What is the LBMA? - Chicago Gold and Silver Investing Fan Blog

The LBMA is the London Bullion Markets Association. According to their website, this is what it is:

The LBMA is the international trade association that represents the market for gold and silver bullion, which is centred in London but has a global client base, including the majority of the central banks that hold gold, private sector investors, mining companies, producers, refiners and fabricators.? The current membership stands at 139 companies.?

The LBMA was formally incorporated in 1987 at the behest of the Bank of England, which was the bullion market's regulator at that time, to take over the roles previously played by two separate organisations, the London Gold Market and Silver Market, whose origins date?back to the mid-nineteenth century.??

The assaying capabilities of refiners on the Good Delivery List are periodically checked under the LBMA's Proactive Monitoring programme.

The ongoing work of the Association encompasses many areas, among them refining standards, trading documentation and the fostering of good trading practices.

In the refining industry, the LBMA Good Delivery List is widely recognized as?representing the de facto standard for the quality of gold and silver bars, in large part thanks to the stringent criteria that an applicant must satisfy?before being accredited. In?2004 the LBMA introduced a system of regular proactive monitoring?of refiners on the List, an important initiative which further enhanced the?reputation of the List and the refiners on it.? The List is used by many precious metals exchanges around the world to define in whole, or in part, the refiners whose gold and?silver bars are accepted in their own markets.?

Source: http://neilski.typepad.com/chicago_gold_and_silver_i/2012/11/what-is-the-lbma.html

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