As at end October 2022, the amount of gold held in London vaults was 9,308 tonnes (a 1.4% decrease on previous month), valued at $490.5 billion, which equates to approximately 744,662 gold bars.
There were also 26,502 tonnes of silver (a 2.2% decrease on previous month), valued at $16.3 billion, which equates to approximately 883,417 silver bars. This is the lowest amount of silver held in the vaults since reporting started in July 2016.
Philip Newman, Metals Focus said “It was no surprise to see London silver vault holdings drop further in October, although last month saw the smallest net outflow since this February. The decline reflected the ongoing strength of coin and bar demand, especially in the key US and German markets. In addition, Indian October imports appears to have still been sizeable, albeit considerably lower than September’s near record high of 1,700t. The lower total for October may reflect the impact on the Indian market of higher rupee prices earlier last month. Our Mumbai team noted that silver demand eased somewhat during Diwali, in contrast to gold, which enjoyed double-digit gains during the festival.”
These figures provide an important insight into London’s ability to underpin the physical OTC market.
The publication on the fifth business day of each month of the amount of gold the London vaults were holding at the end of the previous month follows the recent move to publish the equivalent data for silver. It represents a continued move towards greater transparency and timeliness.