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De Nederlandsche Bank has shifted more than 78 tonnes of gold out of the New York Fed's vaults into London, with Governor Olaf Sleijpen citing rising geopolitical risk and better tradability of the reserves in a February 2 statement. London clears over $900 billion of gold weekly, so relocating official metal toward the largest spot hub improves a central bank's ability to mobilize collateral fast in a stress event — a quiet signal that reserve managers are pricing jurisdiction risk on US-held assets, which is structurally supportive for gold demand and consistent with the de-dollarization bid that also underpins bitcoin's hard-asset narrative. Watch whether other European central banks disclose similar transfers, since a cluster of moves would mark a durable reallocation of custody away from the US rather than a one-off operational tweak.
As a Macro signal, watch whether it changes price action, volatility, or flows around GC=F, SI=F, BTC.
Original Source: 연합인포맥스
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