The Dutch central bank has moved 86 metric tons of gold out of both the U.S. and Canada, citing “crisis preparedness” and “increasing geopolitical unrest” in North America.
The central bank of the Netherlands says it has transferred the gold to the United Kingdom amid escalating political and trade tensions between the neighboring U.S. and Canada.
The Dutch central bank says the transferred gold represents one-quarter (25%) of the reserves it holds in New York City and Ottawa.
The transferred gold is now stored with the Bank of England, where it is “the world’s most easily tradable gold,” said the Dutch central bank in a written statement.
The central bank said the gold bars held in the U.S. and Canada could not be utilized as quickly and directly in a future crisis.
“With this relocation, we have improved the tradability of our gold reserves… We do need to strengthen our resilience and preparedness,” said central bank Governor Olaf Sleijpen.
The move by the Dutch central bank comes amid an escalating trade war between the U.S. and Canada and as America continues to trade military strikes with Iran in the Middle East.
The price of gold, which is viewed as a safe-haven asset in times of crisis, has risen nearly 25% over the past 12 months and is currently trading at $4,474.00 U.S. per ounce.
The United Kingdom now holds 32% of the Dutch central bank’s gold, New York and Ottawa hold 18.5%, and the Netherlands holds the remainder.
