Daily Dispatches

By Eddie Spence and Ranjeetha Pakiam
Bloomberg News
Wednesday, May 18, 2022

Gold stored at the Bank of England has been trading at an unusually low price, in a sign that central banks may be shedding some of their holdings.

The Bank of England’s vaults contain 5,676 tons of bullion, one of the largest stockpiles in the world, which it holds on behalf of other central and commercial banks. Gold held by central banks is typically bought and sold between large institutions in bilateral trades at prices usually within a few cents of the market rate.

So why doesn't the country's central bank try showing it off there instead?

* * *

Portugal's Central Bank Opens Its Vaults for Rare Glimpse of Gold Bars

By Sergio Goncalves and Pedro Nunes
Reuters
Wednesday, May 18, 2022

LISBON -- Portugal's central bank has opened up its heavily guarded vaults in a small commuter town near Lisbon, giving a rare glimpse of where some of the country's gold reserves are kept.

12:06p Wednesday, May 18, 2022

Dear Friend of GATA and Gold:

Being the only forms of money without counterparty risk, at least when held directly by their owners, gold and silver are often seen as the foundation of a sound investment portfolio. 

By Andy Bruce and William Schomberg
Reuters
Wednesday, May 18, 2022

LONDON -- British inflation surged last month to its highest annual rate since 1982, pressuring finance minister Rishi Sunak to offer more help for households and the Bank of England to keep raising interest rates despite a risk of recession.

Consumer price inflation hit 9% in April, the Office for National Statistics said today, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults.