Gold and silver trading hits record levels in 2008
Trading in gold and silver reached record levels in 2008, spurred on by the perception of precious metals as a "safe haven" from the credit crisis, according to International Financial Services London (IFSL) Bullion Markets 2009 report.
Gold turnover increased 58% in 2008 to a record $20.2 trillion, while silver trading increased 39% during the year to a record $2.6 trillion. IFSL says the growth in turnover was partly due to an increase in prices of precious metals during the year with gold posting an all time high in March of $1011 per ounce.
The OTC market accounted for nearly three-quarters of gold trading and 56% of silver trading. Most of this activity was transacted through the LBMA (London Bullion Market Association)
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