LBMA: Gold Ounces Transferred Daily Falls In Jan.; Silver Volume Up
Editor's Note:Kitco News has the best precious metals coverage in the world and is in the process of improving its mining news, so we want to hear from you. If you work in the mining sector please take this short survey to help us bring you the news you want.
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 in January fell 16.6% month-on-month to 19.6 million ounces, the LBMA said.
The value transferred fell 13.9% to $25.3 billion. There were 2,957 transfers in January, which was 10.8% lower than in the prior month, with the clearers settling on average 6,635 ounces per transfer, down 6.5%.
Meanwhile, the number of silver ounces transferred in January was up significantly for the second consecutive month, posting a 10.1% increase to 288.1 million ounces, the LBMA said.
The value transferred was up 16.8% to $4.49 billion. There were 917 transfers in January, 15.3% lower than in the prior month. Clearers settled on average 314,303 ounces per transfer, 30% higher month-on-month.
The average gold/silver price ratio in January fell to 82.9 compared to 84.9 the previous month.
The 19.6 million ounces of gold transferred daily last month was down year-on-year, as the total was 22.3 million in January 2018. Silver transfers of 288.1 million ounces daily were down year-on-year from 306.4 million.