Monday October 31, 2016 17:36
(Kitco News) - Trading activity in gold and silver was subdued in September as prices fell, said the London Bullion Market Association.
According to the LBMA’s daily clearing statistics, gold fell 1.1% in September with prices averaging at $1,326 an ounce; however, prices were up 22.5% since the start of the year. However, as prices dropped so did trading activity among LMBA members with the volume of ounces transferred falling to 17 million down 9.3% from August.
The value of gold transferred last month dropped to $22.6 billion, down more than 10% from the previous month. Although the number of transfers increased to 2,777, up 1.5% from August, the number of ounces per transfer actually fell 10.6% to 6,134, according to the LBMA.
Silver saw a steeper drop last month with prices falling 1.8%, averaging at $19.28 an ounce; however, the association noted that silver is still up almost 38% since the start of the year.
The clearing stats showed that trading activity in silver was relatively unchanged at 179.2 million ounces. The total value of silver transferred last month totaled $3.46 billion, down 2.2% from August.
The number of silver transactions fell to 691, down 8.7% from the previous month with 259,642 ounces per transfer, a decline of 9.2%.
The LBMA noted that the gold/silver ratio moved up in September to 68.8.