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LBMA: Gold, Silver Ounces Transferred Daily Declines In March

Kitco News

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

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 volume of gold ounces transferred daily in March fell by 1.5% from February to 18.7 million ounces, although this was 3.4% higher year-on-year, the LBMA said.

With the average price of gold in March falling by 0.5%, the value of ounces transferred daily fell 2% to $24.8 billion, although this was 12% higher than the corresponding period last year, the LBMA said. The number of transfers was 2,704 daily, broadly in line with February, with the clearers settling on average 6,921 ounces per transfer.

Meanwhile, the volume of silver ounces transferred daily in March fell by 14.8% month-on-month to 198.8 million ounces but was down just 0.2% year-on-year.

The value of the silver transferred daily was 15.9% lower in March than the prior month at $3.27 billion. The number of transfers in March was 834, which was 12.5% lower than the previous month, with the clearers settling on average 238,275 ounces per transfer.

The LBMA reported that the average gold/silver price ratio in March was 80.4, the highest monthly average for two years.

The LBMA also reported that the total amount of physical gold and silver held in the London vaults as of the end of January was 7,828 tonnes and 34,482 tonnes. This was valued at $338.5 billion and $19.1 billion, respectively.

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