Netherlands main bank moves most gold reserves from America amid deteriorating EU-US relations

The Netherlands is moving nearly 90 tons of gold out of the United States and Canada as tensions between Washington and Europe continue to grow. De Nederlandsche Bank, the country’s central bank, said the relocation would strengthen its preparedness for a crisis and improve the liquidity and distribution of its reserves.

The operation reduced the share of DNB’s gold held in the United States from 31% to 18.5%. Canada’s share fell from 19.7% to 18.5%. Zeist, in the Netherlands, replaced New York as the largest single location for the bank’s gold, holding 30.8% of all its bars.

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In view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness.

Europe now holds 63.9% of DNB’s gold reserves, either in the Netherlands or the United Kingdom. Before the move, the reserves were divided equally between Europe and North America. “In view of increasing geopolitical unrest, DNB is strengthening its crisis preparedness,” the bank said.

DNB Governor Olaf Sleijpen said the relocation had improved the ability to trade the reserves. “With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” he said.

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With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.

The bank sold about 59 tons of gold in New York and bought the same amount in London. It physically transferred another 27 tons from the United States and Canada to Zeist, while moving an equivalent amount from Zeist to London. DNB said the process also gave it practical experience with buying, selling and physically transferring gold in case emergency conditions make those options necessary.

The relocation follows disputes between the Trump administration and European officials over Greenland, US forces stationed in NATO countries and the war with Iran. The article cited tensions over Spain’s refusal to allow its airspace for Iran-related operations, as well as President Donald Trump’s criticism of Madrid and his reported order to halt trade with Spain.

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Spain is a wasted cause. We don't want to do any trade business with Spain anymore. By the way, I'd like to cut it off. Spain is a terrible partner.