London Vault Holdings Data

Record Volume and Value of Gold Stocks - Over $560 billion of Gold held in London Vaults

The data represents the volume of Loco London gold and silver held in the London vaults offering custodian services.

As at end August 2020, there were a record 8,955 tonnes of gold, valued at a record high of $563.5 billion. There were also 33,390 tonnes of silver, valued at a record high of $29.4 billion. This equates to approximately 716,406 gold bars and 1,112,986 silver bars.

There are currently seven custodians offering vaulting services (all of which are LBMA members). Four are security carriers, Brinks, G4S Cash Solutions (UK), Malca-Amit and Loomis International Ltd and three are clearing banks, HSBC, ICBC Standard Bank and JP Morgan. In addition, the Bank of England (not an LBMA member) offers gold (but not silver) custodial services to central banks and certain commercial firms that faciliate central bank access to the liquidity of the London gold market. Those clearing members without their own vault operations - Scotiabank and UBS - utilise their accounts with one of the LBMA custodians or the Bank of England (BoE) and therefore do not contribute to the statistics to avoid double accounting.

London Precious Metals Physical Holdings Statistics

The physical holdings of precious metals held in the London vaults underpin the net clearing and gross daily trading. London is the largest gold trading centre in the world as demonstrated by $60 bn of gold which is traded each day (Source: LBMA Gold Trade data).

Transparency

According to the Fair & Effective Markets Review (see here for further details) "in markets where OTC trading remains the preferred model, authorities and market participants should continue to explore the scope for improving transparency, in ways that also enhance effectiveness."

The Bank of England

The BoE started publishing its monthly gold holding figures in January 2017 (see here for further details). It stores allocated gold on behalf of its customers (custodian service) which include the UK Government, other central banks and commercial banks. BoE data are included in the LBMA statistics displayed in the table below.

  Gold Silver
Month Troy Ounces ('000s) Troy Ounces ('000s)
August 2020 287,912 1,073,500
July 2020 282,620 1,093,482
June 2020 278,706 1,115,657
May 2020 272,793 1,145,072
April 2020 272,717 1,146,719
March 2020 273,779 1,175,737
February 2020 271,465 1,170,061
January 2020 268,883 1,165,549
December 2019 267,673 1,162,162
November 2019 265,660 1,160,517
October 2019 265,705 1,153,427
September 2019 264,550 1,146,308
August 2019 258,121 1,145,738
July 2019 251,133 1,140,675
June 2019 244,600 1,143,018
May 2019 245,202 1,152,110
April 2019 245,963 1,159,570
March 2019 246,635 1,163,695
February 2019 245,270 1,148,400
January 2019 242,967 1,146,502
December 2018 240,854 1,137,680
November 2018 239,330 1,135,782
October 2018 238,255 1,129,268
September 2018 239,588 1,129,624
August 2018 242,045 1,128,297
July 2018 245,381 1,107,680
June 2018 247,043 1,122,091
May 2018 248,573 1,097,000
April 2018 250,257 1,090,476
March 2018 250,142 1,086,259
February 2018 251,356 1,104,999
January 2018 251,678 1,108,613
December 2017 251,622 1,106,489
November 2017 252,110 1,103,662
October 2017 251,658 1,096,559
September 2017 248,942 1,089,013
August 2017 243,894 1,083,032
July 2017 241,135 1,077,855
June 2017 243,041 1,074,647
May 2017 241,596 1,053,498
April 2017 241,009 1,055,393
March 2017 239,488 1,031,321
February 2017 238,776 1,010,268
January 2017 238,887 1,010,942
December 2016 241,881 1,004,313
November 2016 246,055 993,303
October 2016 246,141 978,229
September 2016 244,025 969,175
August 2016 239,742 957,798
July 2016 234,144 951,433

Explanatory Notes

  • The data is reported monthly (one month in arrears).
  • The data represents the holdings on the last day of the month.
  • The LBMA dataset starts from July 2016, which coincides with the current set of custodians being established.
  • Loco simply relates to the place or location at which a commodity is physically held, e.g. Loco London gold. Precious metals held within the environs of the M25 are considered to be loco London.
  • All physical forms of metal are included: large wholesale bars, coin, kilo bars and small bars.
  • The data only includes physical metal held within the London environs and does not include precious metals physical holdings readily available at short notice in other secure overseas vaulting facilities.
  • Jewellery and other private holdings held by retailers, individuals and smaller vaults not included in the London Clearing system are not included in the numbers.
  • Conversion factor: 1 gram = 0.0321507465 troy ounces.
  • Valuations of holdings are based on the pm LBMA gold and silver prices at month end.
  • The calculation for number of bars assumes that a standard gold bar weighs 12.5kg and a standard silver bar 30kg.