly 313 tonnes held by the central bank across the two countries.
The central bank says the relocation is intended to "better prepare for serious crises."
London is described as a major global hub for physical gold trading, allowing the reserves to be accessed and sold more rapidly if a severe crisis occurs.
By comparison, gold stored in New York and Ottawa is considered "less immediately available" during such circumstances, according to the Dutch Central Bank.
More than 27 tonnes of the reserves are also physically transferred from the US and Canada to Zeist in the Netherlands.
Following the transfers, the proportion of Dutch gold held in New York drops from 31.3% to 18.5%, while the share stored in Canada declines from 19.7% to 18.5%.
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