Bank of England: Gold Is a Rare, Durable “Store Of Value” – BBC News

Source: BBC News

◆ In a rare look inside Bank of England’s gold bullion vault, the BBC is shown how £194 billion worth of gold bars are stored

◆ They hardly ever let anyone in to film, but the BBC’s Frank Gardner has been given access to the Bank of England’s gold vault to view some of the 400,000 gold bars worth nearly £200 billion

◆ Victoria Cleland, Executive Director and the 32nd chief cashier of the Bank of England points out how gold is valuable because it is rare, “it’s in limited supply, you can’t keep making it”

◆ The BBC notes at the end of the video that gold has never been robbed from the Bank of England’s since it was established in 1694 … “yet”… which may be concerning if you are a sovereign nation storing national gold reserves in the Bank of England

◆ “People want gold, so it creates a market in itself, it doesn’t change value as much, for example, as currency …”

◆ It is “durable”, unlike chocolate (or pounds, euros and dollars), is “globally recognised” and a “store of value”

Access BBC video here


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Key benefits and information here



NEWS and COMMENTARY

Gold gives up earlier loss to finish higher after comments from the Federal Reserve’s Powell

Gold subdued as abating coronavirus fears whet risk appetite

Wall Street reaches record highs on waning coronavirus fears

US deficit surges 25% in fiscal 2020 and is up $1.1 trillion over the past year

Powell says Fed will aggressively use QE to fight next recession

Oil rises over 3% as demand worries ease amid fewer new coronavirus cases

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

12-Feb-20 1566.75 1563.70, 1206.55 1206.55 & 1434.83 1434.54
11-Feb-20 1567.70 1570.50, 1212.77 1211.33 & 1436.01 1438.26
10-Feb-20 1574.05 1573.20, 1219.26 1215.93 & 1437.11 1439.64
07-Feb-20 1568.30 1572.65, 1212.45 1214.56 & 1432.33 1433.63
06-Feb-20 1564.75 1563.30, 1205.95 1206.71 & 1421.89 1422.45
05-Feb-20 1552.20 1553.30, 1189.30 1198.22 & 1407.53 1411.79
04-Feb-20 1571.20 1558.35, 1207.62 1196.66 & 1421.62 1411.09
03-Feb-20 1578.85 1574.75, 1207.98 1209.41 & 1426.65 1425.46


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Mark O'Byrne

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