Some 1.006bn oz ounces of silver were traded in the London OTC market on Monday 1, February. This is just shy of the highest turnover (a) recorded in LBMA Trade Data statistics (first published in November 2018).

The high volume marked the culmination of a week of exceptional, but not extreme trading as the LBMA London Silver Price rose 15.41%, including a gain of 7.92% from 29 January, to reach $29.585 per oz in the London auction on Monday 1 February, the highest price since 2013(b).

In the five trading days to 1 February, average daily silver volume was 662.36m oz, double the 12-week average of 325.35m oz to end December 2020. Throughout this period, the market continued to demonstrate liquidity and durability, and no issues arose impacting either trading, settlement, or the efficiency of the daily price auction.

The London vault holdings of silver (to end-December 2020), stand at 33,608 tonnes.

(a) The record volume was 1.015 bn oz on 4 June 2019.

(b) The record London price recorded for silver was $49.45 in January 1980.

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