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Clearing - Most Recent Figures

Clearing Turnover Statistics: June 2008

Release Date: 15 July 2008

Gold and silver clearing statistics were higher across the board in June.

Gold ounces transferred fell from a daily average of 22.1 million to 21.2 million, a 4.1% decline. Based on an average fixing of $889.49 – nearly unchanged from May’s average – value fell to a daily average of $18.8 billion. The number of transfers fell 2.3% to a daily average of 1,927.

Measured year-on-year, gold statistics were mixed. Ounces transferred fell 2.75%, value increased 31.5% and the number of transfers increased 16.9%.

Ounces transferred in silver fell 1.4% to a daily average of 119.5 million. Based on an average fixing of $16.97 – 8 cents lower than the May average – value fell to a daily average of $2.03 billion. The number of transfers fell 2% to a daily average of 480.

When measured year-on-year, silver ounces transferred rose 6.3% and value increased 37.2%, while the number of transfers fell 4.6%.

Gold spent much of the month in a $40 trading range until breaking sharply higher at the end, driven largely by movements in the price of oil and the US dollar. After beginning the month near $890, gold fell $20 as oil sold off and the US dollar rallied in the wake of a speech given by Federal Reserve Chairman Ben Bernanke. However, both the dollar and oil soon reversed direction, and gold recovered to the $900 level before a fresh sell-off towards the middle of the month took the market down to the month-low fixing of $864.00 on the morning of the 13th. As the month drew to a close, gold once again bounced back to $900 and traded either side of that level before rallying sharply during the final two days of trading, reaching the month-high fixing of $932.75 on the morning of the 30th.

As usual, silver mirrored the movements in gold. It began the month trading in the $16.80s, sold off 20 cents and then rallied nearly a dollar after gold recovered to $900. It followed gold back down to reach its month-low fixing of $16.31 on the 13th before recovering again, breaking above $17.00. Like gold, it reached the month-high fixing of $17.65 on the final day of trading.