Wealthion Macro Bites – Why the Dutch Central Bank Just Moved $12 Billion in Gold to London

At the 2026 Mexico Mining Forum, Ministry of Economy Extractive Activities head Fernando Aboitiz presented an overview of unblocking the mining-permit backlog President Sheinbaum inherited from the AMLO administration as the government seeks to reclaim Mexico’s historical levels of mining production.  Aboitiz reported, "We are at 85% progress on Semarnat permits [federal environmental permits], this means that more than 150 permits have been authorized.”  He added that progress on Conagua permits (National Water Commission) "is around 50%."  And in the case of Ministry of Economy permits, Aboitiz indicated progress is "around 90, 95% or more," allowing Mexico "to enter into the dynamic of increasing its production."

Indonesia’s Morowali Industrial Park, a vast compound of processing plants on the island of Sulawesi, may have to slash nickel output by as much as 40% due to a severe Ei Nino-driven drought that is straining water supply to smelters.  Head of media relations Dedy Kurniawan said IMIP is working to utilize new water sources from nearby locations and taking preventive measures to mitigate the impact of water shortages on nickel production.  The potential output cuts could help to arrest a slide in LME nickel prices, which have fallen 17% from early-May highs.  IMIP is majority owned by China’s Tsingshan Holding Group, the world’s biggest nickel producer.

Citing concerns about increasing global geopolitical unrest, the Dutch Central Bank has shifted 86t of its gold reserves (worth $12B) from New York and Ottawa to London in the past few months.  De Nederlandsche Bank executed the move by 1) selling 59t of gold in New York and buying the equivalent in London and 2) physically transporting 27t from the U.S. and Canada to the Dutch cash center in Zeist and then moving the same amount to London.  Bank Governor Olaf Sleijpen said, “Keeping a larger share of the gold reserves in London strengthens the function of gold as an anchor of trust.”

New York Fed President John Williams [Permanent FOMC Voter] said rising long term bond yields are not being driven by inflation fears but are instead a reflection of the strong U.S. economy. “What’s driving it is really a strong U.S. economy and a strong economic outlook… it’s not really about financial conditions affecting the economy, it’s more about the economy affecting financial conditions.”