Clearing Turnover Most Recent Figures Clearing TurnoverStatistics: Daily Averages - APRIL 2013
Overview Both the gold and silver prices fell sharply in mid-April, but despite recovering some of the losses in the second half of the month, average prices for both metals in April were significantly down on the previous month. April was characterised by continued offloading of both metals by ETF funds, but this was more than offset by strong physical demand particularly from India, with the volume of gold ounces transferred in April up 10%, and silver up 25% on the previous month.
Gold Triggered in part by the news that Cyprus was looking to sell some of its gold holdings, and with fears that this could spread to other Eurozone countries, the gold price fell 14% in two days (between 12th April and 15th April), the largest consecutive decline in more than 30 years. The price managed to recover some of its losses in the second half of the month, to an average price of $1,485, representing a fall of 6.8% on the month. Strong physical demand particularly from India and China, more than offset continued sales by ETF funds, with the result that the volume of ounces transferred in April was up significantly on the previous month by 10% at 24.1 million ounces. The value of ounces transferred increased by 3% to $35.8 billion. The number of transfers increased considerably by 60% to an all-time record high of 5,395. Continuing the downward trend in recent years clearers settled much smaller deals (ie less ounces per transfer) during April, down a third on the previous month at an average of 4,472 ounces per transfer.
Silver The sharp fall in the gold price in mid-April had a knock-on impact on the price of silver, and whilst there was some recovery in the price in the second half of the month, the average price of $25.20 an ounce was still 12.5% lower than in March. The fall in price encouraged strong physical demand for silver, with the total number of silver ounces transferred in April up 25% to 165.2 million ounces, pushing the value of ounces transferred up 9% to $4.17 billion. The number of transfers also increased significantly, posting a 30% increase to 1,007; the highest for two years and the second highest on record. Clearers settled smaller deals during April (164,014 ounces per transfer), which as was noted above for gold, continues the downward trend in recent years.