Dutch Central Bank Moves Billions in Gold From U.S. Vaults

The Dutch central bank announced on Wednesday it moved approximately $12 billion in gold reserves, primarily held in New York, to London vaults.

This action is described by an economics journalist as a frightening sign of lost trust between the United States and its allies. France's central bank recently sold about $15 billion in bullion stored in New York, replacing it with bars kept in Paris. The Dutch central bank stated the move was for crisis preparedness amid increasing geopolitical unrest.

The transfer, which occurred between March and August, involved 86 tons of bullion, with the bulk moved from New York and the remainder from Canada. The Dutch central bank governor Olaf Sleijpen said the relocation improved the tradability of their gold reserves and strengthened their resilience and preparedness. Germany and Italy, the second and third-largest gold reserve holders after the U.S., have reportedly debated moving their gold from U.S. vaults over the past year. In 2017, Germany transferred 300 tons of its gold holdings from New York to Frankfurt.