Well respected gold analyst and gata.org representative, Koos Jansen, believes the Bank of England has 487 less tonnes of gold in their vaults compared to 12 months ago.

In the Bank of England’s 2013 annual report the bank stated they held £210 billion in gold, whereas in 2014 report this figure had dropped to £140 billion.

The Bank of England acts as the custodian for Central Banks and members of the London Bullion Market Association, Jansen speculates the gold removed was probably owned by LBMA members.

The world’s largest gold ETF, The SPDR Trust, experienced 451 tonnes of outflows last year, but Jansen believes the trusts gold is held in vaults owned by the custodian HSBC and not the Bank of England.

If correct the total amount of gold removed from both the SPDR and the Bank of England’s vaults in the last 12 months would equate to 938 tonnes.