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Gold Silver Trading Activity Increased In April – LBMA

Kitco News

(Kitco News) - The precious metal market saw mixed trading activity in April, as prices were unable to hold at a nearly three-month high, according to the latest data from the London Bullion Market Association.

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 April in comparison to March increased by 9.6% to 20.5 million ounces, although activity was down 6% compared to last year, the LBMA said.

With the average price of gold in April rising by 0.8% the value of ounces transferred daily increased by 10.4% to $27.4 billion; the value of ounces transferred was relatively unchanged from April 2017, the LBMA said. The number of transfers was 2,986 daily, up more than 10% from March, with the clearers settling on average 6,865 ounces per transfer.

Meanwhile, the volume of silver ounces transferred daily in April increased significantly by 25% from March to 248.8 million ounces. Trading activity in silver was up almost 14% from April 2017. The increase in trading activity came as the silver price was unable to hold at a 2.5 month high. The association said that silver price average the month at 16.61 an ounce, up 0.8% from March.

The value of the silver transferred daily was 26.2% lower in April than the prior month, totaling $4.13 billion. The number of transfers in April was 1,050, which was 26% higher than the previous month, with the clearers settling on average 236,955 ounces per transfer.

The LBMA reported that the average gold/silver price ratio in April was 80.4, unchanged from March, holding at 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 February  was 7,818 tonnes and 34,69 tonnes. This was valued at $331.2 billion and $18.2 billion, respectively.

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 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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