Precious Metals

Metals transfer daily on London bullion market

The London Bullion Market Association maintained the same level of gold transferred between its members in September as it had in August, while silver transfers were up 8.7 percent.

Images courtesy of Indigo Precious Metals.

In terms of total ounces, gold bullion transfers between members of the London Bullion Market Association were maintained at the same level in September as in August, while silver transfers are reported to have increased 8.7 percent.

A consortium of LBMA members help establish the criteria for setting the daily spot prices for precious metals.

The LBMA reports clearing data monthly that exhibit the net volume of gold and silver transferred between member accounts, offering insights into the level of trading activity.

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A total of 18.9 million ounces of gold was transferred between LBMA member accounts in September, the same total reported for August.

The total of 2,662 gold transfers in September was down 8.4 percent from August, but the average transfer, 7,091 ounces, was up 8.7 percent in September from August activity. The market value of the September gold transfers was $22.6 billion.

Year on year, the September 2018 gold transfers were down from 22.1 million ounces in September 2017.

Silver transfers

The transfer of silver bullion between accounts in September climbed 20.6 percent over August, reaching 218 million ounces. The value of the September silver transfers totaled $3.11 billion, up 14.6 percent.

While the number of silver transfers at 817 was down 9.1 percent from August, the number of ounces cleared per transfer was 266,990 ounces, a 32.6 percent increase.

The gold/silver ratio measures how many ounces of silver would be required to buy an ounce of gold, with a large number reflecting outperformance by gold prices, according to the LBMA.

The gold/silver ratio in September 2018 hit a record high of 84, up from 80.1 in August.

Year on year, silver transfers in September 2018 were down from 225.4 million ounces in September 2017.

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