LBMA total gold turn over shocks analysts on how small it is.

[Ipv6Ready]

LBMA just announced that $37 billion of gold was traded officially in the last five days.

LBMA will going forward release this figures weekly.

This has shocked many so called pundits like zerohedge who thought many hundreds of billions of gold bullion was traded daily

 

[sammy]

I would have thought that $37b is a lot for 1 week. That works out to $1.9 trillion over a year.

 

[Ipv6Ready]

I would have thought that $37b is a lot for 1 week. That works out to $1.9 trillion over a year.

I would have thought it was tiny, LBMA handles most of the gold production, when equating sales, from mines to refiner to dealers to wholesalers

 

[systematic]

"The London bullion market is a wholesale over-the-counter market for the trading of gold and silver. Trading is conducted amongst members of the London Bullion Market Association (LBMA), loosely overseen by the Bank of England. Most of the members are major international banks or bullion dealers and refiners." https://en.wikipedia.org/wiki/London_bullion_market

There are hardly grounds to trust what the LBMA reports ....

 

[alor]

what is good enuff for us is not for them (LBMA)
why should their standard be good enuff for us ???

 

[wrcmad]

This has shocked many so called pundits like zerohedge who thought many hundreds of billions of gold bullion was traded daily

Most facts regarding metal trading would shock Zerohedge - been saying it for years.
Zerohedge are so full of their own shyte, they have convinced themselves of their own reality.

 

[jultorsk]

According to Reuters it is $37 billion per day. https://www.reuters.com/article/us-...-london-each-day-new-data-shows-idUSKCN1NP0VH

"Members of the London Bullion Market Association (LBMA) traded at least 30.2 million ounces of gold worth $36.9 billion each day last week, the LBMA said on Tuesday, presenting new data that gives the most accurate picture yet of the London market."

"But the LBMA data is not a complete view of London trading. LBMA members account for most but not all activity in London, and some members have yet to begin reporting their volumes."
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So it would be over 900 tonnes traded per day. Yet according to Bloomberg the COMEX futures market would be slightly bigger in volume than London. https://www.bloomberg.com/news/arti...t-comes-clean-it-s-not-as-big-as-some-thought