What are the LBMA clearing statistics?

Published on a monthly basis by the LBMA, the London clearing statistics measure how much gold and silver is transferred on a net basis between the clearing accounts held at the six clearers. As each transfer may be the result of multiple transactions, the figures are likely to represent a fraction of actual turnover. Only the debit side of each transfer is recorded. Daily averages for three sets of measures are released: the number of ounces transferred, value (based on the average monthly London pm fixing for gold and the average monthly London fixing for silver) and the number of transfers.

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