Geopolitical turmoil is pushing central banks to think harder about where they keep their gold reserves.
On Wednesday, the Netherlands central bank said it had reallocated about 86 metric tons of gold from New York and Ottawa to London between March and August, “in view of increasing geopolitical unrest” and to improve its crisis preparedness.
London now holds 32.1% of the Netherlands’ gold reserves, up from 18.1%, making it the largest overseas storage location for Dutch gold.
New York’s share fell from 31.3% to 18.5%, while Ottawa’s slipped from 19.7% to 18.5%.
“With this relocation, we have improved the tradability of our gold reserves,” said…
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