Goldman Sachs analyst Lina Thomas reported that global central banks' concerns about reserve safety are escalating, with the location of gold storage becoming a key focus. In August, foreign central bank gold held at the New York Fed decreased by 40 tons, while the Bank of England's custody holdings increased by 46 tons during the same period. In early September, the Dutch Central Bank disclosed that it had transferred nearly 90 tons of gold from New York and Ottawa to London, citing "crisis preparedness." Since early 2025, the New York Fed's custody holdings have cumulatively declined by approximately 200 tons, while the Bank of England's holdings have cumulatively risen by about 500 tons.