The Dutch central bank has transferred about $12 billion worth of gold reserves from New York and Ottawa to London, saying the reason for this move is due to concerns about increasing global geopolitical turmoil. Between March and August of this year, the Dutch central bank transferred about 86 tons of gold to London, accounting for more than a quarter of its gold reserves previously stored in the US and Canada. London currently holds nearly one-third of the Dutch gold reserves, making it the largest storage area. Dutch central bank governor Olaf Sleijpen said in a statement on Wednesday: “Through this transfer, we have improved the tradability of our gold reserves. We don't expect to ever need to use these reserves, but we do need to be more resilient and prepared.” London has the most liquid gold market in the world, and gold worth hundreds of billions of dollars changes hands every week. Because of this, central banks have long used the Bank of England as a gold custodian, where gold can be traded quickly and on a large scale, and gold can also be loaned to raise dollars.

The Dutch central bank has transferred about $12 billion worth of gold reserves from New York and Ottawa to London, saying the reason for this move is due to concerns about increasing global geopolitical turmoil. Between March and August of this year, the Dutch central bank transferred about 86 tons of gold to London, accounting for more than a quarter of its gold reserves previously stored in the US and Canada. London currently holds nearly one-third of the Dutch gold reserves, making it the largest storage area. Dutch central bank governor Olaf Sleijpen said in a statement on Wednesday: “Through this transfer, we have improved the tradability of our gold reserves. We don't expect to ever need to use these reserves, but we do need to be more resilient and prepared.” London has the most liquid gold market in the world, and gold worth hundreds of billions of dollars changes hands every week. Because of this, central banks have long used the Bank of England as a gold custodian, where gold can be quickly traded on a large scale, and gold can also be loaned to raise dollars.