Quartz/Preeti Varathan/08-02-17
Some 600,000 gold bars, worth nearly $300 billion, are stashed around London. For good measure, there are also a million silver bars in London vaults, adding another $19 billion to the city’s precious metal holdings.
Until recently, no one knew exactly how much gold and silver were stored in the vaults of the British capital. But this week, in the name of “transparency,” the London Bullion Market Association (LBMA) published this data for the first time.
London is a major gold-trading center. In March, the city was clearing, on average, $18.1 billion (pdf) in gold each day. In comparison, the average daily turnover on the Shanghai gold exchange is around $1 billion.
