Dutch yank gold from NY, citing geopolitical unrest becoming 2nd Euro country to pull precious metal

The Dutch central bank has yanked more than 78 metric tons of gold out of New York, citing the tumultuous international climate — the second European country to ditch its US precious metal stores this year.De Nederlandsche Bank, or DNB, cut its New York holdings as it reallocated about 86 total metric tons of gold held across the US and Canada, largely toward London, according to the Financial Times.The bank said the overhaul was designed to strengthen its readiness for a crisis amid “increasing geopolitical unrest.”DNB did not blame Trump or suggest Washington was planning to seize its reserves.Instead, the central bank said spreading its gold more evenly across jurisdictions would reduce risk while making more of the precious metal readily available during a crisis, the Financial Times reported.“With this relocation, we have improved the tradeability of our gold reserves,” DNB governor Olaf Sleijpen said.Earlier this year, France eliminated its remaining New York gold holdings, selling 129 metric tons that had been stored in the States, according to reports.It used proceeds from the January sale to buy an equivalent amount of gold in Europe, and the precious pile now sits in Paris.

The Banque de France explicitly ruled out a political explanation for the move at the time.As for the Netherlands, it holds about 612 metric tons of gold.Its latest reshuffling reduced the country’s New York stockpile by just over 78 metric tons and its Ottawa holdings by roughly 7 metric tons, according to the FT.A US ton is about 10% heavier than a metric ton.Most of the bullion didn’t actually cross the Atlantic.Only about 27 metric tons were physically transported from North America to Europe, while DNB sold much of its remaining North American holdings and purchased replacement gold in London, the world’s largest physical-bullion trading hub.The shift nevertheless comes against a politically charged backdrop in Europe, where several German lawmakers have publicly ...