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LBMA: Gold, Silver Ounces Transferred Daily Rise In December

Kitco News

(Kitco News) - The amount of gold and silver transferred between accounts of London Bullion Market Association members rose sharply from November to December, 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.

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.

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