October 01, 2020

Latest LBMA Data Update - Clearing and Vault data

Record Volume and Value of Gold Stocks - Over $560 bn held in London Vaults

As at end August 2020, there were a record 8,955 tonnes of gold, valued at a record high of $563.5 billion. There were also 33,390 tonnes of silver, valued at a record high of $29.4 billion. This equates to approximately 716,406 gold bars and 1,112,986 silver bars.

The data represents the holdings of seven custodians offering vaulting services (all of which are LBMA members) and the Bank of England. The seven custodians comprise four security carriers (Brinks, G4S Cash Solutions (UK), Malca-Amit and Loomis International Ltd) and three clearing banks (HSBC, ICBC Standard Bank and JP Morgan). Also included are the gold holdings held at the Bank of England (not an LBMA member) which offers gold (but not silver) custodial services to central banks and certain commercial firms that facilitate central bank access to the liquidity of the London gold market. Those clearing members without their own vault operations - Scotiabank and UBS - utilise their accounts with one of the LBMA custodians or the Bank of England and therefore do not contribute to the statistics to avoid double accounting.

The historical monthly data series from July 2016, as well as other information on the London physical vault holdings can be found here on LBMA’s website.

Daily Averages Gold Clearing Data- August 2020

The volume of ounces transferred in August increased by 15.2% month on month (m/m) to 22.1 mn ounces, with the corresponding value up 23% to $43.5 bn. There were 5,077 transfers in August, 24% higher m/m, with the clearers settling on average 4,354 ounces per transfer, 7.1% lower m/m.

Daily Averages Silver Clearing Data -August 2020

The volume of ounces transferred in August increased by 7.4% to 339.3 mn ounces, with the continued surge in the price of silver during the month leading to the corresponding value transferred increasing by 41.5% m/m to $9.12 bn, its highest level since May 2011. The number of transfers in August increased by 29.1% m/m to 3,087, with the clearers settling on average 109,929 ounces per transfer, 16.8% lower m/m.

The average gold / silver price ratio in August fell for the fourth consecutive month, dropping nearly 20pts to 72.3 compared to the previous month, reflecting the increase in the price of silver relative to gold. This is the lowest monthly ratio since April 2017.

Both the vault and clearing data are published monthly, one-month in arrears.

Both the vault data and the clearing statistics are published on the first day of each month (in the event that the first day of the month is a UK Bank Holiday or falls on a weekend, the data will be published on the first business day of the month).