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Why are European countries moving their gold from North America?

2026-09-05 23:07:40Biznes SHKRUAR NGA REDAKSIA VOX
Why are European countries moving their gold from North America?
Why European countries are moving their gold from North America

When the Dutch central bank confirmed this week that it had moved tonnes of gold from North America, it said it would make it “better prepared for severe crises”.

About 86 tons of gold out of a combined total of about 313 tons held in the US and Canada were moved to London due to growing geopolitical unrest, the Dutch bank said, adding that it could thus be "readily available for use in a crisis situation."

The move was clearly in response to the volatile and uncertain state the world is in, with trade and military wars pushing countries to take precautions and keep their gold closer to home, the BBC reports.

Earlier this year, France announced it had removed its gold reserves from the U.S. Meanwhile, Germany's Bundesbank transferred more than 216 tons of gold from its overseas holdings, 111 tons from New York and 105 tons from Paris.

It's a strategy that has been played out before in times of global instability. Several European central banks moved some of their gold reserves to New York during the Cold War.

De Nederlandsche Bank said that gold extracted from the US and Canada between March and August this year was now held in the vaults of the Bank of England.

"We expect that we will never have to use them, but we need to strengthen our resilience and preparedness," said Dutch central bank governor Olaf Sleijpen.

London was seen as the best choice because of its position in the world as a major trading center. If you want to be able to buy or sell gold quickly in a crisis, London is the place to be, which makes the Bank of England a popular place to store it. The Bank of England in London holds a lot of gold bullion in its vaults.

The bank is one of the world's largest gold custodians. The 300-year-old institution in central London holds around 400,000 gold bars worth more than £200 billion.

According to industry surveys by the World Gold Council, the Bank of England remains the most popular place, but central banks are increasingly diversifying where they store the precious metal.

Gold has had a momentous moment in recent years. Its price has risen to a series of record highs, surpassing $5,000 an ounce in January.

There are several reasons for its rise in value, but a major factor has been the precious metal's position in the human psyche as a so-called safe haven asset to invest in during periods of financial and geopolitical turmoil caused by trade and military wars.

While the price of gold has fallen from record highs earlier this year, it still remains at a historically high level. According to Goldman researchers, the price is projected to rise to $4,900 an ounce by the end of 2026, $300 more than it was in August. Demand for gold from central banks is a major reason why prices are rising, according to Thomas and Struyven.


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