LBMA: Gold, Silver Ounces Transferred Daily Decline In May
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(Kitco News) - The amount of gold and silver transferred between accounts of London Bullion Market Association members fell during May, the organization reported Tuesday.
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 May fell by 7.8% month-on-month to 18.6 million ounces, with the corresponding value down 8% at $23.9 billion, the LBMA said.
There were 2,965 transfers daily in May, 5% lower than the previous month. Clearers settled on average 6,269 ounces per transfer, 3% lower.
The number of silver ounce transferred daily in May fell 11% to 211.8 million ounces, with the corresponding value 13.5% lower at $3.1 billion, the LBMA said. There were 978 transfers daily in May, little changed from the previous month, with the clearers settling on average 216,440 ounces per transfer, which was a decline of 11.6%.
The average gold-silver price ratio in May was 87.8, the highest ratio since October 1992, the LBMA reported.
The 18.6 million ounces of gold transferred daily last month was up year-on-year from 17.9 million in May 2018. Silver transfers of 211.8 million ounces daily were down year-on-year from 231.9 million.