These accounts are opened when a customer requires metal to be physically segregated and needs a detailed list of weights and assays.
The testing of gold or silver to determine its fineness or purity.
The generic word for gold and silver in bar or ingot form. Originally meant ‘mint’ or ‘melting place’ from the old French word bouillon, which means boiling.
Clearing Bank - one that meets the following criteria:
- a Market Making member of the LBMA;
- FCA registered;
- of sound financial standing;
- operates exchange accounts with all other clearers;
- has access to a vault or vaulting services in London;
- prepared to sign up to the LPMCL rules;
- a member of the LPMCL and participates in the electronic matching system
The actual transfer of the ownership of gold or silver. It may not involve physical movement of metal and is usually made by a simple transfer in the LPMCL clearing system.
The specified day on which gold of silver must be delivered to fulfil a contract.
Latin name Aurum. Chemical symbol Au. Its specific gravity is 19.32 and melting point is 1063°c.
The specification which a bar must meet in order to be acceptable for delivery in a particular terminal market or futures exchange, eg. London Good Delivery.
A popular small gold bar. Weighs approximately one kg and either of 995.0 fineness (31.990 troy ounces) or 999.9 fineness (32.148 troy ounces).
LBMA Good Delivery Lists
Lists of acceptable refiners of gold and silver whose bars meet the required standard (of fineness, weight, marks and appearance) of The London Bullion Market Association (LBMA).
The place location at which a commodity, e.g. loco London gold, is physically held.
Latin name Palladium. Chemical symbol Pd. Its specific gravity is 12.02 and melting point is 1,552°c.
A term used to describe gold contracts such as loco London deals and future contracts which do not necessarily involve the delivery of physical gold.
Latin name Platinum. Chemical symbol Pt. Its specific gravity is 21.45 and melting point is 1,772°c.
Metals of great value being gold, silver, platinum and other platinum group metals.
Latin Name Argentum. The chemical symbol is Ag, relative density is 10.5 and the melting point is 960°c.
- Gold bar weighing approx. 400 ounces of 12.5 kilograms and having a minimum fineness of 995 parts per 1,000 pure gold.
- Silver bar weighing approx. 1,000 ounces with a minimum fineness of 999.
- Platinum and Palladium bars weighing between a minimum of 1 kilogram (32.151 troy ounces) and a maximum of 6 kilograms (192.904 troy ounces) with a minimum fineness of 9995 parts per 1000.
The traditional unit of weight used for precious metals, which was attributed to a weight used in Troyes, France in medieval times. 1 troy ounce is equal to 1.0971428 ounces avoirdupois.
An account where specific bars are not set aside and the customer has a general entitlement to the metal. This is the most convenient, cheapest and most commonly used method of holding metal. The holder is an unsecured creditor.
The date agreed between parties for the settlement of a transaction.