Gold is changing addresses. The Netherlands has moved about 86 tonnes of its reserves from the United States and Canada to London, France has shifted 129 tonnes from New York to Europe, and India’s latest data shows that about 77% of its gold is now held within the country.
The destinations differ, as do the reasons given by the central banks. The Netherlands cited crisis preparedness and easier access to London’s gold market. France said its New York-held bars did not meet the required purity standard. India’s data shows a rise in domestic holdings, although the Reserve Bank of India has not explained the change.
