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LBMA: Gold, Silver Ounces Transferred Daily Decline During July

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(Kitco News) - The amount of gold and silver transferred between accounts of London Bullion Market Association members fell during July, the organization reported Monday.

The LBMA releases clearing statistics each month showing the net volume of gold and silver transferred between accounts of members, essentially providing a snapshot of the amount of trading activity.

Average daily transfers during July decreased by 3.9% from the prior month to 19.2 million ounces, the LBMA said. The average value transferred decreased by 7.1% to $23.8 billion. The average number of daily transfers was 2,851, which was 8.9% higher than June. Clearers settled an average of 6,737 ounces per transfer, which was 11.7% lower than the prior month.

For silver, the average volume of ounces transferred daily during July decreased by 8.3% month-on-month to 210 million ounces, with the average value transferred 12.8% lower at $3.3 billion. The average number of transfers during July was 904, which was 10% lower than in June. Clearers settled on average 232,347 ounces per transfer, which was 1.8% higher than in the prior month, the LBMA said.

The average gold/silver price ratio in July was 78.8, the LBMA reported.

The 19.2 million ounces of gold transferred daily in July was also down year-on-year, falling from 20 million in July 2017, the LBMA said. However, silver transfers of 210 million ounces daily were up year-on-year from 207.10 million in July 2017.

Meanwhile, the LBMA reported that the total amount of physical gold and silver held in the London vaults as at the end of May was 7,731 tonnes and 34,121 tonnes, respectively. This was valued at the time at $324.5 billion and $18.2 billion, respectively.

The data includes the physical holdings of eight vaults. Three are clearing members of LPMCL (HSBC, ICBC Standard Bank and JP Morgan), four are security carriers (Brinks, G4S Cash Solutions UK, Malca-Amit and Loomis International Ltd.) and the Bank of England. The BOE holds gold in its vaults but not silver.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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