North America Swept by “Geopolitical Uncertainty” as the Netherlands Withdraws 86 Tons of Gold Bars

[Financial News] As the United States and Canada began a full-scale trade war, De Nederlandsche Bank withdrew a large amount of gold bars it had stored in North America. The bank said that “geopolitical instability had worsened” in North America.
According to the British Broadcasting Corporation (BBC) and other European media outlets, De Nederlandsche Bank (DNB) said in a statement on the 2nd local time that it had removed 86 tons of its gold stored in New York, United States, and Ottawa, Canada, from North America. DNB explained that it had transported 27 tons of gold bars directly from New York and Ottawa to the Netherlands between March and August, while sending a similar amount to London in the United Kingdom. The exact amount of gold bars transported across the Atlantic has not been confirmed. The remaining bars were transferred by selling them in New York and repurchasing them in the United Kingdom. The amount sent to the United Kingdom is reportedly managed by the Bank of England. The bank said, “This measure has increased the usability of our gold holdings,” adding that gold stored in London can be traded more easily than gold held in New York or Ottawa.
According to DNB, the Netherlands’ total gold holdings stood at 612.4 tons at the end of last year, with a value of about 72.2 billion euros (approximately 114 trillion won). Following the move, the shares of New York and Ottawa in DNB’s gold holdings were each adjusted to 18.5%, from 31.3% and 19.9%, respectively. Meanwhile, London’s share of DNB’s gold holdings rose from 18.1% to 32.1%. The proportion stored domestically in the Netherlands remained at 30.8%.
DNB did not provide specific details about why it moved the gold bars. It did, however, mention that “geopolitical instability had worsened.” DNB President Olaf Sleijpen said of the transfer, “It was a necessary measure to strengthen our resilience and preparedness.”
The BBC assessed that uncertainty surrounding the United States economy had increased because of the Iran war and the resulting damage to international trade. It also reported that the United States imposed retaliatory tariffs of 50% on Canada last month, while Canada announced reciprocal retaliation starting in September.
[email protected] Park Jong-won Reporter