They loaned it to speculators or banks, who have hedged, pledged and sold it many times over. Its called rehypothecation.
I’m just spit-balling.
Its called rehypothecation.
It doesn’t exist.
I’m just spit-balling.
The Bank of England is not a commercial bank so they don't make loans to speculators or other private corporations or individuals. The gold doesn't belong to them so they can't use it as an asset of any kind or lend it to anyone. It just sits there in the gold vault.