.

Visit Us

950 Silverado Street La Jolla, CA 92037

Store Hours

Mon-Fri : 9am - 4:30pm
Sat : 10am - 2pm
Sun : Closed

Contact Us

Local : 1 (858) 412-6462
Toll Free : 1 (855) 253-0642

  • Oops! We could not locate your form.

  • 950 Silverado Street La Jolla, CA 92037    •    1 (858) 412-6462
    Section 1
    Closed August 10-17, Reopen Monday, Aug. 19 at 10:00

    Bank Of England loses tonnes of gold in 2013

    Concerns abound throughout the gold market regarding gold holdings in various vaults held around the world, from England to New York. Many European countries, like Germany, have demonstrated concern regarding whether or not the New York Federal Reserve Bank is still holding onto their reserves, while Austria just decided to send a request for audit to the Bank of England, perhaps following in the larger german-speaking nation’s footsteps.

    The Bank of England recently came out with their annual report for 2014 in which they outline their gold holdings, and, of course, online blogs dedicated to following the gold industry took notice. The bank claims it is the custodian of 5,584 metric tonnes of gold  (£140 billion pounds measured February 28, 2014). The annual report reads:

    The Bank provides custodial services for a range of customers. As at 28 February 2014, total assets held by the Bank as custodian were £594bn, of which £140bn were holdings of gold.

    The 2013 report stated the bank held 6071 tonnes of gold (£210 billion pounds measured February 28, 2013). The BoE annual report from 2013 reads:

    As part of this strategy the Bank also provides custodial services for a range of customers. As of 28 February 2013, total assets held by the Bank as custodian were £699 billion,(2) of which £210 billion were holdings of gold.

    The BoE report shows that the bank had 487 tonnes less gold in their vaults in February 2014 relative to 2013. The BoE functions as custodian for central banks and the LBMA, and removed from the vaults was most likely from LBMA customers. Some of GLD’s gold inventory is vaulted in London, as well.UK Gold Trade 2009 - march 2014

     

    AUSTRIA WANTS TO LOOK AT GOLD AT BoE

    Central European nation, Austria, is nervous about its gold holdings in England, and last months requested an audit.

    The nation is in the process of sending auditors to the Bank of England, where it keeps 150 tonnes of its gold worth more than $6.2 billion.

    “I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”, Ewald Nowotny, Governor of the National Bank of Austria tells Trend.

    bring-bullion-home

    AUSTRALIA HOLDS MOST GOLD IN ENGLAND

    The Bank of England holds many other nations gold, including Australia, which at the end of June 2011 admitted it held 80 tonnes of gold in London vaults. This means 99.9 percent of its gold reserves are in the United Kingdom at the Bank of England. The remaining 0.1 percent is held at the Reserve Bank’s Head Office in Sydney.

    IN CONCLUSION

    Likely, if the economy continues to move sideways, we will see more headlines like this with gold draining from the vaults of, particularly, western nations, and, in most cases, moving east, most likely to never return to western vaults.

    This is why at United CPM we offer gold and some of the best prices in the country. Open to negotiation and always looking for a discussion, you’ll find me at our La Jolla showroom Monday-Friday 9am-4:30pm, and Saturday 10am-2pm.

    World Spot Prices
    (Updates Every 30 Seconds)
    -2.07

    Gold

    Bid: $1,498.69
    Ask: $1,499.69
    -0.01

    Silver

    Bid: $16.93
    Ask: $17.03
    -0.39

    Platinum

    Bid: $848.32
    Ask: $853.32