The Dutch central bank, De Nederlandsche Bank (DNB), withdrew 86 tonnes of its gold reserves from the United States and Canada. The precious metal was transferred to London, England.
The measure was taken due to "growing geopolitical instability" and followed statements that gold is "no longer safe" in North America with Donald Trump in power at the White House.
According to the DNB, transferring the reserves to British soil would serve to "spread risks" and would guarantee the bank the "fastest" opportunity to sell gold "in a crisis situation." Gold reserves held in London could be traded more easily than those held in New York and Ottawa.
The transfer would also create a "more balanced distribution" and would help further strengthen the Dutch central bank's "crisis preparedness." The DNB stated that it "assumes that we will never need to use the gold, but, still, it is necessary to strengthen our resilience and prepare for possible crises."
