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LBMA: Gold Ounces Transferred Daily Steady In September; Silver Volume Rises

Kitco News

(Kitco News) - The amount of gold transferred between accounts of London Bullion Market Association members was steady during September while the silver volume increased, 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 volume of ounces transferred in September came in at 18.9 million ounces, the same as the prior month, the LBMA said.

The daily value transferred was marginally lower by 0.6% to $22.6 billion, according to the LBMA. There were 2,662 transfers in September, 8.4% lower than August, with the clearers settling on average 7,091 ounces per transfer, which was 8.7% higher than the prior month.

Meanwhile, the volume of silver ounces transferred in September increased by 20.6% month-on-month to 218 million, with the value transferred up by 14.6% at $3.11 billion. There were 817 transfers in September, which was 9.1% lower than the prior month, the LBMA said. Clearers settled on average 266,990 ounces per transfer, 32.6% higher.

The LBMA reported that the average gold/silver price ratio in September hit a record high of 84, up from 80.1 in August. The ratio measures how many ounces of silver it takes to buy an ounce of gold, with a larger number meaning outperformance by gold prices, and vice-versa.

The 18.9 million ounces of gold transferred daily last month was down year-on-year from 22.1 million in September 2017. Silver transfers of 218 million ounces daily were down from 225.4 million in the same month of 2017.

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