Europe sent its gold to the U.S. for safe keeping during World War II. Central banks are now reshuffling their reserves for a new era of uncertainty

(Credit: Stefano RELLANDINI / AFP via Getty Images)

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 of the U.S. government, foreign governments, other central banks, and official international organizations. Much of it arrived during and after World War II as countries sought to keep their gold reserves in a safe location.