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LBMA: Transfers Of Gold, Silver Decline In January

By Kitco News
Friday Febrary 28, 2014 10:41 AM

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

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

Total gold transfers fell by 16.1% to a daily average of 16.8 million ounces, the LBMA said.

The value of gold traded fell nearly 15% to $20.9 billion daily, its lowest level since August 2010. The number of transfers also fell significantly by 20.5% to 3,770 per day, while the volume of ounces per transfer increased by 5.5% to 4,445.

Silver ounces transferred fell by 13.9% in January to a daily average of 144.7 million, the LBMA said.The value of ounces transferred was down by nearly 15% to $2.88 billion per day. The number of transfers also fell by 11.5% daily to 733, the lowest level since November 2012, with the clearers settling on average 197,402 ounces per transfer during January, down marginally on the previous month.

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The year-on-year comparisons show that the January average 16.8 million gold ounces transferred daily was down from 20.8 million in the same month of 2013. The average of 144.7 million silver ounces daily was down from 151.7 in the year-ago period.

By Allen Sykora of Kitco News; asykora@kitco.com

 

 

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 precious metal products, 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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