Friday 29 May 2020

Dutch gold to be moved out of Amsterdam

Gold barsThe Dutch central bank is looking into whether its gold and cash reserves can be stored outside Amsterdam.

The reserves are currently held in the basement safe at its Frederiksplein headquarters.

The reserves need to be moved not for safety reasons but because the building is being renovated and the bank is wondering whether a modern office building in the middle of a city is a suitable place for a safe, the NRC reports.

The fact that such a huge amount of gold and cash requires extremely strong security makes it difficult for staff and visitors to get into the building. They are confronted with passport controls, passes, scanners, barriers and armed guards.

Spread the risk

In order to spread the risk, Dutch gold is also held in central banks in New York, Ottawa and London, although in 2014, 122.5 tons of gold reserve were brought back to Amsterdam from New York. It was felt that in times of financial crisis, it was better to have the gold near at hand, says the NRC.

The Netherlands has a gold reserve of 612 tons, with a value of €22.1bn at current prices.

It is not know where the reserves will be moved to. In New York, Dutch gold is kept in a earthquake-proof safe, five stories below ground. Something similar would have to be built in the Netherlands, the NRC says.

 

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