This Is Why Why is the world’s gold under the streets of London?
Feb 20, 2026
Ed Conway, Sky News economics and data editor, recounts his rare tour of the Bank of England vaults beneath London. He describes the vaults' scale and security. He explains why so much gold is stored in London, who actually owns the bars, and what has driven recent price surges and market shifts.
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Firsthand Vault Visit
- Ed Conway describes the Bank of England vault as an overwhelming, movie-like space with heavy security and old-school steel doors.
- He says seeing the enormous expanse of ultra-pure gold left him momentarily lost for words and surprised by the visceral impact.
How Heavy Gold Really Is
- Bars in the vault are stacked on pallets four high and each bar weighs roughly 12–14 kilograms, worth around £1.5m each.
- Conway notes they cannot stack higher because London's clay foundations would cause the bank to sink under extra weight.
London's Hidden Gold Hub
- The Bank of England is one of many vaults clustered in London and sits under the Tube, shaping parts of the Central line layout.
- London holds more physical gold than any other city, making it the global hub for gold storage and trade.