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).
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.
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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)
Britain should pay more attention to Eurozone crisis (Telegraph)
Gold has everything in its favor – Rally has legs (Marketwatch)
Resurgence Of Gold & Looming “Run On Cash” – Bass (Zerohedge)
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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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