European countries are moving gold reserves from North America
The Netherlands and other European countries have transferred some of their gold reserves from North America to London and their own territories due to rising geopolitical tensions and global instability.
The Dutch central bank has confirmed that it has moved a portion of its gold reserves held in North America to London in order to be better prepared for crisis situations.
A move to prepare for crises
The Dutch central bank announced that, taking into account the increasing geopolitical unrest, 86 tons out of its total reserves of approximately 313 tons were moved from North America to London.
Similar steps across Europe
Previously, France announced that it had repatriated its gold reserves in the US to its own territory, while Germany's Bundesbank also transferred a large amount of gold from foreign vaults back to the country.
London's trading hub position
Between March and August, gold extracted from the US and Canada began to be stored in the vaults of the Bank of England in London so that it can be quickly bought and sold in times of crisis.
Reflection of global uncertainties
According to World Gold Council data, central banks continue to diversify the locations where precious metals are stored amid an environment of rising economic uncertainty.