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Pay-to-Play: LBMA Shows Contempt For The Wider Gold And Silver Markets

• https://www.zerohedge.com, Tyler Durden

Exactly six months ago, the London Bullion Market Association (LBMA) began weekly publication of rolled up trade volume data for the London and Zurich gold and silver markets in an exercise that was spun by the LBMA as increasing transparency in the global over-the-counter precious metals markets.

Misleadingly referred to as 'Trade Reporting', the data published by the LBMA was nothing of the sort and merely consisted of high level anonymized and aggregated trade activity volume data across a number of trade types and date increments, which was all rolled up and averaged to give a weekly trade volume number for each of gold and silver.

For example, in the first week of publication, the data pointed to there having been on average the equivalent of 939 tonnes of gold (30.2 million ounces) and 11,174 tonnes of silver (359.2 mullion ounces) traded each day over the five trading days between 12th and 16th November 2018.

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