London Bullion Market is the London market of gold and silver.
The London Bullion Market Association was created in 1987; it is an association representing the Londinese market of gold and silver. Its members are market makers, gold banks, gold mining companies, refiners and providers of precious metals.
The role of LBMA is to define and promote standards and procedures for a good market, in order to ease gold and silver trade.
The five members of LBMA that are Bank of Nova Scotia-ScotiaMocatta, Barclays Bank Plc, HSBC Bank USA, NA, Société Générale, whose leadership changes every year and meets two times a day to fix gold price in a process known as London Gold Fixing.
LBMA’s list represents the good standards regarding the quality of gold and silver bars, in fact to be part of the list it is necessary to meet specific requirements.
Standard gold bars amount to 400 troy ounces (12.5 kg) and they may contain gold waving from 350 and 430 troy ounces. The minimum rate of purity is 99.5%.
Once a year the London Bullion Market Association organizes a conference on precious metals, which is the main conference regarding the professional market of precious metals.
