London bullion market

LBMALondon Gold MarketLondon Bullion Market Association (LBMA)
The London bullion market is a wholesale over-the-counter market for the trading of gold and silver.wikipedia
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Good Delivery

Good delivery barGood Delivery ListGood Delivery Rules
The physical characteristics of gold and silver bars used in settlement in market is described by the Good Delivery specification which is a set of rules issued by the LBMA.
The Good Delivery specification is a set of rules issued by the London Bullion Market Association (LBMA) describing the physical characteristics of gold and silver bars used in settlement in the wholesale London bullion market.

London Bullion Market Association

Trading is conducted amongst members of the London Bullion Market Association (LBMA), loosely overseen by the Bank of England.
The term London Gold Market refers to these five companies who formed to oversee the operation of the gold market in London.

Commodity market

commodity tradingcommoditiescommodity markets
Unlike many commodity markets, the forward market for gold is driven by spot prices and interest rate differentials, similar to foreign exchange markets, rather than underlying supply and demand dynamics.
Gold ETFs are based on "electronic gold" that does not entail the ownership of physical bullion, with its added costs of insurance and storage in repositories such as the London bullion market.

Bullion

silver bullionactual gold weightgold and silver
Most of the members are major international banks or bullion dealers and refiners.
The London bullion market is an over-the-counter market for wholesale trading of gold and silver.

Gold as an investment

goldgold bullionprice of gold
Since 1919 the most common benchmark for the price of gold has been the London gold fixing, a twice-daily telephone meeting of representatives from five bullion-trading firms of the London bullion market.

London Platinum and Palladium Market

London Platinum & Palladium Market
Trading on the London Platinum and Palladium Market has a much shorter history than the trading on the London Bullion Market, which is performed since the 17th century.

London Metal Exchange

LMELondonMetal
The London bullion market is distinct from the London Metal Exchange (LME).
Contrary to popular belief, the precious metals, gold and silver, are not traded on the London Metal Exchange, but on the over-the-counter market usually referred to as the London Bullion Market, by the members of the London Bullion Market Association.

Philip Klapwijk

In the 2009 LBMA forecast Philip Klapwijk took the prize for most accurate forecaster for both gold and silver prices.
In the 2009 London bullion market LBMA Forecast Philip Klapwijk was awarded the prizes for the year's most accurate economic forecaster for both gold and silver prices and was the LBMA first prize winner for most accurate platinum forecast for 2014.

Over-the-counter (finance)

over-the-counterOTCover the counter
The London bullion market is a wholesale over-the-counter market for the trading of gold and silver. Internationally, gold is traded primarily via over-the-counter (OTC) transactions, with limited volume trading on the New York Mercantile Exchange (NYMEX) and Tokyo Commodity Exchange (TOCOM) based on the LBMA price.

Bank of England

The Bank of EnglandBankAsset Purchase Facility
Trading is conducted amongst members of the London Bullion Market Association (LBMA), loosely overseen by the Bank of England.

New York Mercantile Exchange

NYMEXCOMEXCommodity Exchange
Internationally, gold is traded primarily via over-the-counter (OTC) transactions, with limited volume trading on the New York Mercantile Exchange (NYMEX) and Tokyo Commodity Exchange (TOCOM) based on the LBMA price.

Tokyo Commodity Exchange

TOCOM
Internationally, gold is traded primarily via over-the-counter (OTC) transactions, with limited volume trading on the New York Mercantile Exchange (NYMEX) and Tokyo Commodity Exchange (TOCOM) based on the LBMA price.

Forward contract

forwardsforwardforward transactions
These forward contracts are known as gold futures contracts.

Futures contract

futuresfutures contractsfutures trading
These forward contracts are known as gold futures contracts.

Spot contract

spot pricespotspot rate
Unlike many commodity markets, the forward market for gold is driven by spot prices and interest rate differentials, similar to foreign exchange markets, rather than underlying supply and demand dynamics.

Interest rate

interest ratesdiscount rateinterest
Unlike many commodity markets, the forward market for gold is driven by spot prices and interest rate differentials, similar to foreign exchange markets, rather than underlying supply and demand dynamics.

Foreign exchange market

foreign exchangeForexcurrency exchange
Unlike many commodity markets, the forward market for gold is driven by spot prices and interest rate differentials, similar to foreign exchange markets, rather than underlying supply and demand dynamics.

Supply and demand

demandsupplylaw of supply and demand
Unlike many commodity markets, the forward market for gold is driven by spot prices and interest rate differentials, similar to foreign exchange markets, rather than underlying supply and demand dynamics.

Central bank

central bankscentral bankingcentral banking system
This is because gold, like currencies, is borrowed and lent by central banks in the interbank market.

Contango

Except in special circumstances the gold market tends to be in positive contango, i.e. the forward price of gold is higher than the spot price.

Security (finance)

securitiessecuritydebt securities
Gold is also traded in forms of securities, such as exchange-traded funds (ETFs), on the London, New York, Johannesburg, and Australian stock exchanges.

Exchange-traded fund

ETFETFsexchange-traded funds
Gold is also traded in forms of securities, such as exchange-traded funds (ETFs), on the London, New York, Johannesburg, and Australian stock exchanges.

Bill Murphy (businessman)

Gold Anti-Trust Action CommitteeBill Murphy
The Gold Anti-Trust Action Committee has claimed that clearing data substantially understates the true amount of gold traded due to the netting of trades in the calculation of Clearing Statistics.

Bank run

runrun on the bankbanking crisis
Similarly to a bank run this makes LBMA unallocated gold accounts susceptible to loss if a sufficient number of market participants request delivery of physical bullion.