BoE - THE ROLE OF THE BANK OF ENGLAND IN THE GOLD MARKET

Speech given by

GRAHAM YOUNG

SENIOR MANAGER, FOREIGN EXCHANGE DIVISION

At the London Bullion Market Association Annual Conference, Lisbon

Tuesday 3 June 2003

"This morning I would like to talk about the role of the Bank of England in the gold market. One element of that is our management, on behalf of the Government, of the UK’s official gold reserves, and I’ll be saying a little about that. But I will be saying more about other aspects of our involvement in the gold market that may be less familiar to some people in the audience here. In particular I will describe the Bank’s provision of custodial and account management services to central banks and to commercial firms active in the London market, reflecting our role in seeking to ensure the efficiency and effectiveness of the UK financial sector. And I will explain the Bank’s contribution to the self-regulation of the wholesale gold market. In all these areas we cooperate closely with the LBMA, and I shall explain how that relationship functions..."


Source: http://www.bankofengland.co.uk/publications/speeches/2009/speech372.pdf