Data April 01, 2026LBMA Net Clearing Data (Daily Averages): February 2026Our clearing data represents the net volume of transfers of gold and silver physically held in London – known as Loco London.

LBMA’s February clearing data showed softer physical turnover in London: gold volumes fell 2.7% m/m to 17.7mn oz, even as the value cleared rose 3.0% to $88.7bn, implying firmer average prices and/or a higher-value tape. Gold transfers rose to 8,578, up 16.8% m/m, while the average transfer size slipped 16.7% to 2,060 oz. Silver activity weakened more sharply. Daily-average silver volumes dropped 30.1% m/m to 200.6mn oz and the cleared value fell 37.4% to $16.6bn. Transfers declined 23.4% to 3,506, with average size down 8.8% to 57,223 oz, indicating a notably quieter month in loco London silver flow. The gold/silver price ratio was reported at 60.8 in February versus 51.5 in January, underscoring a relative tightening in silver pricing versus gold on the month. For desks, the main takeaway is that London clearing remained robust in gold by value but materially lighter in silver physical activity, a useful read-through for liquidity and near-term flow conditions.