The figures contain loco London book transfers from one party in a clearing member's books to another party in the same member's books or in the books of another clearing member, together with physical transfers and shipments by clearing members and transfers over clearing members' accounts at the Bank of England.

The daily averages of ounces transferred usually ranged between 30 and 40 million in the late 1990s, but fell significantly in 2000. They reached 30 million ounces only in one month (February) and touched a low, at the time, of 18.6 million ounces transferred daily in November 2000, before improving slightly to 23.6 million in December. The average daily transfer for 2001 was only 21.5 million ounces, compared with 23.2 million ounces in 2000; a fall of 7%. In 2002, the daily number of transfers also fell to a new low of 617 transfers daily in November and the annual averages, for both ounces transferred and the number of transfers, were markedly lower compared with a year earlier.

London bullion market clearing turnover

For further information: e-mail susanne.capano@lbma.org.uk

See also:  United Kingdom (London) - Market Introduction; Bank of England; London Bullion Market Association (LBMA); London Fixing; London Good Delivery; Original Five London Brokers