The Dutch Central Bank (DNB) confirmed on Wednesday that it moved 86 tonnes of gold out of the US. The central bank cited “increasing geopolitical unrest” as the reason for moving its assets from the country. The gold stock was moved from the US and Canada to London, stressing that it could be traded more easily there than in New York and Ottawa. The US, which was once considered the bedrock of safe investments, is experiencing a major shift. The rising National debt above $40 trillion and its indulgence in wars and conflict are adding to the baggage.
“This makes it the quickest for DNB to deploy in a crisis situation,” said DNB in a statement. “With this step, we have improved the deployability of the gold reserves. We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness,” said DNB President Olaf Sleijpen. The total Dutch gold stock amounts to 612.4 tonnes, worth a staggering $84 billion. Netherlands had held 31.3% of its gold in New York and 19.7% in Ottawa.
The share of the Netherlands ‘ gold held in London now surged from 18.1 percent to 32.1 percent. The central bank also holds another 30% of its reserves in the homeland of the Netherlands. The transfer from the US was done partially by buying and selling in parts. “By combining buying and selling and physical transport, the risks associated with physically moving a large quantity of gold have been spread,” said the DNB.
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The Safety of the US Comes Into Question
Netherlands is a close ally of the US and a European power that can influence other neighbouring countries. If an ally can come close to losing trust in the US, other countries could follow suit. The US could be at a loss if many other countries begin pulling their gold and other assets out. The White House’ foreign policies and tariffs are among the reasons for the fall out.