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12. Bank of England | LBMA Find out more Register for the Global Precious Metails Conference in Sorrento, Italy Global Global 中文網站 Contact About About About LBMA Our Team LBMA Board Independent Decision-Making Committee LBMA Sub-Committees Origins of the London Bullion Market History of Global Trade in Bullion Member login Market Standards Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. Market Overview About Loco London A Guide to the Loco London Precious Metals Market Training and Education Our Standards Market Standards Global Precious Metals Code Good Delivery Responsible Sourcing Incident Review Process Regulation Resources Financial Regulation Due Diligence Regulation REACH Review Process Case Studies HQLA WGC and LBMA Launch Joint HQLA Website Gold and HQLA: Correcting Misleading Online Information LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market Read now Membership Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. Overview About Membership Current Members Rules for Members Become a Member How to Join Membership Eligibility Membership Benefits LBMA Subscriber Membership FAQs Already a Member? Login to stay updated with LBMA Member news and events Log in here Good Delivery Good Delivery The standard trusted around the world, Good Delivery guarantees metal quality in the market. LBMA owns and manages the Good Delivery Lists for both gold and silver. Overview About Good Delivery Good Delivery Rules and Governance Good Delivery FAQs Lists Good Delivery Current List Data Good Delivery Former List Data Russian Good Delivery Bars Information Application Process How to apply for Good Delivery accreditation Advancing Standards Proactive Monitoring Proficiency Testing Scheme Resources Reference Materials Vault Operators Training Visual Guide Physical Market Guidelines Past Assaying and Refining Conferences Good Delivery Newsletters GBI Gold Bar Security Features Gold Bar Integrity Ecosystem GDL Newsletter Read the latest newsletter from our Good Delivery team on Committee updates, refinery visits and more Read now Responsible Sourcing Responsible Sourcing All LBMA Good Delivery List Refiners must adhere to our Responsible Sourcing Programme. With annual independent auditing and public reporting, the Programme builds global demand for responsible sourcing. Overview Responsible Sourcing Approved Assurance Providers Overview Approved Assurance Providers LBMA's ASM Initiative Guidance & Tools Guidance Documents Refiners Toolkit Consultations Public Consultation: Responsible Gold Guidance Version 10 Disclosure Guidance Version 3 Resources International Bullion Centre Recommendations Introductory Training Module Responsible Sourcing FAQs Reporting Country of Origin Data Sustainability and Responsible Sourcing Reports Responsible Sourcing Newsletters Review Process Case Studies LBMA Position on the North Mara Mine Claim Supporting Pathways for Responsible ASM LBMA’s new report explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. Read now Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. Discover more Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. Read now Pricing & Data Pricing & Data View information about LBMA prices and data. Overview About LBMA Daily Auction Prices LBMA Gold Price LBMA Silver Price LBMA Platinum and Palladium Price Clearing Vaulting Data LBMA Precious Metal Prices LBMA Daily Trade Reporting Data Clearing Data London Vault Data Value Dates Country of Origin Data LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. Discover more News News Read the latest news, publications and resources which outline our key initiatives. News and Resources Newsroom Alchemist Publications LBMA Annual Precious Metals Forecast Survey Centenary of the LBMA Gold Price Wonders of Gold Press Page IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. Find out more LBMA in Singapore: Strengthening Asia's Role in the Global Gold Market The 2026 Asia Pacific Metals Conference underlined Asia’s growing importance in global precious metals and the need for trusted, resilient and better-connected markets. Read more Events Events Read the latest news, upcoming events and resources. Events and Webinars Upcoming Events Past Events Webinar Series Standards of Conduct at LBMA Events Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. Register now Conference 2026 Market Standards Market Standards As the independent authority for precious metals, we set standards that uphold trust in the global market. Market Overview About Loco London A Guide to the Loco London Precious Metals Market Training and Education Our Standards Market Standards Global Precious Metals Code Good Delivery Responsible Sourcing Incident Review Process Regulation Resources Financial Regulation Due Diligence Regulation REACH Review Process Case Studies HQLA WGC and LBMA Launch Joint HQLA Website Gold and HQLA: Correcting Misleading Online Information LBMA Precious Metals Market Report Read about the latest quarter in the precious metals market Discover more Membership Membership LBMA Membership demonstrates a commitment to uphold global standards within the precious metals market. Overview About Membership Current Members Rules for Members Become a Member How to Join Membership Eligibility Membership Benefits LBMA Subscriber Membership FAQs Already a Member? Login to stay updated with LBMA Member news and events Discover more Good Delivery Good Delivery The standard trusted around the world, Good Delivery guarantees metal quality in the market. LBMA owns and manages the Good Delivery Lists for both gold and silver. Overview About Good Delivery Good Delivery Rules and Governance Good Delivery FAQs Lists Good Delivery Current List Data Good Delivery Former List Data Russian Good Delivery Bars Information Application Process How to apply for Good Delivery accreditation Advancing Standards Proactive Monitoring Proficiency Testing Scheme Resources Reference Materials Vault Operators Training Visual Guide Physical Market Guidelines Past Assaying and Refining Conferences Good Delivery Newsletters GBI Gold Bar Security Features Gold Bar Integrity Ecosystem GDL Newsletter Read the latest newsletter from our Good Delivery team on Committee updates, refinery visits and more Discover more Responsible Sourcing Responsible Sourcing All LBMA Good Delivery List Refiners must adhere to our Responsible Sourcing Programme. With annual independent auditing and public reporting, the Programme builds global demand for responsible sourcing. Overview Responsible Sourcing Approved Assurance Providers Overview Approved Assurance Providers LBMA's ASM Initiative Guidance & Tools Guidance Documents Refiners Toolkit Consultations Public Consultation: Responsible Gold Guidance Version 10 Disclosure Guidance Version 3 Resources International Bullion Centre Recommendations Introductory Training Module Responsible Sourcing FAQs Reporting Country of Origin Data Sustainability and Responsible Sourcing Reports Responsible Sourcing Newsletters Review Process Case Studies LBMA Position on the North Mara Mine Claim Supporting Pathways for Responsible ASM LBMA’s new report explores the progress made between 2022-2025 to help build the foundations for greater inclusion of responsibly sourced ASM gold in formal supply chains. Discover more Responsible Gold Guidance V10: Public Consultation RGG10 draws on implementation experience since the introduction of V9, developments in responsible sourcing practice, and LBMA’s commitment to continuous improvement. Discover more Responsible Sourcing Newsletter Summit discussions moved from dialogue to action, LBMA held its first in-person IBC roundtable, and a public consultation is launched on RGG10. Discover more Pricing & Data Pricing & Data View information about LBMA prices and data. Overview About LBMA Daily Auction Prices LBMA Gold Price LBMA Silver Price LBMA Platinum and Palladium Price Clearing Vaulting Data LBMA Precious Metal Prices LBMA Daily Trade Reporting Data Clearing Data London Vault Data Value Dates Country of Origin Data LBMA Responds to PRA Consultation Paper: Modernising the Liquidity Policy Framework LBMA supports the PRA’s focus on liquidity usability, including monetisation speed, operational readiness and access to Bank of England liquidity. Discover more News News Read the latest news, publications and resources which outline our key initiatives. News and Resources Newsroom Alchemist Publications LBMA Annual Precious Metals Forecast Survey Centenary of the LBMA Gold Price Wonders of Gold Press Page IBA to Administer LBMA Platinum and Palladium Price Benchmarks from 1 July 2026 A licence from IBA is required in order to obtain, use or redistribute real-time or historical LBMA Platinum and Palladium Price data from that date. Discover more LBMA in Singapore: Strengthening Asia's Role in the Global Gold Market The 2026 Asia Pacific Metals Conference underlined Asia’s growing importance in global precious metals and the need for trusted, resilient and better-connected markets. Discover more Events Events Read the latest news, upcoming events and resources. Events and Webinars Upcoming Events Past Events Webinar Series Standards of Conduct at LBMA Events Global Precious Metals Conference 2026 Join us in Sorrento where we will be delivering world class insight, networking and debate, while celebrating a landmark 25 years of this flagship event. Discover more Global Global Global 中文網站 Contact About About About LBMA Our Team LBMA Board Independent Decision-Making Committee LBMA Sub-Committees Origins of the London Bullion Market History of Global Trade in Bullion Member login A Guide to the Loco London Precious Metals Market 12. Bank of England Contents A Guide to the Loco London Precious Metals Market Editor's Note Chief Executive’s Foreword 1. Introduction 2. London Bullion Market Association 3. London Platinum and Palladium Market 4. The Price 5. London Good Delivery – Gold and Silver 6. Good Delivery – Platinum and Palladium 7. London Precious Metals Clearing Limited 8. Precious Metal Accounts 9. Lending and Borrowing Metal 10. Options 11. Precious Metal Benchmarks 12. Bank of England 13. Futures Markets and Exchange 14. Physical Metal 15. Documentation 16. Market Regulation 17. Taxation 18. Conversion Table 19. Key Facts about Precious Metals 20. Clearing Statistics 21. Market Trade Statistics 22. Central Bank and Governmental Ownership of Gold 23. Properties of Precious Metals 24. Frequently Asked Questions 25. Annexes 26. Disclaimer Download The Bank of England has been the focal point of gold trading in London for much of the last three hundred years and traces its involvement back to the earliest days of the London market. layout/blocks/body/_text --> The Bank was founded in 1694. In 1697, the first gold rush brought metal from Brazil into London, partly transported on ships owned by the East India Company, which had been granted a Royal Charter from Queen Elizabeth I on 31 December 1600. This inflow of gold led to demand for a purpose-built London vault, which the Bank of England duly set up. Its ‘bullion warehouse’ served the whole of the European market and was further stocked by the influx of gold into London from the subsequent gold rushes in California, Australia and South Africa. For a significant portion of that time, the majority of imports of gold and silver into Britain were sent for delivery to the Bank of England’s Bullion Office. The refineries that were set up to process this gold were located close to the Bank of England (which owned the St Luke’s refinery). This played a key role in it being a custodian, regulator and facilitator of lending and selling of gold by other banks. In 1750, the Bank set up the London Good Delivery List, which formally recognised those refineries which produced gold bars of a certain standard and could therefore be allowed to enter the London market. Today, this list is regarded as the only globally accepted accreditation for the bullion market, ensuring that the wholesale bullion bars traded in the market meet the standards and quality required by Good Delivery. Only after the great expansion of the bullion business following the Californian and Australian gold rushes in the 1850s was the Bullion Office bypassed by brokers in the London market, weighing and storing gold independently. The Bank also had responsibility throughout the period that Britain was on the gold standard of buying gold and sending it to the Mint for coinage – the Bank was bound to redeem the notes that it issued in gold coin. When the gold standard was suspended in 1914, the Bank continued to take much gold, including all South African production, for Britain’s reserves. After the establishment of the daily ‘Gold Fixing’ in London in 1919, the Bank soon became the agent for the South African Reserve Bank for marketing its gold at the fix – a task it continued until March 1968. After this, its pivotal role diminished with the establishment of the free market. By the 1980s, the development of the market was such that the Bank of England recognised that the custody, maintenance and regulation of the Good Delivery List required an independent body. This was the catalyst for the founding of the London Bullion Market Association in 1987. layout/blocks/body/_text --> The Bank of England, the ‘Old Lady’ of Threadneedle Street Custodian The Bank of England is one of the largest gold custodians in the world. The most up-to-date information can be seen on the Bank’s website . The Bank provides safe custody for the United Kingdom’s gold reserves (owned by Her Majesty’s Treasury) and for other central banks. This supports financial stability by providing central banks with access to the liquidity of the London gold market. It also provides gold accounts to certain commercial firms (including members of the LBMA) that facilitate access for central banks to the global OTC gold market. The gold that the Bank holds on behalf of its customers does not appear on its balance sheet. This is because the Bank provides gold storage on an allocated basis, meaning that the customer retains the title to specific gold bars in its vaults, rather than a claim on the Bank for a certain weight of gold. The UK Government is a customer of the Bank of England. The Bank itself only owns two London Good Delivery bars, both of which are on display in the Bank’s museum. The Bank holds a small foreign exchange reserve, but the gold reserves of the United Kingdom are the property of HM Treasury. The Bank of England manages this reserve on its behalf. Regulator In common with a number of other financial markets, the Bank of England was historically the regulator of the London bullion market. However, the Bank has not regulated the gold market since 2000, when the Financial Services Authority (FSA) was formed. Responsibility for certain aspects of gold market regulation was then transferred to the Financial Conduct Authority (FCA) after the passage of the Financial Markets Act (2012). The Bank is the prudential regulator of some of the institutions that participate in the gold market because they undertake banking, insurance or investment activities. An Ongoing Role The Bank of England still maintains close links with the market for gold and is a major custodian for gold owned by many of the world’s central banks, the UK Government and certain commercial firms. The Bank of England publishes the amount of gold held in its vaults, the first monthly release was for July 2016 (approximately 159 million ounces), for the most up to date data please see the Bank’s website . layout/blocks/body/_media --> Gold in one of the Bank of England’s gold vaults layout/blocks/body/_related --> 11. Precious Metal Benchmarks The LBMA Gold, Silver, Platinum and Palladium price auctions are recognised as the international global benchmarks for precious metals as defined in documentation for the International Swap Dealers Association (ISDA) Find out more 13. Futures Markets and Exchange While this Guide is concerned with the operation of the global Over The Counter trading of precious metals markets, it would be remiss to ignore other methods by which investors look to gain exposure to precious metals and how they relate to the OTC market Find out more Stay updated Register to access the latest LBMA news and events through our email alerts Register at MyLBMA LBMA About Us Membership Current Members Contact Us Our Team Newsroom MyLBMA Quicklinks Prices and Data LBMA Daily Trade Reporting Data Good Delivery Alchemist Events Responsible Sourcing A Guide to the Loco London Precious Metals Market 中文網站 © 2026 LBMA 7th Floor, 62 Threadneedle Street, London EC2R 8HP | LBMA Privacy Notice
