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LBMA: Ounces Of Gold Transferred Down In June But Silver Volume Higher

By Kitco News
Thursday July 31, 2014 12:22 PM

(Kitco News) - The amount of gold transferred between accounts of London Bullion Market Association members fell month-on-month in June but the volume rose sharply for silver, the organization reported Thursday.

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 trading activity.

The volume of gold ounces transferred daily decreased by 5.5% to 17.9 million ounces, with the daily value of gold transferred down 6.1% to $22.9 billion, the LBMA said. The number of transfers was 14.6% lower at 4,049.

The average price of gold in June fell by 0.7% to $1,279.10 an ounce.

Meanwhile, the volume of silver ounces transferred daily increased by 19.4% to 163.4 million ounces, the LBMA said. Coupled with an increase in price, this pushed the value of ounces transferred daily up by 22% to $3.23 billion. The number of transfers fell 6.1% to 843, with the clearers settling on average 193,788 ounces per transfer.

The average price of silver rose by 2.2% to $19.78 an ounce during June.

The year-on-year comparisons show that the average number of gold ounces transferred daily fell sharply from 29 million to 17.9 million. The year-on-year data for silver show that ounces transferred daily rose from 153.3 million to 163.4 million.

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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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