Every June the Bank of England (BoE) updates the market with its annual report. Within the report the bank states the amount of gold they hold under custody for its customers, which comprise financial institutions, central banks and LBMA members.

In the 2013 report the BoE stated they held £210 bn in bullion, in 2014 the figure was down to £140 bn. Therefore, in terms of weight the BoE holdings fell from 6,240 to 5,485 tonnes. In the Banks latest reported a further 350 tonnes of gold left in their custody. The BoE acts as custodian for around 100 customers.

Many in the gold community doubt the BoE figures and believe they may have leased out a large proportion of the gold its holds in an attempt to keep the price of gold suppressed.