As at end April 2025, the amount of gold held in London vaults was 8,536 tonnes (a 0.56% increase on previous month), valued at $906.2 billion, which equates to approximately 682,855 gold bars.

There was also 22,859 tonnes of silver (a 3.3 % increase on previous month), valued at $23.7 billion, which equates to approximately 761,960 silver bars.

While gold stocks at the Bank of England declined at a similar pace to March, commercial vaults across London saw another monthly increase in holdings. This trend reinforces the view that gold is continuing to move out of the Bank of England and into the broader Loco London system as well as gold leaving CME warehouses as tariff fears eased and arbitrage opportunities disappeared.

For silver, the direction of flow shifted notably this month. After steady month-on-month declines since the start of the year, holdings have now registered a positive increase, the first occasion since October 2024.

These figures provide an important insight into London’s ability to underpin the physical OTC market.

The publication on the fifth business day of each month of the amount of gold the London vaults were holding at the end of the previous month follows the recent move to publish the equivalent data for silver. It represents a continued move towards greater transparency and timeliness.