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LBMA: Ounces Of Gold Transferred In January Rises From December
By Kitco NewsThursday February 12, 2014 10:50 AM
(Kitco News) - The amount of gold transferred between accounts of London Bullion Market Association members rose from December to January, but the amount of silver that exchanged hands fell, 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 increased by 4.6% month-on-month to 20.3 million ounces, up from 19.4 million ounces in December, the LBMA said. The value of gold transferred increased by 4.4% to $25.4 billion daily, its highest level since April last year.
In contrast, the number of transfers fell 3.1% to 3,406m, while the number of ounces per transfer increased significantly to 5,955, the highest ratio since June 2013. The price of gold in January rose 4.1% to an average of $1,251.85 an ounce, the second consecutive monthly increase.
Meanwhile, the volume of silver ounces transferred fell by 4.8% from December’s 152.8 to 145.5 million ounces in January.
“[G]iven the increase in the price of silver the value of ounces transferred in January was broadly unchanged at $2.49 billion,” the LBMA said.
The number of transfers decreased by 10.7% to 710, with the clearers settling on average 204,800 ounces per transfer. The average price of silver increased by 5.3% in January to $17.10 an ounce.
By Daniela Cambone of Kitco News; newsfeedback@kitco.com
Follow me on Twitter @DanielaCambone
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