What has happened to the 100,000 bars of gold missing from the Bank of England?
City Diary: The mystery of the Bank of England’s ‘missing’ 100,000 bars of gold
Inside the vault of the Bank of England which holds £156bn in gold.
Harriet Dennys By Harriet Dennys, City Diary Editor7:00AM BST 09 Aug 2013CommentsComments
Has the Bank of England flooded the markets with more than 100,000 bars of gold over the last four months?
That’s the conclusion from metals mischief-makers, who have pointed out the “significant” discrepancy between two of the Bank’s recent estimates for its gold reserves.
In the Bank of England’s annual report on February 28, the Bank says it has £210bn of gold, equivalent to 505,177 bars at current prices, say the gold-bugs.
In the Bank’s newly launched digital access-all-areas app, for which data was collated in June, the Bank says it has “at least 400,000 bars in custody”.
But Governor Mark Carney isn’t losing sleep. Diary understands the Bank of England is comfortable that the figure in the app is consistent with the figure that others have derived from the annual report.