The Dutch central bank announced Wednesday that it had transferred 86 tons of gold reserves from the United States and Canada to London between March and August, describing the move as a measure of "crisis preparedness" amid "increasing geopolitical unrest."
De Nederlandsche Bank (DNB) said the relocation improved the tradability and deployability of its gold reserves. The bank stated that gold held in London could be traded more easily than reserves stored in New York and Ottawa, allowing it to respond more rapidly in a crisis situation.
Prior to the transfer, the Dutch central bank held 313 tons in North America. New York had stored 31.3 percent of total reserves and Ottawa held 19.7 percent. Following the relocation, each city's share decreased to 18.5 percent.
The bulk of the 86 tons came from New York, with the remainder from Canada. Only about 27 tons were physically transported across the Atlantic. The rest was accomplished through sales in the Americas and repurchases in London, reducing the risks associated with moving large quantities of bullion.
"With this relocation, we have improved the tradability of our gold reserves," the bank said in a written statement. DNB President Olaf Sleijpen stated: "With this step, we have improved the deployability of the gold reserves. We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness."
The transfer represents approximately one-quarter of the Dutch central bank's North American gold holdings. The bank valued the relocated gold at approximately 10 billion euros.