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London's gold inventories hit record highs in August Increased. At the end of last month, there were 9,718 tonnes of gold in London's various gold vaults, worth $567 billion. Silver inventories remained about the same at 36,567 tonnes, worth $28.3 billion. From these figures, we can conclude that the precious metal is still in high demand, both among private individuals and institutional investors.
Since July 2016, the LBMA has been publishing monthly figures on the total stocks of gold and silver in London. It is a major hub for the global gold market, where many central banks, gold banks, and mutual funds hold precious metals. Over the past five years, these stocks have increased substantially. That's partly due to the increased popularity of gold ETFs and partly due to gold purchases by central banks and mutual funds.
Since the start of the coronavirus crisis, gold stocks in London have increased by 1,355 tonnes, while ETFs' gold holdings globally have increased by 700 tonnes over the same period. A large part of it is stored in London with custodians such as HSBC, ICBC Standard Bank and JP Morgan. These gold banks manage the gold holdings of the most popular ETFs. The remainder can be attributed to increased inventories of Bullion banks, who manage gold for high-net-worth clients. Think, for example, of family offices, investment funds and sovereign wealth funds.
Demand for precious metals is also high this year. Despite the fact that the gold price is not as high as a year ago, many individuals continue to buy physical gold. This is evident from data from the World Gold Council, for example. For example, savers and investors worldwide bought even more gold in the first half of this year than in the same period last year, when the corona crisis began.
Gold Stocks in London
Silver Stocks in London
This contribution was made from Geotrendlines
