The Dutch central bank (DNB) quietly transferred 86 tons of gold from New York and Ottawa to London between March and August, citing “increasing geopolitical unrest” and seeking to improve the “tradability” of its reserves. Of the 612 tons of gold held by the DNB, 18.5% still remains in New York and Ottawa. This decision comes as France also sold 129 tons of gold (5% of its holdings) stored in the United States, while U.S. national debt has surpassed the $40 trillion mark. UBS economist Paul Donovan described this behavior as “not normal,” noting that these signals affect trust and the international reputation of the United States as a safe haven.
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