in case anyone is curious here is the LBMA stats press release for MAY www.lbma.org.uk/clearing_press.htm - note - The figures contain: Loco London book transfers from one party in a Clearing Member's books to another party in the same Member's books or in the books of another Clearing Member. Physical transfers and shipments by Clearing Members. Transfers over Clearing Members' accounts at the Bank of England. Excluded from the statistics are: Allocated and unallocated balance transfers where the sole purpose is for overnight credit. Physical movements arranged by Clearing Members in locations other than London.