Europe sent its gold to the U.S. for safe keeping during World War II. Central banks are now reshuffling their reserves for a new era of uncertainty

Last month’s announcement from the Dutch central bank that it was moving gold from North America to Europe added to the trend of a global redistribution of reserves. The New York Fed has long served as the custodian of the gold on behalf the U.S. government, foreign governments, other central banks, and official international organizations. Much…