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LBMA: Gold ounces transferred daily hit two-decade high in March

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(Kitco News) - The average daily amount of gold transferred between accounts of London Bullion Market Association members hit a two-decade high during March, while the silver volume hit an all-time high,  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.

The volume of gold ounces transferred in March increased by 36% from February and by 46.7% year-on-year to 29.2 million ounces, the highest level since October of 1999, the LBMA said.

The corresponding value hit an all-time record high of $46.4 billion, which the LBMA said was up 35.6% from the prior month. There was a record number of transfers in March at 6,573, up 56% month-on-month, with the clearers settling on average 4,438 ounces per transfer, which was 13% lower than the previous month.

Meanwhile, the average silver ounces transferred daily in March hit an all-time record high of 431.5 million ounces, which the LBMA said was up 44% for the month and 75% year-on-year.

The corresponding value transferred was the most since September 2011 at $6.4 billion, which was 20% higher month-on-month. There was a record number of transfers in March at 2,461, up 70% from the prior month, the LBMA said. Clearers settled on average 175,349 ounces per transfer, which was 16% lower from the previous month.

The average gold/silver price ratio in March was an all-time record monthly high of 106.7, the LBMA added.

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