Data November 02, 2026LBMA Net Clearing Data (Daily Averages): September 2026Our clearing data represents the net volume of transfers of gold and silver physically held in London – known as Loco Londo

AI desk brief

LBMA’s September 2026 clearing data show softer London physical transfer activity: gold volume fell 1.6% m/m to 18.3mn oz and transferred value dropped 6.8% to $76.2bn, while silver volume fell 17.1% m/m to 145.2mn oz and value declined 22.7% to $8.8bn. Gold transfers also edged lower to 7,438, though average size ticked up to 2,455 oz per transfer.

The average gold/silver ratio rose to 68.8 from 67.7 in August, indicating slightly firmer relative pricing for gold versus silver. The data point to a pullback in London clearing activity, but not a clear directional signal for outright metal prices.