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LBMA data shows there is more demand for silver at the moment

Admin
Apr 2, 2021 Precious Metals News Comments Off on LBMA data shows there is more demand for silver at the moment



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(Wallace Refiners) – The LBMA have released their latest gold holdings and clearing statistics data. The association have said at the end February 2021, there were 9,559 tonnes of gold, valued at $535.6 billion. This much gold equates to approximately 764,741 gold bars. When it comes to silver, at the end of February 2021, there were 34,996 tonnes of silver, valued at $30 billion. This is around 1,166,540 silver bars.

For February, clearing stats were unchanged month on month (m/m) at 18.8 mn ounces, with the corresponding value 2.9% lower at $34.1 bn. There were 4,650 transfers in February broadly in line with the previous month, with the clearers settling on average 4,053 ounces per transfer, 0.7% higher m/m.

For silver, the volume of ounces transferred in February increased by 30% to 336.2 mn ounces, with the corresponding value transferred more than 37% higher m/m at $9.2 bn. The number of transfers in February increased by 44% m/m to 2,737, with the clearers settling on average 122,830 ounces per transfer, 9.8% lower m/m.

This price has been reflected in the price action as the silver chart still has a more bullish structure on the daily timeframe. Any move lower in gold has been more toward the main consolidation low but the silver price is still no way near any major support zones. The CFTC data is showing that shorts are at very high levels for gold and silver is still holding up better in that respect too. 


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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