Dutch central bank moves gold bars out of U.S. and Canada, citing ‘crisis preparedness’

JUST IN: The Dutch central bank has moved about 86 tons of gold out of the US and Canada to the UK, citing 'crisis preparedness' and saying reserves held with the Bank of England are more readily tradable in a severe crisis.

The Netherlands just quietly pulled 86 tons of gold out of North America.

Between March and August, the Dutch central bank moved over a quarter of its reserves sitting in New York and Ottawa across the Atlantic to the Bank of England. Their reasoning, and I'm quoting here, crisis preparedness. Gold in London is the world's most easily tradable gold. Gold in America, apparently, not so much in a pinch.

Governor Olaf Sleijpen says he expects they'll never need it, which is exactly what you say when you're building a fire escape. And the Dutch aren't alone. France swapped out 129 tons from the New York Fed just months ago, insisting it wasn't political. Sure.

One expert put it well, gold is a walking proxy vote on faith in the monetary system, and you can hear that take here.

So when Europe's central banks start voting with their bullion, the hardest fact is this. Gold is at four thousand four hundred dollars an ounce, up 25 percent in a year, and the people who print money are the ones hoarding it closer to home.

This is Sara White, reporting for HIT.