Bank of England aids greater transparency across gold market

TO GO WITH AFP STORY BY HUI MIN NEO
Gold bars are stacked on April 6, 2009 at a plant of gold refiner and producer Argor-Heraeus in Mendrisio, in the southern Swiss canton of Ticino. While the world grapples with the biggest economic crisis since the Great Depression of the 1930s, demand for the firm's watch and jewellery components business has slumped as Swiss and Italian watchmakers trim production. Meanwhile, investors are hoarding gold bars -- an age-old insurance in times of war or calamities -- sending demand for the group's bullion production soaring. To cope with the new balance of demand, Argor is shifting manpower from its semi-finished products division to gold production and is running day and night. With orders for gold bars piling up, delivery times now stretch to two months instead of 10 days.               AFP PHOTO / Sebastian Derungs (Photo credit should read SEBASTIAN DERUNGS/AFP/Getty Images)

For the very first time the Bank of England is publishing monthly data revealing the amount of gold it holds on behalf of other central banks.

As a leading custodian of gold, with one of the largest vaults in the world, the World Gold Council says the Bank of England’s decision is highly significant.

A report from the World Gold Council states: “Not only will it enhance the transparency of the Bank’s own gold operations; it will also support the drive towards greater transparency across the gold market.”

Story continues below
Advertisement

The new data reveals the total weight of gold held within the Bank of England’s vaults and includes five years of historical data.

 

Authors

Related posts

*

Top