BOE gold trades at a rare discount.

 

According to traders familiar with the matter, gold at the BOE has recently traded as much as a dollar an ounce below benchmark London prices. According to one of the traders, such a large discount usually indicates a large institution, such as a central bank, selling a significant amount of reserves in order to raise US dollars or other currencies. 

The Bank of England’s vaults house 5,676 tonnes of bullion, making it one of the world’s largest stockpiles, which it holds on behalf of other central and commercial banks. Gold held by central banks is typically bought and sold in bilateral trades between large institutions at prices that are typically within a few cents of the market rate.

Gold in central bank vaults traded $1 lower than the London benchmark. 

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