It emerged this week that the Dutch government has moved a large chunk of its gold reserves from the United States to the Bank of England. Some 86 tons were shipped out of North America between March and August. Central bankers are generally dull in their language, and the Dutch are no exception.

“Combining the processes of buying and selling and physical transport has allowed us to spread the risks associated with such a complex physical gold relocation,” they announced.

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Risks? What risks? Behind that dry statement is an implied fear that a future U.S. government might help itself to the gold. Think about that for a moment. Yes, countries do sometimes seize other countries’ assets. Several Western states, including the U.S., have confiscated Russian government property, earmarking it for a fund to rebuild Ukraine. But we generally reserve such treatment for our declared enemies. The only example I can think of where a country has stolen a friend’s gold was when Spain’s Republican government was........

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