Picture in your mind’s eye the sight of long metal shelves, and home in on the rectangular yellow bars stacked on every tier. The answer to the question, as to whether this is a factory or a chamber of secrets or something else altogether, holds historical and emotional significance far beyond the setting.
The Bank of England’s gold vaults can be traced back to the 17th century. But over recent weeks and months, as a shake-up of the global balance of power is played out in the gold market, unprecedented churn has hit the institution. An outflow of gold bullion is causing long waits among depositors seeking to reposition their stocks outside the UK, which has been home to the world’s second-largest gold storage facility outside the US.
That the process is not purely financial might be best summarised by the Reserve Bank of India’s decision to repatriate a large chunk of its gold reserves in recent months. In November, the RBI – India’s central bank – moved more than 100 tonnes of gold from London ahead of the Dhanteras festival, which honours such elements of life as wealth, health and family as part of Diwali. Just six months prior to that, the RBI had announced its removal of about 100 tonnes of gold from the British capital.
The message was not wholly lost that the Indian repatriation had an undertow of national priorities, particularly at a time when there has been a build-up of gold reserves by the world’s big powers.
Historically, gold is a haven in a time of trouble. The cry of “Buy Gold” comes loaded with foreboding of provisioning for rough times ahead. Another trope pertains to the displaced or dispossessed having gold stitched into their clothing as a last remnant of better times.
The historical relationship between the UK and India is one reason why the London vaults hold so much gold. But the latter has been adding to its gold stocks, with the metal now representing almost 10 per cent of its overall foreign exchange reserves – or more than 800 tonnes.
It is the same story for India’s neighbour to its north.
The People’s Bank of China, that country’s central bank, resumed purchases in the markets for its vaults in November and is now boosting its stocks to record levels. With Chinese New Year representing a time of auspicious giving, there were reports that consumers had been squeezed in the jewellery market as a result of the bank’s interventions.
Gold pays no interest and does not work for its owner in terms of providing a return on investment. Yet it has been a store of wealth over generations and compares with land or shares in the markets.
Takeaways from the current price changes in gold revolve largely around increasing turbulence in the relationships between different countries as much as inflation and other economic factors. The sanctions that have been focused on Russia and Iran by western countries have seen shifts in global payment flows. With Tehran vowing to resist Washington’s threat to reimpose “maximum pressure” in recent days, it is possible to foresee further disruption on the way.
Customers for Iranian exports largely lie in the Eastern Hemisphere and the dollar basis of that trade is already under threat. Naturally, gold has a role to play if trade is pushed to extremes, whether through embargoes at sea or more likely through tightening sanctions threatening the flow of transactions with Tehran.
Central banks holdings with their counterparts, which include gold, have been among the few untouchable areas under the international rules. There were questions asked of the G7, about not only freezing reserves but seizing the asset. The issue did not get taken up, but the talk in and of itself was enough to unsettle the trust between various financial institutions.
US President Donald Trump’s recent moves are pulling on London’s stocks as well. Tariffs are feared on gold imports to America, and so various institutions are moving gold bars to that country in advance of the threat.
Almost 2 per cent of the $800 billion of bullion held in London left the country in January alone. In the gold futures market of New York, there is a profit to be made from buying physical gold at a discount in the UK and then selling it in New York, where it is trading at premium as a result of high demand.
The Trump effect is far-reaching, with few parallels in living memory. As countries look to assert sovereign interests without regard for standing arrangements or multilateral agreements, it is little wonder that the tangible physical attribute of gold is coming to the fore.
Gold may be an investment vehicle that sits amid an array of instruments that concern money management, asset flows and the rest. But today, it is also an expression of power that is underpinned by its allure for a world in flux.
And as repositioning comes to dominate thinking around the world, London’s underground stores of stability are already on the move.
UAE currency: the story behind the money in your pockets
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Take Me Apart
Kelela
(Warp)
UAE currency: the story behind the money in your pockets
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
more from Janine di Giovanni
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Match info
UAE v Bolivia, Friday, 6.25pm, Maktoum bin Rashid Stadium, Dubai
'Nope'
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Jordan%20Peele%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Daniel%20Kaluuya%2C%20Keke%20Palmer%2C%20Brandon%20Perea%2C%20Steven%20Yeun%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
Quick%20facts
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SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
