Bank of England Gold Vaults
The Bank of England operates nine gold vaults beneath the City of London holding around 400,000 bars. At the end of September 2026, according to its own statistics, it held 185.9 million fine troy ounces, or around 5,781.9 tonnes. This makes it the second-largest gold custodian in the world after the New York Fed.
How many vaults does the Bank of England have?
The Bank of England cites nine underground vaults at its London headquarters. They hold around 400,000 gold bars. The Bank puts their value at over £200 billion.
The Bank publishes its holdings monthly in fine troy ounces. At the end of September 2026 they stood at 185,893,000 ounces, around 5,781.9 tonnes. That was 1.4% more than the previous month.
The statistics go back to January 2011, when holdings were 178.3 million ounces. The figure fluctuates because central banks and banks deposit and withdraw gold. Banknotes have not been convertible into gold at the Bank of England since the early 1930s.
Who owns the gold in London?
By its own account, the Bank itself owns only two bars, both on display in its museum. Everything else it holds for customers. These include the UK government, whose gold reserves the Bank manages for HM Treasury, and many foreign central banks.
Selected commercial banks can also open an account. This is meant to make it easier for central banks to access the London gold market. The gold is held on an allocated basis: customers own specific bars. It therefore does not appear on the Bank’s balance sheet.
The Bundesbank stores 404 tonnes in London, around 12% of Germany’s gold reserves (as of 31 December 2025).
What role does the Bank of England play in the gold market?
London is the most important hub for wholesale gold trading, and the Bank of England is a central custodian there. When gold is traded between customers, the bar usually does not move. The Bank simply records the new owner in its system.
The LBMA reports the holdings of all London vaults together. At the end of September 2026 they amounted to 9,821 tonnes of gold, including the Bank of England. The Bank of England does not store silver; the 28,985 tonnes of silver are held by commercial custodians.
For private investors, the difference between account types matters. According to the LBMA, most London wholesale trading runs through unallocated accounts. The account holder then only has a claim to metal from the custodian’s holdings. At the Bank of England, by contrast, customers store on an allocated basis and own specific bars.
What happened in the dispute over Venezuela’s gold?
The Venezuela case shows that gold held by a foreign custodian can also become the subject of political disputes. Venezuela’s central bank holds a large part of its gold at the Bank of England. According to a 2022 London judgment, these are reserves worth around $1.95 billion.
Since 2019, two rival boards have claimed control of the central bank: one answering to President Nicolás Maduro, and one appointed by opposition leader Juan Guaidó. In February 2019 the United Kingdom recognised Guaidó as interim president. The Bank of England released the gold to neither side.
The question of who may dispose of the gold went through several levels of the British courts. In 2021 the Supreme Court ruled that the courts must follow the UK government’s recognition of Guaidó. In July 2022 the High Court issued a further decision on the significance of Venezuelan court rulings.
Why do central banks store their gold in London?
The Bank of England gives three reasons: its centuries of experience, its accurate record-keeping of ownership, and its proximity to the London market. Anyone who wants to sell, lend or swap gold can do so in London without transporting it.
The Bundesbank also cites historical and market-related reasons for its storage abroad. Part of its gold was transferred to it directly at the trading centres.
