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It's a hedge against the risk of the current government. Leaving a bunch here is part of the hedge. It's not as "multifaceted" as you're making it out to be.

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Hey, I’m simply echoing what the Dutch government said. I’m taking them at face value since the Dutch are pretty direct.

The Dutch are pretty direct but not to Donald Trump, who has a famously thin skin and can cause a huge European crisis with a single tweet.

You have to see all European diplomacy through that lens. Everybody’s tiptoeing around the orange idiot’s feelings and meanwhile working hard to make sure we’re never again so dependent on a country that’s so untrustworthy. This gold move is one of the many little steps taken in that direction.

You could make the argument that leaving gold there also leaves them ammunition for later. The threat of removing the rest is also a useful tool. Personally I'd be getting out of all US bond holdings and investments and making sure the banks are limiting exposed too, well personally I have. Keeping investments in the US, in US debt is just irresponsible at the moment.

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