Telegraph: thousands of gold bars have been seized from the Bank of England over the past couple of months
Thousands of gold bars have been seized from the Bank of England over the past couple of months, the British newspaper Telegraph reports.
‘Thousands of gold bars have been withdrawn from Bank of England vaults since the end of last year amid concerns about the impact of Donald Trump’s trade war,’ the paper said.
According to the Bank, about eight thousand bars have been taken out of the vaults over the past couple of months, which is almost two per cent of the total stockpile.
Dave Ramsden, deputy governor of the Bank, told the publication that this is because prices on the futures market in New York have risen above the cash price in London, and traders are concerned about the prospect of Trump imposing duties on gold bullion.
Nevertheless, Ramsden assured, the Bank will manage all its commitments, despite possible delays due to gold moving overseas.
‘But it is a very orderly process. It’s worth emphasising that compared to some of the markets we usually talk about, gold is a physical asset, so there are real logistical and security constraints,’ he added.
Earlier it was reported that the U.S. in November last year sharply increased gold imports: almost twice as much as the monthly average of the previous ten months. In monthly and annual terms, imports also almost doubled to $2.16 billion. Thus, purchases of this precious metal in November became the maximum since June 2021, exceeding the mark of $2 billion for the first time in this period.
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