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MoneyGoldGold has maintained a fascination for people over the centuries and the gold market remains an important market in the financial centre of London. Gold used to play a far more important function in the economy and in the past the Gold Standard was the basis of the currency and indeed of the value of exchange rates. This is no longer the case, but gold remains a useful part of any investment portfolio and economic uncertainty can often lead to people investing in gold rather than other more modern investments. The Bank of England stores most of the gold in the UK for its customers. None of the gold they store is actually theirs though. Some of the gold is a part of the UK's reserves, but the Treasury owns this and the Bank of England manage it on their behalf. The rest will belong to a range of Bank clients who may be commercial banks, overseas banks, other central banks or in some cases private customers. In this section we look at four main areas relating to gold: |
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