Dear MEL Topic Readers,
Netherlands moves billions in gold to London in 'crisis preparedness'
move
Gold is precious because of its unique physical properties, rarity, and
historical admiration. It never rusts or loses its shine even after thousands
of years. Also, it is easy to melt and shape, ideal for accessories, and it allows
electricity to pass through with very little energy loss, suitable for electronics.
About 226,600 tonnes of gold have been mined so far, and nearly 3,600 tonnes
are newly mined each year.
Central banks keep gold to diversify their foreign exchange reserves
and protect against economic and political risks. Recently, the Dutch central
bank (DNB) moved 86 tonnes of gold stock from the USA and Canada to the
Bank of England to strengthen its resilience and preparedness under increasing
geopolitical unrest. The share of its gold stock in the US was reduced from 31%
to 18.5%, while the share in London was increased from 18% to 32%. Does this move
reflect the recent ambiguity and unpredictability of US foreign policies? Also,
how were the 86 tonnes of gold bars moved across the Atlantic Ocean?
Read the article and learn about the recent Dutch central bank’s $12
billion golden move.
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