London Vault holds $298 billion worth Gold, $19 billion worth Silver

UNITED KINGDOM August 01 2017 6:16 PM
LONDON (Scrap Register): In order to increase the clarity in the marketplace, the London Bullion Market Association (LBMA) released the Gold and Silver storage data in their London vault.

“As of 31 March, 2017 there were 7,449 tons of gold, valued at $298 billion and 32,078 tons of silver valued at $19 billion. This equates to approximately 596,000 gold bars and 1,069,255 silver bars,” The London Bullion Market Association quoted.

On behalf of the customers, The Bank of England also stores allocated Gold in the vaults, which includes United Kingdom government as well as other central and commercial banks.

The Bank of England stores around 5081 tons of Gold during March around 10-20 percent on behalf of commercial banks. Roughly a further 1485 tons of gold in London vaults was probably for physically backed exchange traded funds.

The LBMA said gold holdings stood at 7,283 tons in July last year, when its data set begins, while silver holdings amounted to 29,593 tons.