LBMA: Gold, Silver Ounces Transferred Daily Rise In December
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.
Gold transferred daily during December jumped by 28% month-on-month to 23.5 million ounces, the highest in 2018, with the value transferred up to $29.4 billion, the LBMA said. There were 3,318 transfers daily in December, 18.1% higher than the previous month. Clearers settled an average of 7,092 ounces per transfer, up 8.3% month-on-month.
In the case of silver, the number of ounces transferred daily in December rose 18.9% to 261.8 million ounces, with the value transferred up 21.6% to $3.85 billion. There were 1,082 transfers daily in December, a monthly gain of 9.9%, with the clearers settling on average 241,823 ounces per transfer, up 8.2% higher, the LBMA said.
The organization reported that the average gold-silver price ratio in December dipped marginally to 84.9 from November’s record high of 85.
The 23.5 million ounces of gold transferred daily in December was down year-on-year, as the December 2017 total was 26.8 million. Silver transfers of 261.8 million ounces daily were down year-on-year from 326.1 million.
Meanwhile, as of the end of October, 7,411 tonnes of gold valued at $289.5 billion and 35,124 tonnes of silver valued at $16.2 billion were held in London precious-metals vaults. This equates to approximately 592,846 gold bars and 1,170,805 silver bars, the LBMA said.