LBMA: Gold, Silver Ounces Transferred Daily Declines In March
(Kitco News) - The amount of gold and silver transferred between accounts of London Bullion Market Association members fellduring March, the organization reported Tuesday.
The LBMA releases clearingstatistics each month showing the net volume of gold and silver transferredbetween accounts of members, essentially providing a snapshot of the amount oftrading activity.
The volume of gold ouncestransferred daily in March fell by 1.5% from February to 18.7 million ounces,although this was 3.4% higher year-on-year, the LBMA said.
With the average price of gold inMarch falling by 0.5%, the value of ounces transferred daily fell 2% to $24.8billion, although this was 12% higher than the corresponding period last year,the LBMA said. The number of transfers was 2,704 daily, broadly in line withFebruary, with the clearers settling on average 6,921 ounces per transfer.
Meanwhile, the volume of silverounces transferred daily in March fell by 14.8% month-on-month to 198.8 millionounces but was down just 0.2% year-on-year.
The value of the silvertransferred daily was 15.9% lower in March than the prior month at $3.27billion. The number of transfers in March was 834, which was 12.5% lower thanthe previous month, with the clearers settling on average 238,275 ounces pertransfer.
The LBMA reported that theaverage gold/silver price ratio in March was 80.4, the highest monthly averagefor two years.
The LBMA also reported that thetotal amount of physical gold and silver held in the London vaults as of theend of January was 7,828 tonnes and 34,482 tonnes. This was valued at $338.5billion and $19.1 billion, respectively.
By Allen SykoraFor Kitco News
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