Dutch central bank moves gold bars out of New York over ‘geopolitical unrest’

The Dutch central bank (DNB) has shifted more than 78 tonnes of gold reserves from New York and 7 tonnes from Ottawa to London, citing escalating geopolitical unrest and the need to bolster crisis preparedness. The central bank physically transferred 27 tonnes of bullion to Europe, while selling the remaining volume in North America to repurchase equivalent physical gold directly in London. DNB Governor Olaf Sleijpen emphasized that relocating reserves to London significantly improves liquidity and execution capability, given that London serves as the primary global physical gold trading hub with weekly trading volumes exceeding $900 billion. The move aligns with broader European trends, including France's previous complete repatriation of gold from the Federal Reserve Bank of New York, reflecting heightened anxiety among European central banks regarding asset security in the United States amid rising transatlantic tensions. The strategic relocation coincides with physical gold surpassing US government bonds as the largest global central bank reserve asset. Bullion prices have gained 25% over the past 12 months, trading near $4,364 per troy ounce as sovereign institutions increasingly prioritize physical metal over US-dominated foreign exchange holdings.