Last week across the OTC precious metals market we saw the trading activity between instruments reverse, with the spot market rebounding across all metals while the swaps/forward markets retraced. #Gold and #silver spot trading was still historically low, with daily average volumes of 21 mn oz and 197 mn oz respectively, while PGMs posted 40%-35% increases and boosted volumes back up to the YTD average. In contrast swaps/forwards saw a 60%-15% drop in trading across all metals.