Sky News Gains Rare Access to Bank of England's Gold Vaults
Why It Matters
The vault’s scale and foreign‑central‑bank holdings make London a pivotal safe‑haven hub, while the surge in gold prices highlights the asset’s strategic importance in an era of heightened geopolitical risk.
Key Takeaways
- •Bank of England vault holds second‑largest gold store globally.
- •Vault contains over 400,000 bars, worth about £60 billion.
- •UK retains only 22,000 bars after 2000s gold sell‑off.
- •Gold’s price jump highlights its safe‑haven appeal amid tensions.
- •Vault also stores WWII artifacts, underscoring historic financial resilience.
Summary
Sky News was granted a rare tour of the Bank of England’s underground bullion yard, the world’s second‑largest physical gold repository, located beneath the heart of London. The network filmed the tightly‑controlled environment where more than 400,000 gold bars—valued at roughly £60 billion—are stored, most of them on behalf of foreign central banks.
The footage reveals that the United Kingdom itself holds a modest 22,000 bars, a legacy of the early‑2000s decision by Gordon Brown to sell off the nation’s gold reserves—a move now seen as costly given gold’s 1,700 % price surge. Security protocols prohibit phones, cash, and cameras, underscoring the vault’s importance. The gold never leaves the facility; it is merely re‑allocated among market participants, reinforcing London’s role as a global gold hub.
Among the highlights are a Roman mosaic uncovered during renovations, a WWII‑era dartboard with pencil‑scored hits, and references to ongoing political disputes such as Venezuela’s claim to gold stored there. The governor’s comment that “the last person who filmed down here was Idris Ela” emphasizes the rarity of such access.
The tour underscores gold’s renewed relevance as a safe‑haven asset amid trade wars, geopolitical uncertainty, and volatile markets. For investors and policymakers, the vault serves as a tangible reminder that physical commodities still anchor the global financial system, even as digital assets dominate headlines.
Comments
Want to join the conversation?
Loading comments...