Netherlands has some major trust issues right now with the United States.

In a surprising move, the Netherlands moved nearly 94.8 tons of gold from the United States.

The transfer of the gold didn’t come all at once either.

Netherlands made the move beginning in March and finished transferring their gold by the end of August.

The Daily Mail revealed what prompted the Netherlands to make the move:

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The Netherlands has moved 86 tonnes of its gold stock out of the US and Canada to London due to ‘increasing geopolitical unrest’.

The move follows alarming remarks that gold is ‘no longer safe’ in President Donald Trump’s America.

Moving these stores to British soil would ‘spread risks’ and would ensure the ‘quickest’ opportunity for DNB to deploy the sale of gold ‘in a crisis situation,’ the bank wrote in a statement.

Gold reserves held in London could be traded more easily than those held in New York and Ottawa.

The transfer would also create a ‘more balanced distribution’ and further help strengthen the bank’s ‘crisis preparedness’.

‘We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness,’ said DNB President Olaf Sleijpen.

Trump’s unpredictability has been previously cited as a key reason as to why the Netherlands should remove their gold from the US.

The director of Goudwisselkantoor – a Dutch auction house that specialises in auctioning gold, jewellery, diamonds, silverware, coins and banknotes – said in January that Trump could ‘refuse to extradite [the gold reserves], impose additional tariffs, or delay the repayment for decades’.

AP reported more on the transfer:

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More than 27 metric tons (30 tons) of gold were “physically transferred” from the United States and Canada to the Dutch bank’s heavily guarded vault on a military base near the central town of Zeist, the bank said, without elaborating on exactly how the gold bars got across the Atlantic Ocean. A similar quantity of gold was transferred from Zeist to London.

The rest of the relocation was achieved by selling around 59 metric tons (65 tons) of gold in New York and using the proceeds to buy gold in London.

The Dutch bank, known by its acronym DNB, said that gold held at the Bank of England “must meet modern international trade standards and is regarded as the world’s most easily tradable gold and will therefore be the most readily available for DNB in a crisis situation. The gold reserves held in New York and Ottawa cannot be utilized as quickly and directly in such a situation.”

The U.S. has no plans to move their own gold.

Recently, Treasury Secretary Scott Bessent revealed all of the U.S. gold stored at Fort Knox has been accounted for after rumors were swirling Fort Knox was empty:

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This is a Guest Post from our friends over at WLTReport. View the original article here.

 

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