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LBMA says London vaults hold 7,500 tonnes of gold
Revealed: Just How Much Gold Is in London's Vaults
By Jon Yeomans
The Telegraph, London
Monday, July 31, 2017
London has long been acknowledged as the biggest gold trading centre in the world, but no one has ever been able to say for sure how much gold is stored in the capital -- until now.
New data has revealed that around 7,500 tonnes of gold was held in London in March of this year -- the equivalent of 596,000 gold bars, or L227 billion worth of gold.
The data was published by the London Bullion Market Association (LBMA) as part of a new drive to provide greater transparency around the gold market and encourage investors to buy into the precious metal.
Around 68 percent of London's physical store of gold is held at the Bank of England, which has around 5,100 tonnes in its vaults. The bank looks after the UK's gold reserves and holds the metal for other central banks.
The rest of the gold, or around 2,500 tonnes, is held for use by investors and traded through banks and other clearing houses that are members of the LBMA. ...
... For the remainder of the report:
http://www.telegraph.co.uk/business/2017/07/31/revealed-first-time-just-...
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