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🇨🇭 Switzerland /Economy & Trade

The Netherlands withdraws 78 tons of gold from New York as central banks grow wary of Trump’s America

From Neue Zürcher Zeitung · () German

Translated from German and summarized by DistantNews. Read the original for the full story.

At a glance

Analysis Official statement Context piece
  • The Dutch central bank has moved about 78 tons of gold from Federal Reserve vaults in New York to the Bank of England in London.
  • The transfer represents about 40% of the Netherlands’ gold previously stored in the United States and was described as a measure to strengthen crisis preparedness.
  • France has also repatriated its gold, while German officials and parties have debated whether Berlin should bring its remaining U.S.-held reserves home.

The Netherlands has moved around 78 tons of gold out of New York, a decision that has drawn attention to growing central-bank efforts to reduce dependence on the United States and the dollar.

The Dutch central bank said the gold had been transferred from the vaults of the Federal Reserve Bank of New York to the Bank of England in London. The amount equals about 40% of the Dutch gold reserves previously held in the United States.

The bank cited rising geopolitical tensions and the need to strengthen crisis preparedness. Governor Olaf Sleijpen said the reserves would be easier to trade from London in a crisis. “We assume that we will never have to use them, but we must strengthen our resilience and preparedness,” he said.

In view of increasing geopolitical unrest, we are strengthening our crisis preparedness.

· Dutch central bankThe central bank gave this reason for moving 78 tons of gold from New York to London.

The move follows France’s decision last year to withdraw all of its gold from New York. The French central bank transferred 129 tons back to France, leaving the country’s entire gold reserve in Paris. Its governor said at the time that the decision had no political motivation.

In Germany, however, the issue has become openly political. The Taxpayers’ Association, the Alternative for Germany party and parties on the left have called on the Bundesbank to bring all German gold held in the United States home. They argue that U.S. President Donald Trump could use the reserves as leverage. About one-third of Germany’s gold remains in the United States, despite an earlier repatriation from New York and Paris in 2013.

Bundesbank President Joachim Nagel has repeatedly rejected the demands, saying the gold is safely stored at the New York Federal Reserve. The U.S. government would also face legal and institutional barriers to accessing foreign reserves, since the Federal Reserve is independent and national gold holdings receive special protection under international law.

We assume that we will never have to use them, but we must strengthen our resilience and preparedness.

· Olaf SleijpenThe Dutch central bank governor explained why the reserves were moved to London.
About this summary

Originally published by Neue Zürcher Zeitung in German. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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