LBMA: Gold Ounces Transferred Daily In Sept. Hits 10-Year Low

By Paul Ploumis (ScrapMonster Author)

November 02, 2015 05:26:41 AM

The amount of gold that exchanged hands between LBMA members dropped to decade lows in September this year.LBMA: Gold Ounces Transferred Daily In Sept. Hits 10-Year Low

(Kitco News) - The amount of gold transferred between accounts of London Bullion Market Association members    from August to September fell to the lowest level in a decade, while the amount of silver that exchanged hands climbed to the highest level since November 2014, 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 trading activity.

The volume of gold ounces transferred daily fell 11.9% to a 10-year low of 15.6 million, the LBMA said. The

The average price of gold itself increased by 0.6% in September to $1,124.53 an ounce.

The corresponding value of gold transferred fell 11.3% to $17.5 billion daily, its lowest level since August 2009. Transfers decreased by 15.9% to 2,352 daily, while the number of ounces per transfer rose by 4.8% to 6,621.

In contrast to subdued activity in the gold market, activity in silver was buoyant last month, with the volume of ounces transferred daily up 14.9% to 163.4 million, the highest level since November 2014, the LBMA said. The average price of silver in September fell for the fourth consecutive month to $14.72 an ounce, down 1.5% from August.

The value of ounces transferred increased by 13.2% to $2.41 billion daily. However, the number of transfers fell by 2.9% to 691, with the clearers settling on average 236,483 ounces per transfer, representing a significant increase of 18.4% from the previous month.

The 15.6 million ounces of gold transferred daily last month was also down year-on-year from 16.2 million in September 2014. The 163.4 million ounces of silver transferred in September was up from 142.2 million in the same month of 2014.

Courtesy: Kitco News