Where Gold Trade Goes If London Loses Its Grip
By GCRU Gold News on Saturday, October 14 2017, 00:41 - Permalink
More important, the float
the giant stockpile of gold that underlies trading is heavily concentrated in the city. More than 7,000 tons of gold and 32,000 tons of silver, collectively worth almost $320 billion, are stored in hidden vaults managed by the Bank of England, JPMorgan Chase & Co., HSBC Holdings Plc, ICBC Standard Bank Plc and others, the LBMA said. And as long as the gold’s here, and the industry is willing to adapt to change, London will probably remain a force in the gold market.
Float is closer to 800 tonnes.