Gold Bullion Vault - Periodic Table of Videos

Summary

In this video, the narrator visits the Bank of England's bullion vault, expressing awe at the vast quantities of gold bars, each worth millions. Despite the gold's inactivity, they discuss its stable value and importance in national reserves. The narrator also explores the concept of 'London Good Delivery' bars, their weight in Troy ounces, and humorously compares their worth to houses and luxury cars. The video concludes with a thought-provoking image of all mined gold fitting under the Eiffel Tower, emphasizing its relative scarcity.

Takeaways

• 🏆 Gold's inert nature makes it an ideal element for long-term storage, as it doesn't tarnish or change its shape over time.
• 💰 The Bank of England's vault contains a vast amount of gold, each shelf holding a tonne of gold worth approximately 35 million pounds at today's prices.
• 🔐 Security measures in the vault are stringent, with no money allowed and a series of checks to ensure nothing is taken out.
• 🌍 Central banks, including the Bank of England, hold gold as part of their reserves due to gold's stable value compared to fluctuating currencies.
• 📈 Gold is traded not by physically moving the bars but by transferring the ownership number from seller to buyer, similar to a car's registration number.
• 🏦 The total value of gold in the Bank of England's vaults, as reported in the annual report, is a staggering 197 billion pounds.
• 📚 Each gold bar has a precise weight marked on it in Troy ounces, with 'London Good Delivery' bars falling within a certain weight range.
• 🏗️ If all the gold ever mined were to be combined, it would form a cube of about 20 meters on each side, which could fit under the Eiffel Tower.
• 🏡 A single bar of gold is worth enough to buy two luxury houses or 137 high-end cars like Rolls Royce.
• 🔬 Gold's chemical properties make it valuable not only for its monetary worth but also for its use in various scientific and industrial applications.

Q & A

What is the speaker's initial reaction to seeing the gold bars?

The speaker finds it disappointing and sad because the gold is not being used for exciting chemical reactions and is instead sitting idle like in a mausoleum.

Where are the gold bars located as described in the script?

The gold bars are located in the bullion vault at the Bank of England.

How much is a tonne of gold worth according to the script?

At the time of the script, a tonne of gold is worth 35 million pounds.

What security measures are mentioned for the gold vault?

The script mentions a series of security checks, and no money is allowed to ensure nothing is taken out.

What is the significance of gold in the reserves of central banks?

Gold is kept in reserves because its price is very stable compared to currencies which can fluctuate.

How much gold does the UK have in its reserves according to the script?

The UK has about 310 tonnes of gold in its reserves.

What is the total worth of the gold in the vault as mentioned in the bank's annual report?

The total worth is 197 billion pounds.

How is gold traded without physically moving the bars?

Gold is traded by transferring the bar's number from the seller's account to the buyer's account, leaving the physical bar in the vault.

What is the age of the oldest gold bar in the vault?

The oldest gold bar has been there since 1916.

What is special about gold as a chemical element?

Gold is very unreactive, so it does not tarnish or change its appearance over time.

What is the weight of each 'London Good Delivery' bar mentioned in the script?

The bars weigh approximately 12.4 kilos or 28 pounds each.

How much gold has been mined in total, and how is it visualized in the script?

All the gold ever mined could fit into a cube of about 20 meters on each side, which would easily fit under the legs of the Eiffel Tower.