Germany · U.S. · New York · Fortune Technology
U.S. custodianship continues to decline
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Then the Dutch central bank, known as the De Nederlandsche Bank (DNB), moved more than 78 tons of gold in New York and seven tons in Canada to London, citing “increasing geopolitical unrest” and the need to improve its “crisis preparedness.”
Key facts
- The Netherlands shifted 122.5 tons from New York to Amsterdam in 2014, and Austria repatriated 90 tons from London between 2015 and 2018
- Germany transferred 930 tons from London to Frankfurt in 2000, then sent 674 tons from New York and Paris to Frankfurt between 2013 and 2017, according to the World Gold Council
- Outside Europe, Venezuela repatriated 160 tons from 2011 to 2012, while India has accelerated the pace of relocation since 2023
- Then the Dutch central bank, known as the De Nederlandsche Bank (DNB), moved more than 78 tons of gold in New York and seven tons in Canada to London, citing “increasing geopolitical unrest” and the need to improve its “crisis preparedness
Summary
Last month’s announcement from the Dutch central bank that it was moving gold from North America to Europe added to the trend of a global redistribution of reserves. The New York Fed has long served as the custodian of the gold on behalf the U.S. government, foreign governments, other central banks, and official international organizations. The stockpile reached a high in the early 1970s but began a gradual slide after the U.S. took the dollar off the gold standard and is now about half of its peak. U.S. custodianship continues to decline.