Silver drops, Gold steady in January 2012 : LBMA

London: The start of 2012 saw a significant drop in the clearing turnover statistics for silver, while gold statistics remained steady, in comparison with December 2011. As per LBMA’ Clearing Turnover Statistics for January 2012, gold ounces transferred rose during January, by 1.0% month-on-month, to a daily average of 22.2 million ounces. The value of transfers rose slightly, again by 1.0%, to $36.7 billion. The average price for January rose by 0.2% to $1,656.12. The average number of transfers for the month fell by 6.8% to a daily average of 2,461.

Year-on-year figures continue to be higher but less dramatically than those seen in previous months. The average number of gold ounces transferred was greater by 15.3%, with the number of transfers greater by 21.0%. The average value of gold transferred increased by 40.7%.

Silver ounces transferred fell in January by 24.3%, to a daily average of 149.2 million ounces, the lowest since March 2011. The average price rose slightly by 1.2% to $30.77 and the value of ounces transferred fell by 23.4% to $4.59 billion. The number of transfers also decreased slightly, by 2.0%, to a daily average of 795.

All year-on-year statistics for silver continue to be higher: ounces transferred were greater by 24.6%, the number of transfers by 33.1% and the average value of silver transferred by 35.0%.

Gold’s trading range in January, as measured by the PM fix, was $146. Gold began the month at $1,598.00, which would turn out to be the lowest price of the month. A steady climb throughout the month resulted in the high, of $1, 744, on the 31st.

Silver’s trading range in January was $4.82. Silver mirrored the performance of gold with the month low occurring on 3rd January of $28.78. Strengthening of the price throughout the month resulted in a high of $33.60 on the 31st.