LBMA: Gold, silver ounces transferred daily rise in November
(Kitco News) The amount of gold and silver transferred between accounts of London Bullion Market Association (LBMA) members rose during November, the organization reported Thursday.
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 ounces transferred daily in November increased by 14.2% from October to an average of 19.7 million ounces, while the corresponding value increased by 12.3% to $29 billion, the LBMA said. There were 3,621 transfers daily in November, up 6.7% from the prior month. Clearers settled on average 5,442 ounces per transfer, a 7% rise.
Meanwhile, the LBMA said the silver transfers in November increased by 13.1% to an average of 276.8 million ounces daily, with the corresponding value up 10.2% to $4.76 billion. There were 1,053 transfers daily in November, down 5.4% from the previous month. Clearers settled on average 262,927 ounces per transfer, a 20% gain.
The 19.7 million ounces of gold transferred daily last month was also higher on a year-on-year basis from 18.4 million in November 2018. Silver transfers of 276.8 million ounces daily were up year-on-year from 220.2 million.
The gold-silver price ratio averaged 85.6 in November, the LBMA said. This measures how many ounces of silver it takes to buy an ounce of gold.
The LBMA also reported that as of the end of September, there were 8,228 metric tons of gold held in London vaults, the most since the data series began in July 2016. The gold was valued at $392.9 billion, the LBMA said. The gold organization also reported 35,654 tons of silver valued at $19.8 billion.