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What is London Good Delivery?
LBMA London Good Delivery represents the
standard measure of quality in gold and silver bullion used in
physical transactions within the London market and is the
accepted standard for a gold or silver bar. The London Good
Delivery List is maintained by the Physical Committee of the
London Bullion Market Association or thhe "LBMA"
The LBMA regulations for gold require that
a good delivery bar "must be at least 995 parts per 1000 pure
gold, with 999.9 being the highest possible quality. Minimum
weight is 350 fine ounces, maximum 430 fine ounces. It must
bear a serial number and the stamp, or chop, of an approved
refiner as designated in the London Good Delivery List of
acceptable smelters and assayers, as well as the fineness and
the year of manufacture. The bars must be of good appearance,
free from surface cavities and other irregularities, layering
and excessive shrinkage. They must be easy to handle and easy
to stack".
The list has its origin in assayers and
refiners approved by the Bank of England's own bullion office
in the 18th century, and grew more rapidly in the 19th century
after the Californian, Australian and South African gold
discoveries. As of June 2001 the full gold list included 59
refineries in 28 countries, together with the names of 53
former smelters and assayers who no longer melt or assay or
have changed their mark or location, but whose bars are still
accepted as good delivery.
To achieve good delivery status new
refiners must meet the LBMA's exacting standards for producing
and assaying refined metal, and meet criteria for net worth,
years in operation and annual production levels, together with
recommendation from their local central bank.
The main requirements to be considered for
listing are that a refiner must:
Have an established track record of at
least three years of producing the refined metal
Produce a minimum quantity of metal per
year - 10 tons of gold and 30 tons of silver
Have a tangible net worth of at least £10
million
Furnish evidence of their ownership
structure and directors
Provide a suitable letter of endorsement,
e.g., from the central bank in their country of operation.
.
Both Gold Buyers and Sellers can contact NAMC Worldwide at 888-463-9237 or
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