“The London Bullion Market Association this week lifted the veil on how much gold is stored in vaults in the city, which instantly joined a list of the world’s biggest hoards. The estimated 596,000 bars weigh 7,449 tons — only the U.S. government and Indian households are thought to account for more. Most London gold is stored in the Bank of England, with the rest in private vaults, including those operated by HSBC Holdings Plc and JPMorgan Chase & Co.”
MK note: Bloomberg, for some reason, overlooks China’s citizenry and private sector in this analysis, another very large reservoir of physical gold. If you are going to include India’s households, you might as well include China’s as well – a holding that would surpass the U.S. government’s and make a run at India’s prodigious holdings. Koos Jansen, the China gold specialist, recently put that figure at 16,000 metric tonnes. Bloomberg puts Indian household at between 20,000 and 25,000 metric tonnes.