How Cutting Edge Security Tech Protects the Bank of England’s Gold Vault

Few people ever get to see a place deep within London. Even journalists will rarely have the opportunity to observe the gigantic network of gold bars reaching out in seemingly endless rows and stacked high in massive underground chambers. Each bar weighs approximately 12 kilograms and sparkles like a miniature sun beneath the gentle glow of the low-level lights. This is the Bank of England’s gold vaults, a hidden world beneath our feet containing an astounding 400,000 bars. The Bank’s vaults make it the world’s second-largest gold custodian, following the Federal Reserve Bank of New York.

Access to this hidden world of gold begins at the Bank’s headquarters on Threadneedle Street. Before you enter the vaults, you will be requested to turn over your phone and any other devices that may be able to record or trace your trip. And yep, the cameras are switched off. Then you must cross a little perplexing succession of gates and steel doors, all part of an ingeniously planned maze that is intended to be so convoluted that even the most determined snoop will struggle to figure out which path you followed.

Finally, after navigating the maze, you get at the storage room, but no matter how many times I read about it, the sheer size of it all continually amazes me. There are reputedly 12 enormous vaults underground (but the Bank only has roughly nine). Each one is simply packed with thousands of gold bars stacked high on strong steel and wood pallets. Forklifts speed around, moving these pallets four high at a time, each containing approximately 80 bars, or roughly one tonne of gold. And each bar must follow a specific set of rules: 400 troy ounces, marked with a serial number or a bar code so that ownership can be transferred without the need for anybody to pick it up. Most trade is done digitally to minimize physical movement.

Where does all this gold actually come from? To give you an indication, the Bank, on behalf of HM Treasury, manages about 6% of Britain’s own reserves, or approximately 300 tonnes. However, the majority of the gold down there belongs to approximately 60 central banks and a few chosen commercial enterprises from throughout the world. London is the global capital for physical gold trading, so it’s no wonder that many governments choose to store their gold here in case they ever need to access it quickly. What about the Bank of England itself? It owns only two bars, which are proudly displayed in the museum upstairs.

Keeping all that gold safe requires layer upon layer of protection, such as massive, reinforced walls and many locked checkpoints. Simply gaining access to the vaults necessitates a dance between all of the Bank’s many divisions, including operations, auditors, and consumer banking units. They all have to give their okay before you can even enter. It’s not like you’ll be able to go in without being watched; high-definition cameras are strategically placed throughout the vaults, leading into monitored rooms where, you can bet your life, someone is keeping an eye on everything. Then there are biometric checks, fingerprint and iris scans. Let’s not forget about the time-lock mechanisms that prevent people from entering or exiting at inappropriate times. The entire setup is a self-contained, high-security environment that resides just beneath our noses in the center of the city while remaining completely insulated from the noise and bustle of the streets above.