UNITED KINGDOM September 01 2016 7:56 PM

LONDON (Scrap Register): The amount of gold transferred daily between accounts of London Bullion Market Association members was steady in July, but silver volume was higher, the organization reported.

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 average volume of gold ounces transferred daily was broadly flat in July at 19.5 million ounces, although 17.3% higher than the corresponding period last year, the LBMA said.

The gold price increased in July by 4.8% to an average of $1,337 an ounce, 24.7% higher than the start of 2016. Against this backdrop, the value of gold transferred daily increased by 4.5% in July to $26.1 billion. In contrast, the number of transfers fell by 3.1% to 2,990 per day, while the number of ounces per transfer was 3% higher to 6,532, the LBMA said.

Meanwhile, the LBMA described silver activity in July as “more buoyant than gold.” The volume of ounces transferred was up 7.9% from June to 178.5 million ounces, while the year-on-year gain was 15%.

The average price of silver in July increased from June to July by 16% to $19.93 an ounce, more than 42% higher than the opening day of 2016, the LBMA said. The value of daily transfers in July rose 25% to $3.56 billion. The number of transfers increased by 31.1% to 881, with the clearers settling on average 202,481 ounces per transfer, down 17.8% on the previous month.

The average gold / silver price ratio in July narrowed for the fourth consecutive month to 67.1, the lowest ratio since September 2014, according to the LBMA report.