9.3.26 - Netherlands shifts 95 tons of gold reserves

9.3.26 - Netherlands shifts 95 tons of gold reserves

Gold last traded at $4,473 an ounce. Silver at $66.97 an ounce.

Netherlands shifts 95 tons of gold reserves from North America to London -Yahoo! Finance

(UPI) -- The Netherlands announced Thursday it had transferred about 95 tons of its gold reserves from New York and Ottawa to London in response to "increasing geolpolitical risk."

The central bank, or DNB, said in a news release that it had taken the step as part of its preparedness for a possible crisis because the increased liquidity and tradability of the London market would make it easier to cash out the gold in the event of an emergency.

A more balanced distribution between North America and Britain was a hedge against the rising risks in the world.

"With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness," said DNB Governor Olaf Sleijpen.

DNB said the gold, the bulk of it from New York, was moved over a five month period beginning in March but that 250 tons of its total global reserves of 675 tons remained in the United States and Canada.

It added that the fact gold deposited with the Bank of England was regarded as "the world's most easily tradable gold" and would consequently be more readily available to DNB in a crisis situation than its New York and Ottawa reserves which could not be liquidated "as quickly and directly."