Netherlands removes large part of its gold reserves from US, Canada

Ilayda Cakirtekin

The Dutch Central Bank (DNB) announced Wednesday that it removed large parts of its gold reserves from the US and Canada for getting better prepared to crisis situations, according to broadcaster NOS.

DNB announced that around 86 tonnes of Dutch gold reserves had been transferred from the US and Canada to London between March and August this year.

The figure represented over a quarter of the approximately 313 tonnes of gold that DNB had stored in the US and Canada.

DNB noted that the gold had been moved to “better prepare for serious crises.”

It said London was a major trading center for physical gold and that the precious metal could be sold more quickly in a crisis.

In New York and Ottawa, however, the gold is “less immediately available” at such a moment, according to the DNB.

Over 27 tons of gold from the US and Canada have been physically moved to Zeist in the Netherlands.

In New York, the share of gold reserves held there fell from 31.3% to 18.5%. In Canada, the figure fell from 19.7% to 18.5%.

The DNB reportedly had previously expressed concerns about the hardening relationship between Europe and the US. The central bank warned that the US could easily halt payment transactions in the Netherlands, further advocating for becoming less dependent on the US.

However, DNB told NOS at the time that it was not concerned about the possibility that the US would use the Dutch gold reserves in the event of a further deterioration of relations.