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(Kitco News) – The amount of gold and silver transferred between accounts of London Bullion Market Association members fell during February, the organization reported Monday.

The LBMA releases clearing statistics each month showing the net volume of gold and silver transferred between accounts of members, essentially providing a snapshot of the amount of trading activity.

The volume of gold ounces transferred daily in February fell by 6.3% month-on-month to 18.4 million ounces, the LBMA said.

The value transferred daily was down to $24.3 billion. There were 2,950 daily transfers in February, broadly unchanged from the prior month, with the clearers settling on average 6,235 ounces per transfer, which was a decline of 6%.

Meanwhile, the volume of silver ounces transferred in February fell 31.5% to 197.2 million ounces in February, the LBMA said.

The value transferred fell to $3.12 billion daily. There were 802 daily transfers in February, 12.5% lower month-on-month, with the clearers settling on average 245,801 ounces per transfer, 21.8% lower than the prior month.

The average gold/silver price ratio in February rose to 83.5 from 82.8 the previous month, the LBMA said.

The 18.4 million ounces of gold transferred daily last month also was down on a year-on-year basis, as the February 2018 total was 19 million. Silver transfers of 197.2 million ounces daily were down year-on-year from 233.4 million.