Citing increasing geopolitical unrest, the Dutch central bank (DNB) has revealed that billions of dollars’ worth of gold has been moved from North America to London.In a complicated operation that took several months, DNB said on Wednesday that 86 tonnes of gold had been extracted from the US and Canada. The precious metal can now be exchanged more readily “in a crisis situation” at the Bank of England.
Olaf Sleijpen, president of the bank, stated that the action was “necessary to strengthen our resilience and preparedness. The decision comes amid an ongoing trade battle between the United States and Canada, where both nations have announced further tariffs on one another following unsuccessful trade negotiations.
According to DNB, 27 tonnes of gold bars were transferred from New York and Ottawa to Zeist in the Netherlands between March and August. The bars were then transported to London in a comparable number and quality without the need to melt them.
It’s unclear exactly how so much gold was shipped over the Atlantic. According to the bank, the remaining portion of the transfer was completed by selling the gold in New York and buying it again in London.
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