London Gold Market Comes Clean: It's Not as Big as Thought

Daily average of $36.9 billion traded in OTC market: LBMA
City’s gold market is taking measures to improve transparency

The disclosure will "raise eyebrows," Crowell says. "It’s the first snapshot of what will be a fuller picture."(Source: Bloomberg)

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By Eddie van der Walt, Rupert Rowling, and Anna Edwards

November 20, 2018 at 8:44 AM UTC

Updated on

November 20, 2018 at 9:18 PM UTC

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London’s gold market owned up to the biggest secret in bullion: it’s not as big as some thought and, for last week at least, smaller than New York’s.

An average of $36.9 billion of gold and $5.2 billion of silver changed hands each day in the city’s over-the-counter market, including metal for delivery in Zurich, according to figures released for the first time on Tuesday by the London Bullion Market Association. Previous World Gold Council estimates, based on 2016 data, were between three and six times higher.