Tagged Bank of England

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Bank of England

A detailed look at Bank of England gold

The London Bullion Market is the global trading centre for physical gold, and the Bank of England holds gold on behalf of other central banks. There are a number of historical reasons the Bank has this privileged role, but the most important are that the Bank is trusted, and it oversees the largest bullion market by far. Therefore a ...

2013-MAR-03 · Alasdair Macleod

Bank of England, central banks, gold reserves, LBMA

Osborne cornered

On 20 March George Osborne, the UK’s Chancellor, will present his budget. So far he has made a valiant attempt to cap public sector spending, particularly when compared with other finance ministers who were slow to adopt austerity. He has reduced public sector spending from what it would otherwise be, but has not managed to cut the ...

2013-FEB-24 · Alasdair Macleod

Bank of England, Keynesian, sterling, UK

Bank of England gold – the doubts remain

Last week I wrote about the mess the Bundesbank has found itself in over its gold bullion. But they are not alone: the Dutch, Austrian, Mexican and now even the Swedish central banks are also coming under public pressure to explain themselves and to repatriate their gold. The question that is central to the blind trust placed by central ...

2013-JAN-27 · Alasdair Macleod

Bank of England, central banks, Fed, gold reserves

Gold reserve mysteries

Last Wednesday the Bundesbank released a statement to the effect that 300 tonnes of Germany’s gold will be moved from New York and 374 tonnes from Paris. This should be a simple operation: rail or trucks from Paris, and a few military planeloads (or ships) from America – as soon as they have somewhere to store it. Instead ...

2013-JAN-20 · Alasdair Macleod

Bank of England, GATA, Germany, gold reserves

Sterling crisis talk increasing

Are the markets at long last taking central banks at their word? This would appear to be the conclusion to draw from the continuing bullish action in stocks and commodities, as well as gold and silver, though there remain any number of black swans circling overhead. The euro and Aussie dollar are gaining while the US dollar is losing ...

2013-JAN-14 · The GoldMoney News Desk

Bank of England, inflation, UK

LIBOR fixing implicates government as well

The LIBOR scandal has been hogging headlines of late, with questions raised again about the extent to which big banks are now a law unto themselves; the focus on Barclays obscures the fact that other banks are likely to be found guilty of the same offence. The practice has been going on seemingly since at least 2005. The scandal has not ...

2012-JUL-07 · Alasdair Macleod

Bank of England, interest rates, UK

New euro bailout hopes sends equities higher

European markets have been lifted following the formation of a new Greek government, alongside expectations that eurozone leaders are poised to announce a €750-billion bailout for Spain and Italy. In addition, news that 37 countries have pledged additional bailout funds to the IMF (bringing the total to $456 billion) has also lifted ...

2012-JUN-20 · The GoldMoney News Desk

Bank of England, Italy, Spain

UK Treasury and BoE liquor up banks again

Stocks and commodities have rallied this morning on rumours that central banks are about to launch a coordinated market intervention following Sunday’s Greek election. Government bond yields have fallen (relief for the Spanish and Italians), while the euro reached a four-day high at $1.2685 earlier. Gold continues to face ...

2012-JUN-15 · The GoldMoney News Desk

Bank of England, central banks, quantitative easing

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