Most Netherlands gold vaulted abroad 'because trading is easier'
And so is fiddling around with it.
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Doubts on Dutch Gold Reserves
From Algemeen Nederlands Persbureau
(Netherlands National Press Bureau)
Thursday, November 29, 2012
THE HAGUE, Netherlands -- The Christian Democratic Appeal (CDA) and Socialist Party (SP) opposition parties are questioning whether it is desirable for Dutch state gold reserves to be largely stored abroad.
More and more citizens, politicians, and economists in Europe are questioning whether the foreign gold reserves, which their country possesses on paper, are still in fact physically there. Germany decided last month to move to verification.
In the next three years the German Bundesbank is to recall about 4 percent of its gold reserves from America, at the same time looking to see if the ingots are pure. CDA and SP want to know whether the Netherlands will follow the German example and physically check the genuineness of the precious metal.
For now, the answer appears to be no. "Repatriation is not yet on the agenda at the moment," De Nederlandsche Bank (DNB) spokesman Remko Vellenga said yesterday.
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The Dutch government says it has 612 tonnes of gold -- with a value of around E24 billion -- and is thereby in the top 10 of countries with gold reserves. The bulk of the Dutch gold reserves is in America and, to a lesser extent, in Canada and the United Kingdom. The rest, about 10 percent, is in Amsterdam.
DNB does not wish to say exactly how much gold is at each location, but it is willing to say why it is there. "We pursue a location policy. The gold is spread out because trading is easier in this way. London, for example, is a big gold market," Vellenga said.
DNB receives an annual survey from the other central banks in which all gold data is reported. "This survey is valued annually," Vellenga said. "The internal accountant of the foreign central bank also reports to our internal accountant. For us, this is sufficient."
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