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Gold vaulted at Bank of England trades at rare discount in hint of central bank selling
By Eddie Spence and Ranjeetha Pakiam
Wednesday, May 18, 2022
Gold stored at the Bank of England has been trading at an unusually low price, in a sign that central banks may be shedding some of their holdings.
The Bank of England’s vaults contain 5,676 tons of bullion, one of the largest stockpiles in the world, which it holds on behalf of other central and commercial banks. Gold held by central banks is typically bought and sold between large institutions in bilateral trades at prices usually within a few cents of the market rate.
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In recent days, however, gold at the BOE traded as much as a dollar an ounce beneath benchmark London prices, according to traders familiar with the matter. Such a big discount usually indicates a big institution like a central bank selling a sizable amount of reserves to raise US dollars or other currencies, one of the traders said. ...
The BOE gold discount has narrowed since the dollar-an-ounce margin, but remains large by normal standards, said the people, who asked not be identified discussing private information. Bullion has slipped more than 12% since peaking in March, leaving it close to unchanged this year.
A spokesperson for the BOE declined to comment on the discount.
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