Gold lending

Question discussed at the 2013 general meeting

Given the due dates and the early repayment of some gold lending transactions, and given the market conditions for collateralised gold lending – in terms of both the gold market and collateral cost – the quantity of gold lent has declined compared to the previous year. At the end of May 2013 there are still gold loans outstanding with five commercial banks totalling 24.97 tonnes of gold. Taking account of the due dates, that position is expected to decline further during the 2013 financial year.