LBMA: Gold Ounces Transferred Daily In November Rises
(Kitco News) - The amount of gold transferred between accounts of London Bullion Market Association members edged slightly higher during November, while silver volume fell, 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 gold ounces transferred daily in November was up by 2% to 20.2 million ounces, the LBMA said.
The average price of gold in November was $1,282.30 an ounce, up 0.2% from October. The value of gold ounces transferred daily in November increased by 2.2% to $25.9 billion, while the number of transfers was 2,659, with the clearers settling on average 7,592 ounces per transfer, 5% lower than in October.
Meanwhile, for silver, the volume of ounces transferred fell by 7.2% to 241.7 million ounces last month.
The average silver price in November increased month-on-month by 0.4% to $17.01. The value of silver ounces transferred decreased by 7% to $4.11 billion. The number of transfers in November was 1,083, with the clearers settling on average 223,062 ounces per transfer.
The average gold/silver price ratio in November was 75.4, broadly in line with the ratio in October, the LBMA said.
The 20.2 million ounces of gold transferred daily last month was down year-on-year, as the November 2016 total was 22.2 million. Silver transfers of 241.7 million ounces daily were up sharply year-on-year from 157.6 million.