As at end January 2025, the amount of gold held in London vaults was 8,535 tonnes (a 1.77% decrease on previous month), valued at $771.6 billion, which equates to approximately 682,772 gold bars.

There were also 23,528 tonnes of silver (an 8.6% decrease on previous month), valued at $23.9 billion, which equates to approximately 784,282 silver bars.

The monthly decline in gold stocks reflects the well-documented market dynamics at present. Given the flow of metal from London to New York, a 151 tonne decline in stocks in January is unsurprising. Indeed, the pace of the outflow reflects the market functionality, albeit with delays.

London gold stocks hovered around 8,540 tonnes to 8,775 tonnes in 2024; end-of-January vault numbers at 8,535 tonnes are close to these recent levels. Despite the outflow, the data shows that the London market is robust. The average daily OTC volume in January was US$127.85bn. In addition, primary mine supply continues to contribute ~ 305 tonnes of new metal monthly, further supporting broader market liquidity.

The gold market has many unique nuances, and temporary physical demand/supply bottlenecks and imbalances aren’t new. Premiums (or discounts) can occur when a market doesn’t have the right form of metal in the right location at the right time. Granted, this is unusual for the NY market where gold future contracts typically roll or are cash settled. At some point, physical metal can be expected to return to London.

The decline in silver stocks is the largest monthly decline since LBMA records began in July 2016. Interestingly, silver’s USD value is unchanged month/month. Like gold, silver’s outflow is directly linked to the movement of metal from London to NY due to tariff concerns. For silver, participants continue to closely watch blanket US tariff threats on key producing nations with concern.

For more information on London vault data, please visit the LBMA website.

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.