In response to demand for greater transparency, the Bank of England, and the commercial vaults that hold London’s gold announced they will reveal their collective gold and silver holdings on a more timely basis, by reporting with only a one-month lag, rather than three months after the fact.
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“The London gold and silver vaults’ holding data makes an important and well-followed contribution to the understanding of the flows of precious metals into and out of the London market,” said Ruth Crowell, Chief Executive of the London Bullion Metals Association.
Gold holdings in London have been rising with the growing popularity of precious metals during the global pandemic. The City’s vaults held 282.6 million ounces of gold in July, a new record.
London’s commercial vaults include a combination of global banks: British-based HSBC, Industrial and Commercial Bank of China, South Africa’s Standard Bank, and JP Morgan, a division of the largest U.S. bank. Security and vaulting companies also hold large quantities of gold in London, including Brink’s, Loomis, and Malca Amit.
But London’s largest collection of gold is within the Bank of London. Its vaults, the second largest in the world, hold about 400,000 bars of gold, each weighing about 27-1/2 pounds. Only the New York Federal Reserve in Lower Manhattan stores more: nearly 500,000 bars of gold, which together weigh more than 6,000 tons.
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