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7,449 tonnes of gold are in London’s vaults

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Almost 7,500 tonnes of gold and 32,000 tonnes of silver are stored in eight London vaults, according to figures released by the London Bullion Market Association (LBMA).

The figures represent the first public attempt to calculate precious metal holdings in the capital, with 7,449 tonnes of gold equating to $298 billion and 32,078 tonnes of silver working out at $19 billion – around 596,000 gold bars and 1,069,255 silver bars.

“How much gold and silver is there in the London vaults? It’s a question that I’ve been asked since I joined the market a decade ago and one I’m sure that was asked many years before,” said LBMA CEO Ruth Crowell.

“Today I’m delighted not only to give a meaningful answer, but also to announce that these numbers will be available monthly from now on. After many years of work, I’m extremely grateful to all the vaults and the members of the market for who have made this day possible. Thank you for all your ongoing support.”

Over $18bn in gold was cleared via London on average each day in March this year, making the capital the biggest gold-trading centre in the world.

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