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

LBMA net clearing data show a clear pickup in Loco London activity in January 2026, with gold transferred rising 9.9% m/m to 18.2mn oz and the value cleared up 21.6% m/m to $86.1bn. Transfer count jumped 29.4% m/m to 7,341, while average size fell 15% m/m to 2,473 oz/transfer—suggesting higher turnover but in smaller clips. Silver clearing accelerated more sharply: volumes rose 18.6% m/m to 287.1mn oz and value surged 69.9% m/m to $26.4bn. Transfers increased 37.8% m/m to 4,575, with average size down 13.9% m/m to 62,751 oz/transfer—again consistent with more frequent settlement activity rather than a few large moves. The average gold/silver price ratio fell to 51.5 in January from 66.7 in December, aligning with the outsized rise in silver’s cleared value versus gold. For traders, the combination of higher transfer counts and smaller average transfer sizes points to increased liquidity/position turnover in London (potentially hedging, lease/financing, or active rebalancing flows) rather than one-off large physical relocations; watch whether February/early-March prints confirm persistence. Near-term catalysts to monitor: any follow-through in the ratio (risk of mean reversion if the January ratio move was temporary), and whether elevated silver clearing value continues—if sustained, it can reinforce tighter short-dated liquidity and raise the probability of sharper moves around fixings and roll periods.