LBMA: Volume Of Gold Transferred Climbs To 12-Year High In May On ETF Redemptions

“The amount of gold transferred between accounts of London Bullion Market Association members rose sharply in May, the organization reported Friday. Total gold transfers rose by 17.2% to a daily average of 28.2 million ounces, the most in 12 years. Despite continued offloading of gold by exchange-traded funds in the Western economies, strong physical demand for gold on falling prices — particularly from India and China — led to a significant increase in demand, the LBMA said, The value of gold ounces transferred increased by 11.2% to a daily average of $39.8 billion, the highest level since August 2011.”

http://www.kitco.com/news/2013-06-28/LBMA-Volume-Of-Gold-Transferred-Climbs-To-12-Year-High-In-May.html

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