Tag: London

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Is America’s Safe-Haven Status Starting to Slip? Why Central Banks Are Moving Gold Out of New York

U.S. Gold Migration

For decades, the United States has been regarded as the world’s ultimate financial safe haven. Is America’s Safe-Haven Status Starting to Slip?

From U.S. Treasury bonds to the U.S. dollar and the vaults of the Federal Reserve Bank of New York, global investors have traditionally trusted American institutions to protect their wealth in times of crisis.

That confidence is now being tested.

The Dutch

The Netherlands has recently moved around 86 tonnes of gold from the United States and Canada to London. The country cites growing geopolitical uncertainty and the need to ensure its reserves can be accessed quickly in a crisis.

The Dutch central bank reportedly said the move was designed to improve the “tradability” of its gold. Distributing its reserves more evenly is considered a top priority.

France and Germany

France has also reportedly removed its remaining gold holdings from New York, while Germany previously repatriated a substantial proportion of its reserves.

These moves do not necessarily mean central banks believe their gold is unsafe in America. Rather, they reflect a growing desire for greater control and diversification.

Poland and China

Gold has become increasingly attractive as governments confront geopolitical tensions, sanctions, inflation and concerns about the long-term sustainability of government debt.

Central banks bought 289 tonnes of gold in the second quarter of 2026 alone, with Poland and China among the largest buyers.

The question, therefore, is whether this represents the beginning of a broader shift away from the U.S. financial system.

Treasuries are still desirable

The evidence is mixed. The Federal Reserve itself argues that Treasury securities remain an important component of global reserves, with foreign official investors still buying U.S. Treasuries overall since 2022.

Yet symbolism matters. When countries start moving their gold away from New York, they are signalling that diversification and control have become more important.

The U.S. may not have lost its safe-haven status. But the world’s central banks are clearly no longer taking it entirely for granted.

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Dutch Gold Moves Out of the U.S. and Canada

Gold on the move to London

The Dutch central bank has made a striking move that says much about the changing geopolitical and financial landscape.

Between March and August 2026, De Nederlandsche Bank (DNB) reportedly moved around 86 tonnes of gold from the United States and Canada to London, describing the decision as part of its efforts to strengthen “crisis preparedness”.

The move does not mean the Netherlands has lost confidence in American or Canadian vaults. Rather, it is about accessibility, diversification and the possibility that the international system could become considerably less predictable.

London

Before the transfer, 31.3% of Dutch gold was held in New York and 19.7% in Ottawa. Those proportions have now fallen to 18.5% each, while London’s share has risen from 18.1% to 32.1%. Around 30.8% remains in the Netherlands.

Why London? Quite simply, liquidity. London is the world’s biggest centre for physical gold trading, meaning bullion stored there can be bought, sold, lent or mobilised rapidly if financial markets are disrupted.

DNB says gold held in New York and Ottawa cannot be utilised as quickly or directly during a crisis.

Strategy

There is also a broader strategic calculation. DNB has been examining geopolitical risks ranging from cyber attacks and disrupted supply chains to economic and physical warfare.

Gold, unlike government debt or bank deposits, carries no issuer’s credit risk and can act as a reserve asset when confidence in financial institutions is severely tested.

The timing is nevertheless significant. Relations between Europe and the U.S. have become more politically complicated, while concerns about the reliability of international alliances and financial infrastructure have increased.

Preparedness

DNB insists the move is about resilience rather than politics. But central banks rarely move tens of tonnes of bullion without careful thought.

The message is therefore subtle but important: in an increasingly uncertain world, central banks want their emergency assets not merely to be safe, but immediately usable. And increasingly, gold is becoming that asset.

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Mumbai surpasses Beijing as the billionaire capital of Asia

Billionaires

Mumbai, India’s bustling financial hub, has achieved a remarkable milestone: it now reigns as Asia’s billionaire capital, surpassing Beijing for the first time

According to the Hurun Research Institute’s global rich list, Mumbai boasts 92 billionaires with a combined wealth of $445 billion. This historic feat marks the first time that India’s most populous city has claimed the top spot in Asia.

While New York (with 119 billionaires) and London (with 97 billionaires) lead the global rich list for cities, Mumbai’s ascent is a testament to its thriving energy and pharmaceutical sectors. The city’s entrepreneurial spirit and economic dynamism have propelled it to the forefront of wealth creation in the region.

Beijing, which previously held this distinction, now trails closely behind with 91 billionaires, followed by Shanghai with 87 billionaires. The competition among these financial powerhouses reflects the shifting landscape of global wealth distribution.

Globally, there are currently 3,279 billionaires, representing a 5% increase from 2023. China remains at the helm with 814 billionaires, despite a loss of 155 billionaires over the past year. The United States follows closely with 800 billionaires, while India claims the third spot with 271 billionaires.

Mumbai’s skyline, ever-changing, now reflects its title as Asia’s billionaire capital, highlighting the city’s resilience, innovation, and steadfast quest for prosperity.