The Dutch Bring Home 122.5 Tons of Gold From the New York Fed
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Dutch National Bank Announces Completion of Gold Repatriation from The New York Federal Reserve
The Dutch National Bank (DNB) announced today that it had repatriated 122.5 tons of gold from the U.S. Federal Reserve Bank in New York.
The new allocation of the DNB holdings are as follows:
Prior to the repatriation of 122.5 tons of gold, The Netherlands had 51% of their gold with the New York Fed. That percentage has been reduced to 31%, with gold reserves in the Netherlands rising from 11% prior to the repatriation to 31% post repatriation.
“With this adjustment the Dutch Central Bank joins other banks that are keeping a larger share of their gold supply in their own country,” the DCB said in a statement. “In addition to a more balanced division of the gold reserves…this may also contribute to a positive confidence effect with the public.”
The Dutch move highlights the importance of gold as a reserve asset, and follows similar repatriation/audit requests from countries holding gold outside their borders including Germany, Austria, Switzerland (pursuant to a populist referendum Save Our Swiss Gold) and Venezuela (repatriation completed).
At least five other countries have also made gold repatriation requests, including Finland, Romania, Poland, Venezuela, Ecuador and Azerbijan.
Gold is Leaving the Fed