SMM: London Gold and Silver Market Association (LBMA) data show that the precious metals market trading volume increased significantly in August.
The precious metals market was extremely strong in August, with gold at an all-time high and silver above $30 an ounce.
In addition to higher prices and increased trading volumes, gold stocks in London vaults also continued to increase in August.
As of the end of August, London vaults had a record 8955 tonnes of gold, worth as much as $563.5 billion, according to specific figures. The stock of silver is 33390 tons, worth 29.4 billion US dollars.
Gold trading volume rose 15.2 per cent to 22.1 million ounces in August from a month earlier, according to LBMA data. The value of gold trading volume fell 23% to $43.5 billion.
The number of gold transactions in August was 5077, up 24% from the previous month. Each transaction averaged 4354 ounces, down 7.1 per cent from the previous month.
In addition, the number of silver transactions rose 7.4 per cent to 33.93 million ounces in August from a month earlier. The value of silver trading volume surged 41.5 per cent to $9.12 billion, the highest level since March 2011. Silver averaged 109929 ounces per transaction in August.
The average price of gold / silver fell for the fourth month in a row to 72.3 in August, down nearly 20 per cent from a month earlier, the lowest level since April 2017.
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