Silver Bullion Transfers for September Increase
Wayne Lin
10/31/2018 10:39:12 AM
The London Bullion Market Association, whose membership includes a number of key central banks and financial institutions, recently announced data for September 2018. As cited by an article for Coin World, Silver bullion transfers increased 20.6 percent compared to the previous month. Gold transfers were at the same level as August, seeing no significant fluctuation. The LBMA data is noteworthy, as many of its members help determine the criteria used to set daily spot prices for all Precious Metals.
Even though the total number of LBMA member Silver transfers was down, the quantity of metal in each transfer increased. During September, 218 million ounces of Silver were transferred between member accounts, with a total value of $3.11 billion, according to the report.
Gold Price Falls as Global Stock Markets Rebound
The price of Gold fell during international trading Wednesday morning as equities markets gained. The U.S. dollar also continued to maintain strength. The Wall Street Journal reported that analysts say the firm dollar and “noticeable recovery” of markets around the world are pushing down on Gold prices. The article also pointed to a negative technical picture for the Precious Metal, stating that short-term investors may now be more hesitant to place bets on Gold prices continuing to rise. Commodities traded in U.S. dollar denominations typically see declines when dollar strength rises.
Silver bullion saw declines early Wednesday morning, trading at $14.38 per ounce at 9:25 a.m. (ET). After seeing minor falls during international trading, both Platinum and Palladium were up slightly, selling for $840.30 and $1087.10 per ounce, respectively.
At 11:37 a.m. (ET), the APMEX Gold and Silver spot prices were:
- Gold, $1,218.40 Down $7.90
- Silver, $14.41 Down $0.13
- Platinum, $840.70 Up $1.70
- Palladium, $1,086.00 Up $14.00
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
