Netherlands moves billions in gold to London in 'crisis preparedness' move

The Dutch central bank (DNB) has confirmed that billions of dollars in gold has been taken out of north America and relocated to London, citing "increasing geopolitical unrest".

DNB said on Wednesday that 86 tonnes of gold had been removed from the US and Canada in a complex operation that took several months. It is now being held by the Bank of England, where the precious metal can be traded more easily "in a crisis situation".

Bank president Olaf Sleijpen said the move was "necessary to strengthen our resilience and preparedness".

The decision comes amid an ongoing trade dispute between the US and Canada, with both countries announcing fresh tariffs on each other after failed trade talks.

DNB said the transfer, which took place between March and August, saw 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands.

A similar quantity and quality was then moved to London, with no need to melt the bars down.

Exactly how so much gold was transported across the Atlantic Ocean has not been revealed.

The rest of the transfer was carried out by selling the gold in New York, and repurchasing it in London, the bank said , external .