CME reports second highest trading volume on record in August
(Kitco News) - Traditionally a quiet summer month, this past August saw nearly unparalleled trading activity, according to CME Group.
The futures and options exchange said that the average daily volume last month was second highest in its history.
“During a month that historically sees lower average daily volumes, August 2019 was the company's best August ever,” the company said in a press release published Wednesday.
Looking at the precious metals market, the CME said that it saw record average daily volume in silver options. Trading activity in silver options increases by 82% to 16,000 contracts, compared to August 2018 data. Trading activity in silver’s futures and options rose 39% to 156,000 contracts.
Meanwhile, average daily volume in gold futures increased 74% to 588,000 contracts, compared to last year.
According to commodity analysts, investors have been rushing into precious metals as financial markets were gripped with turmoil due to rising recession fears and escalating trade war tensions between China and the U.S.
August was a particularly busy month for silver, which has significantly underperformed gold. Last month, silver prices rose more than 11%, its best rally in three years. Meanwhile, gold futures rose more than 6% as prices traded at a six-year high.