The Dutch central bank, citing the potential for a “crisis situation”, has moved some of its gold from New York to London.

Data: World Gold Council; Chart: Emily Peck/Axios The Dutch central bank said this week that it was shifting about 86 tonnes of gold bars out of New York and Canada and moving them closer to home. Why it matters: Countries are rethinking where they stash their gold reserves,

The Netherlands has moved about 86 tonnes of gold from the US and Canada, increasing London's share of its reserves. The Dutch central bank says the move is aimed at diversification, preparedness and making the gold easier to trade.

More than 30 tons of gold were “physically transferred” from the United States and Canada to the Dutch bank’s vault in the town of Zeist.

The Netherlands and France have shifted gold reserves as geopolitical tensions put new focus on where Europe keeps its bullion.

DNB has not described the move as politically motivated. Instead, it has repeatedly framed it as risk diversification and crisis planning.

The Netherlands is the second country to pull its gold reserves out of the U.S. this year and the third in less than a decade.