Data January 02, 2026LBMA Net Clearing Data (Daily Averages): November 2025Our clearing data represents the net volume of transfers of gold and silver physically held in London – known as Loco London.

LBMA Tier 1 2026-02-25 15:53 UTC 📖 1 min read Neutral

Gold Silver

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In November 2025, the volume of gold transferred decreased by 15.8% month on month to 15.4 million ounces, with a corresponding value of $63.1 billion. Silver transfers also saw a decline of 27.7% to 213.3 million ounces, valued at $10.8 billion. The number of gold transfers fell by 28.7% to 6,581, while silver transfers decreased by 40.9% to 2,459. The average ounces per transfer for silver was 86,744, and the gold/silver price ratio decreased to 80.5.

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Daily Averages Gold Clearing Data - November 2025

The volume of gold transferred in November decreased by 15.8% month on month (m/m) to 15.4 mn ounces, with the corresponding value transferred down by 15.2% m/m to $63.1bn. There were 6,581 transfers, 28.7% lower m/m, with the clearers settling on average 2,347 ounces per transfer, 18% higher m/m.

Daily Averages Silver Clearing Data - November 2025

For silver, the volume of ounces transferred decreased by 27.7% m/m to 213.3 mn ounces, with the corresponding value transferred down 25.8% m/m to $10.8bn. The number of transfers decreased by 40.9% m/m to 2,459, with the clearers settling on average 86,744 ounces per transfer, 22.3% higher m/m.

The average gold/silver price ratio in November decreased to 80.5 from 82 in October.