The Bank of England gold rush that's pushing up the price

The Bank of England gold rush that's pushing up the price
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The Bank of England gold rush that's pushing up the price
Published: Feb, 14 2025 00:01

Summary at a Glance

Well, now the governor has told Sky News that there is no shortage of gold left inside the central bank's vaults, though he acknowledged that billions of pounds of bullion had left and been flown across the Atlantic in recent months.

Asked where there was still plenty of gold left in the Bank of England, the governor said: "There's still plenty of gold.".

The upshot is there is a multi-week wait for anyone wanting to remove gold from the Bank, which in turn has pushed up the price of gold in London.

Deep under the Bank of England, in a network of vaults into which cameras are rarely admitted, sits the world's second biggest known trove of gold.

The pre-emptive trades have seen a sudden sharp rise in the amount of gold held in New York, not just from London but also from elsewhere around the world.

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