Institutions: London Bullion Market

The London Bullion Market Association was founded in 1987. The LBMA market is an association that represents the market of gold and silver in London. The London Bullion Market is the market over-the-counter most important with regard to the trade of gold and silver. The London Bullion Market Association includes members from different sectors, such as market makers, banks, gold mining, gold mining companies, refiners and suppliers of precious metals deposited. The role of LBMA is to define and promote standards and practices for a cheap, in order to facilitate the trade of gold and silver.

Activities of the London Bullion Market Association

The LBMA is with his list of "good delivery" standards on the quality of the gold bullion and silver. To be included on this list, you must have certain requirements. The gold bullion standard according to the criteria of "good delivery" amounted to 400 troy ounces (12.5 kg) and their gold content can vary between 350 and 430 troy ounces. The rate is a minimum purity of 99.5%. With its Responsible Gold Guidance, the LBMA requires that from 1 January 2012, all refiners of "good delivery" to comply with certain principles in order to have gold "conflict free" and to reflect the requirements of the SEC and the OECD. Once a year, the London Bullion Market Association is organizing the Conference on precious metals, which is the main conference regarding the professional market of precious metals.

Members of the London Bullion Market Association

The LBMA has more than 120 members and associates. There are three different types of members:

• Members of market-making, quoting the prices of gold and silver
• Ordinary Members that include, for example, banks do not market-making, operators custodians, brokers and ticks
• Associati, such as refiners and trading companies of the metal, banks, companies and inspection assayer