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London Bullion Market Association
Gold and silver moved in opposite directions in February.
Gold ounces transferred dropped from a daily average of 19.8 million in January to 18.0 million in February, a decrease of 9.1%. There was a 2.0% decrease in the average price to $1,095, resulting in a 10.9% drop in value to a daily average of $19.8 billion. The number of transfers fell by 1.3% to a daily average of 1,776.
Measured year-on-year, gold ounces transferred and the number of transfers were lower (a drop of 24.1% and 2.2% respectively). The total value decreased by 11.9% thanks to a year on year rise in the price of 16%.
With regards to the silver statistics, Ounces transferred rose significantly by 26.3% relative to January levels to a daily average of 89 million. With the average price dropping by 10.7%, value rose moderately by 12.8% to a daily average of $1.41 billion. There was also an increase in the number of transfers of 17.7% to a daily average of 351.
Silver ounces transferred were 15.8% lower year-on-year, while the number of transfers fell by a marginal 3.0%. However, the fall in total value was only 0.4% thanks to a rise in the price, year on year of 18%.
Gold’s trading range in February was $61.00 based on the PM fix. After starting the month at $1,086.50, gold reached its peak of $1,119.00 on the 17th, before falling back to end the month at $1,108.25.
Silver’s trading range in January was $1.65. Silver began the month at $16.23 and reached the month high of $16.79 on 3rd February. Silver ended the month at $16.12.
© 2005-2008 London Bullion Market Association
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E mail@lbma.org.uk
T +44 (0)20 7796 3067
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© 2005-2008 London Bullion Market Association
13-14 Basinghall Street, London EC2V 5BQ
Eml. mail@lbma.org.uk
Tel. +44 (0)20 7796 3067
Fax. +44 (0)20 7796 2112