China's Largest Gold Buy Warehouse in London

New York - ICBC Standard Bank, which is the world's biggest bank by assets owned by the Chinese government, agreed to buy the precious metal storage business Barclays. The purchase includes storage facilities located in London.

As quoted from CNN Money, Sunday (22/05/2016), with purchases made by ICBC China will increase access to the gold market in London and the expanding role of China in the precious metals business.

Storage of the precious metal is in a secret location in London. The place is able to store more than 2 thousand tons of gold and other precious metals that if the estimated value reached US $ 90 billion or Rp 1,215 trillion (estimated exchange rate: 13,500 per US dollar).

Unfortunately, the details of the purchase of a storage area of ​​precious metals by ICBC were not released.

London is the biggest selling gold trade volume reached US $ 5 trillion per year. The precious metal has been trading in London over 300 years ago.

But in fact, China is a country that dominates in trading physical gold. Gold imports to China had already jumped more than 700 percent since 2010 and the country has overtaken India become world's top gold consumer in 2013 ago.

Currently, the Wells Fargo Based on the data, China became consumers of more than 40 percent of the gold mined each year.