London gold market comes clean: It’s not as big as thought
“London’s gold market owned up to the biggest secret in bullion: it’s not as big as some thought and, for last week at least, smaller than New York’s. An average of $36.9 billion of gold and $5.2 billion of silver changed hands each day in the city’s over-the-counter market, including metal for delivery in Zurich, according to figures released for the first time on Tuesday by the London Bullion Market Association. Previous World Gold Council estimates, based on 2016 data, were between three and six times higher.
USAGOLD note: Whoops. More on a situation we gave brief mention yesterday. The $36.9 billion average is still a big number in our estimation. By way of comparison, the average daily group dollar volume at the New York Stock Exchange runs right around $40 billion per day.