The pension fund for Glassmakers has put 13 percent of its assets in gold, and DNB says it has to cut this to below 3 percent. The supervisory body has given it a so-called 'directive' to do so following the fund's earlier refusal to wind down the investment in gold.

The directive has emerged from a ruling by a district court, which this week found against an appeal that the fund made against the measure. The gold must now be sold within two months.

DNB does not want to say that it sees gold as the next financial bubble. It does however say that the fund does not comply with the 'prudent person' rule, to which funds must adhere in the interests of their participants, with the its concentration of investments in gold. Pension funds on average invest 2.7 percent in commodities.

The fund invests for 1,142 current and former employees of companies including O-I Manufacturing Netherlands and O-I Sales and Distribution Netherlands. Pension consultant Mercer is the fund's advisor.