FCA Reviews Tokenized Gold’s Role in London’s $1.2 Trillion Market

The Financial Conduct Authority (FCA) is reviewing responses to its call on tokenized gold, a shift that could change how bullion ownership moves through London’s $1.2 trillion vault market. London vaults held 9,850 metric tons of gold at the end of October. In May 2026, banks handling London gold transactions processed $73.7 billion on an ordinary trading day without moving the bullion itself. Most gold in London’s market is held in unallocated accounts. Customers have a general claim to an amount of gold, rather than ownership of particular bars, and are unsecured creditors of their clearing member. Banks can settle trades by updating account records while the metal remains in storage. Buyers can instead claim specific bars.

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