Gold Bullion In London Vaults Beneath Bank of England Worth $248 Billion – BBC

//Gold Bullion In London Vaults Beneath Bank of England Worth $248 Billion – BBC

Gold Bullion In London Vaults Beneath Bank of England Worth $248 Billion – BBC

The gold bullion or “hidden gold mine” of various nation’s gold reserves stored in the vaults beneath the Bank of England have been covered by the BBC:

Under London’s streets lies a hidden gold mine.

It stretches across more than 300,000 square feet under the City, the finance quarter in the heart of Britain’s capital. There, beneath the pavement and commuters of Threadneedle Street, lies a maze of eight Bank of England gold vaults – each stacked with gold bars worth a total sum of around £141 billion ($200 billion).

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Stacks of gold bars are arranged on shelves in the Bank of England’s vaults (Credit: David Levenson/Alamy)

The bars sit on rows of blue numbered shelves. Every bar weighs precisely 400 troy ounces (about 12kg), making each currently worth some £350,000 ($500,000), comfortably more than the average price of a house in the UK. Each bar looks subtly different depending on where it was refined. Some bars have sloping edges to make them easier to pick up; others look more like a loaf of bread.

There is no smell here: metal has none. There is no noise, either, on account of the vaults’ thick concrete walls.

What there is, however, is one of the world’s most important traded assets. Deals are still done in gold in almost every country in the world. Its price is a crucial barometer for consumer confidence. Prices rise when markets are uncertain, and before US elections – like now.

Read full article here

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Gold News and Commentary

Gold marginally higher ahead of central banks this week (Bloomberg)

Metals hold up in high ground but may need to consolidate (Bullion Desk)

Gold hidden in secret vaults beneath the Bank of England worth $248bn (Independent)

One fifth of the world’s gold is buried in London (The Sun)

Building’s rent can be based on gold prices (Dispatch)

Silver’s New Bull Market (Zeal LLC)

Why Silver May Rally to $25: CPM Group -Video – (Fortune)

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Gold Prices (LBMA)

25 April: USD 1,230.85, EUR 1,094.08 and GBP 853.79 per ounce

22 April: USD 1,245.40, EUR 1,104.34 and GBP 868.73 per ounce

21 April: USD 1,257.65, EUR 1,113.21 and GBP 877.01 per ounce

20 April: USD 1,247.75, EUR 1,098.09 and GBP 867.45 per ounce

19 April: USD 1,241.70, EUR 1,095.18 and GBP 867.01 per ounce

Silver Prices (LBMA)

25 April: USD 16.86, EUR 14.98 and GBP 11.67 per ounce

22 April: USD 17.19, EUR 15.26 and GBP 11.96 per ounce

21 April: USD 17.32, EUR 15.31 and GBP 12.05 per ounce

20 April: USD 16.97, EUR 14.93 and GBP 11.81 per ounce

19 April: USD 16.62, EUR 14.67 and GBP 11.57 per ounce

 

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By | 2016-12-23T20:17:27+00:00 April 26th, 2016|Blog|0 Comments

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