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LBMA: Gold, Silver Ounces Transferred Daily In August Declines

Kitco News

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

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.

The average volume of ounces transferred daily between LBMA members during August fell by 7.6% to 18.5 million ounces, the organization said.

The average gold price in August of $1,282.32 was up 3.7% from July. However, with average daily volume lower, the corresponding value of the transfers was down by 4.1% to $23.7 billion, the LBMA said

The number of daily transfers in August was 2,979, representing a 6.4% increase from the previous month. The clearers settled an average of 6,210 ounces per transfer, 13.1% lower than in July.

In the case of silver, the average volume of ounces transferred daily fell by 8.1% from July to 190.3 million ounces.

The average price of silver in August increased by 4.8% to $16.91 an ounce, the LBMA said. The corresponding value of the ounces transferred daily was 3.7% lower at $3.22 billion. The number of silver transfers increased by 1.9% to 957, with the clearers settling on average 198,902 ounces per transfer, a decrease of 9.8% from the previous month, the LBMA added.

The average gold/silver price ratio in August was 75.8, down from 76.6 in July.

The 18.5 million ounces of gold transferred daily last month was marginally lower than the 18.8 million from August 2016, the LBMA said. Silver transfers of 190.3 million ounces daily were up year-on-year from 179.8 million.

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