For the first time, London published the data on the OTC gold market

20.11.2018 / 15:34

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London for the first time published data on the size of the gold market, saying last week, gold worth $ 36.9 billion. daily has changed its owners.

The London Bullion Market Association said large banks, including HSBC and JP Morgan, were listed among the members, with only about 30.2m. ounces per day. By comparison, the total daily volume in New York, COMEX is about 34m. ounces.

The publication of the data is an attempt to increase the transparency of the London gold market, where the metal is traded directly between sellers and buyers rather than on the stock exchange.

The city's gold market has undergone a more in-depth review over the past few years as part of regulators' efforts to limit the risks of over-the-counter financial markets after the financial crisis.

London vaults hold billions of dollars in gold, one of the largest and most intact in the world. The accounts owned by HSBC are used to repurchase the largest gold ETF - SPDR Gold.

Source: FT

Photo: Pexels.com

Trader Petar Milanov

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For the first time, London published the data on the OTC gold market

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