Gold Leaves New York As The Dollar System Cracks
The Dutch National Bank announced Sept. 2 that it had shifted more than a quarter of the gold it held in New York and Ottawa to London between March and August 2026, mostly by selling bars in New York and buying gold in London.
The bank said it was preparing for a crisis. Gold in London can be reached and sold quickly. Gold in New York cannot.
That is the polite version. The blunt meaning is that the central bank of a NATO country does not want so much of its gold held in the United States in the event of a crisis.
The Dutch were not first. France did the same earlier this year, emptying its remaining gold out of New York. Germany still keeps more than a third of its gold in the New York Federal Reserve, and economists, politicians and the German taxpayers’ association have demanded that it be brought home.