|The Bank of England has one of the world’s largest gold vaults.
You can watch a video about our gold on our KnowledgeBank website or to see more photos visit our Flickr page.
Gold custody services
We only own two of the gold bars in our vaults. One of these is on display in the Bank of England Museum
, and you can hold it when you visit. Instead, we store the gold bars on behalf of HM Treasury, other central banks and some commercial firms.
Gold is used as a reserve asset by central banks, and London is a major market for gold transactions.
Why does the Bank of England store gold?
We provide safe custody for the United Kingdom’s gold reserves, and for other central banks. This supports financial stability by providing central banks with access to the liquidity of the London gold market. We also provide gold accounts to certain commercial firms that facilitate access for central banks to the London gold market.
Gold that we hold on behalf of our customers does not appear on our balance sheet. This is because we provide gold storage on an allocated basis, meaning that the customer retains the title to specific gold bars in our vaults, rather than a claim on the Bank for a certain weight of gold.
The table below shows monthly figures for our total gold holdings, denominated in weight (fine troy ounces):
Bank of England gold holdings: 2016
||Fine troy ounces (thousands)
Gold account policy
UK official reserves framework
The Bank of England as a bank: QB article
London Bullion Market Association