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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