Revealed for the first time: just how much gold is in London's vaults

New data has revealed that around 7,500 tonnes of gold was held in London in March of this year – the equivalent of 596,000 gold bars, or £227bn-worth of gold.

The data also revealed that London’s vaults held 32,078 tonnes of silver in March, worth £14.5bn.

Around 68pc of London’s physical store of gold is held at the Bank of England, which has around 5,100 tonnes in its vaults. The Bank looks after the UK’s gold reserves and also holds the metal for other central banks.

The rest of the gold, or around 2,500 tonnes, is held for use by investors, and traded through banks and other clearing houses that are members of the LBMA.

Apart from the Bank of England, there are just seven custodians of gold in London: security firms Brinks, G4S Cash Solutions, Malca-Amit and Loomis International; and banks HSBC, ICBC Standard Bank and JP Morgan.

According to Ms Teves’ analysis, around 1,485 tonnes of gold in London, worth about £45.7bn, are used to underpin so-called Exchange Traded Funds.

Revealed for the first time: just how much gold is in London's vaults

The London Float

LBMA Total = 7500
BOE = 5100
ETFs = 1485

Float = 915 Tonnes