By Paul Ploumis (ScrapMonster Author)

March 01, 2016 02:22:40 AM

(Kitco News) - The amount of gold transferred between accounts of London Bullion Market Association members fell during January, the organization reported Monday.

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.

Following strong activity in December, the volume of ounces transferred daily in January decreased by 20.9% to 18.7 million ounces, the LBMA said. The value of gold transfers fell by 18.7% to $20.5 billion. The number of transfers fell by 2.2% to 2,643, while the number of ounces per transfer decreased by 19% to 7,063.

The average price of gold in January increased by 2.7% to $1,097.38 an ounce, the LBMA reported.

Meanwhile, the volume of silver ounces transferred daily fell by 6.1% to 156 million, with the value of ounces transferred down by 6.3% to $2.19 billion. The number of transfers decreased by 7.7% to 676, with an average of 230,811 ounces per transfer.

The average price of silver in January fell for the third consecutive month to $14.02 an ounce, its lowest monthly average since July 2009.

On a year-on-year basis, the 18.7 million ounces of gold transferred daily during January was down from 20.3 million in the same month of 2015. The 156 million ounces of silver transferred daily was up from 145.5 million in the same month a year ago.

Courtesy: Kitco News