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5. London Good Delivery – Gold and Silver | 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 5. London Good Delivery – Gold and Silver 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 As mentioned in the introduction, the Bank of England formally recognised those refineries that produced gold bars to the required standard in 1750 via the London Good Delivery List for gold. Today, the LBMA handles that responsibility for both gold and silver under the auspices of its Physical Committee, which has to be satisfied that the bars meet the stringent, globally accepted, requirements set by the Association. layout/blocks/body/_text --> Refiners of platinum and palladium have to similarly satisfy the Management Committee of the LPPM. The LBMA and LPPM Good Delivery accreditations have become the internationally accepted standards of product and refinery quality. This is covered more fully in sections 5 and 6. Given the status that Good Delivery has attained, both the LBMA and the LPPM take very seriously the assessment for inclusion in their Good Delivery Lists. The ongoing review and maintenance of the Good Delivery Lists is one of the core functions of both organisations. Gold and Silver Only gold and silver bars that meet the LBMA’s Good Delivery standards are acceptable in settlement of a Loco London contract. The LBMA benchmarks and regulates the acceptable requirements for large gold and silver bars through its continuously updated publication of the London Good Delivery Lists. These standards, recognised throughout the world, ensure that accredited refiners continue to maintain the high standards necessary for listing. The Lists can be accessed on the LBMA’s website . The Lists are also used by many precious metals exchanges around the world to define in whole, or in part, the refiners whose bars are accepted in their own markets. Exchanges utilising the LBMA’s work in this field include ICE, Borsa Istanbul, CME Group and TOCOM, as well as the Singapore Bullion Market Association, Shanghai Gold Exchange and Dubai Multi Commodities Centre. Requirements for Listing The requirements for listing involve a stringent set of criteria, which include a minimum level of production and tangible net worth, with a rigorous technical assessment to review casting, refining and assaying abilities. To ensure that the high standards are maintained, Accredited Good Delivery refiners are subject to on-going testing under the LBMA’s Proactive Monitoring Programme. Refiners that no longer meet the minimum standards, or those that decide to stop producing Good Delivery bars, are transferred to the Former Lists for Gold and Silver. LBMA Physical Committee The Physical Committee is made up of industry experts from the physical bullion market. It is responsible for monitoring, developing and protecting the Good Delivery Lists and works closely with sub-groups such as the LBMA Referees and the LBMA’s Vault Managers Group. It also ensures that standards are maintained, with emphasis on continuous improvement and transparency of the market. The Committee meets approximately every month throughout the year. layout/blocks/body/_media --> Gold Good Delivery bars layout/blocks/body/_text --> LBMA Referees Good Delivery Referees are refiners appointed by the LBMA to assist with the maintenance of the Good Delivery System. The technical assessment of applicants for listing includes/covers the: proactive monitoring of refiners on the List, and provision of technical advice on a range of topics Good Delivery Rules The Good Delivery Rules provide information for existing refiners and the banks that work with them, as well as the necessary guidance for refiners seeking accreditation. These specifications include the acceptable fine ounce weight, purity and physical appearance (including markings and surface quality). To view a full copy of the most up to date Rules, please refer to the LBMA’s website . Only bars that meet Good Delivery standards are acceptable in the physical settlement of a Loco London gold or silver transaction. The high level of consistency within the global OTC market is maintained by ensuring both refiners and vaults implement the Good Delivery Rules relating to a bar’s assay, appearance, weight, and safe handling and stacking. The main specifications for Good Delivery gold and silver bars are summarised below. No other refined gold or silver products produced by accredited refiners fall within the scope of the Good Delivery Lists. For further details, please also see section 7 regarding the work of the London Precious Metal Clearing Limited. The current (as of July 2017) specifications are listed below. For detailed, and latest information, please refer to the LBMA’s Good Delivery Rules . layout/blocks/body/_text --> Gold Bars Bars typically weigh a few ounces either side of 400 troy ounces (roughly 12.5 kilos) but the precise specifications are: Weight Minimum gold content: 350 fine troy ounces (approximately 10.9 kilograms) Maximum gold content: 430 fine troy ounces (approximately 13.4 kilograms). The gross weight of a bar should be expressed in troy ounces, in multiples of 0.025, rounded down to the nearest 0.025 of a troy ounce. Dimensions The recommended dimensions for a Good Delivery gold bar are approximately: Length (Top): 250 mm+/- 40 mm. Undercut* range: 5-25 degrees Width (Top): 70 mm +/- 15 mm. Undercut*: 5-25 degrees Height: 35 mm +/- 10 mm *The undercut refers to the degree of slope on the side and ends of the bar and is calculated using the following formula: 90 degrees (ATAN(H/((T-B)* 0.5))), where H=Height, T= Top, and B=Bottom dimensions of the bar, the bottom dimension being measured to the theoretical sharp edges. Fineness The minimum acceptable fineness is 995.0 parts per thousand fine gold. Marks Serial number Assay stamp of refiner Fineness (to four significant figures) Year of manufacture layout/blocks/body/_media --> Vault storage of Silver Good Delivery bars layout/blocks/body/_text --> Silver Bars Weight Minimum silver content: 750 troy ounces (approximately 23 kilograms) Maximum silver content: 1100 troy ounces (approximately 34 kilograms) However, it is recommended that ideally refiners should aim to produce bars within the following weight range: Minimum silver content: 900 troy ounces (approximately 29 kilograms) Maximum silver content: 1050 troy ounces (approximately 33 kilograms) The gross weight of a bar should be expressed in troy ounces in multiples of 0.10, rounded down to the nearest 0.10 of a troy ounce. Dimensions The recommended dimensions for a Good Delivery silver bar are approximately: Length (Top): 300 mm +/- 50 mm. Undercut:* 5-15 degrees Width (Top): 130mm +/- 20 mm. Undercut:* 5-15 degrees Height: 80 mm +/- 20 *The undercut refers to the degree of slope on the side and ends of the bar and is calculated using the following formula: 90 degrees (ATAN(H/((T-B)* 0.5))), where H=Height, T= Top, and B=Bottom dimensions of the bar, the bottom dimension being measured to the theoretical sharp edges. Fineness The minimum acceptable fineness is 999.0 parts per thousand silver. Marks Serial number Assay stamp of refiner Fineness (to three significant figures) Year of manufacture layout/blocks/body/_text --> Kilobars A frequent question that is posed is whether or not kilobars (for example) constitute London Good Delivery for gold? As they do not meet all the criteria listed above, they are not regarded as Good Delivery bars. Indeed, no bar other than those listed above for gold and silver, and in the next section for platinum and palladium, can be considered Good Delivery. However, as the LBMA has become the de facto authority on quality standards applied to gold and silver bullion, it will, when appropriate, collaborate with geographically relevant organisations to ensure the highest possible standards are maintained and the appropriate level of support is provided to the Good Delivery List (GDL) refiners. Indeed, following the joint meeting between the LBMA and the Shanghai Gold Exchange (SGE) at the LBMA Forum (25 June 2015), the 9999 (‘four nines’, in market parlance) gold kilobar specification was issued in Shanghai on 1 July 2015. The specifications for a 1kg 9999 Gold Bar (‘four nines kilobar’), as endorsed by the LBMA and SGE are: layout/blocks/body/_text --> Weight 1000g minimum Dimensions The kilobar should be rectangular. The dimensions should fall within the following ranges: Length: 80 – 120mm Width: 40 – 60mm Height: 7 – 14mm Fineness The minimum acceptable fineness is 999.9 parts per thousand fine gold. Marks Refiner’s Stamp or Logo Serial Number Weight (1kg or 1000g) Fineness (to four significant figures) Certificate of Analysis (COA) A Certificate of Analysis must accompany each kilobar on dispatch from the refiner and must include the following information: Refiner’s Stamp or Logo Serial Number Weight (1kg or 1000g) Fineness (to four significant figures) Approved Signature Notes Serial numbers must be unique and non-reusable. Serial numbers must be referenced against inventory lists to provide traceability. Specifications are for cast bars. layout/blocks/body/_text --> The kilobar standard focuses on the fineness of the gold and allows for the inclusion of all existing refiners’ current production, including all SGE and LBMA accredited refiners. It also streamlines the information on Certificates of Analysis to focus on the critical information required. It is hoped that this joint recognition of a single standard will greatly assist LBMA and Shanghai Gold Exchange members trading in Shanghai and in other 9999 kilobar markets around the world. This type of initiative demonstrates the type of co-operation and, ultimately, mutual endorsement that the LBMA is striving to create between gold markets, and it is intended that the LBMA will continue to work together with markets around the world to broaden and strengthen standards. The LBMA is currently working with exchanges within India to produce a 995 (‘two nines five’, in market parlance) gold kilobar specification as opposed to that for the 9999 listed above. The Gate-Keepers It is worth noting that in addition to the above criteria regarding a Good Delivery bar produced by an accredited refiner, it only becomes, and remains, London Good Delivery once it has been, and continues to be, accepted by a London vault. The vault managers are precious metal experts who manage the vaults approved by the individual members of LPMCL and who have achieved LBMA Approved Weigher status (certified vaults are listed in the latest GDL Rules). Vault managers are thus the gatekeepers of the London market, and a Good Delivery bar only becomes and remains London Good Delivery to the extent that a vault manager is willing to accept such a bar into the London vault and thus into Loco London. If any bar fails to meet the stringent LGD requirements then it will be rejected and returned to the refiner that originally produced it. Hence, vault managers play a pivotal quality control role in maintaining and sustaining the Good Delivery standards across the market as metal moves in and out of their custody. They also play a Quality Assurance role in terms of the product invested in by the client whose metal is placed in their custody. More information is provided in section 7. layout/blocks/body/_media --> A selection of Gold Good Delivery bars, celebrating the 260th anniversary of the Gold Good Delivery List layout/blocks/body/_text --> Why London Good Delivery is Important Clearly, it is important for an investor to know that the bar of precious metal they have purchased is exactly what it purports to be – of the correct metal, weight and assay, and so on. However, only bars of the requisite size (as well as the other features listed above) can gain London Good Delivery status. So that while a standard 400 troy ounce bar, in the case of gold, can meet all the listed requirements and be part of the Good Delivery List, the same can never be true of a 1 ounce bar, for example, of any of the four widely traded precious metals. The key feature is that the Good Delivery List underpins the wholesale market. So if an investor is buying precious metals (be they held in allocated or unallocated accounts), the bars underlying those holdings are fungible. In other words, it is irrelevant whether the gold was mined (and refined) in South Africa, Russia, South or North America, or indeed any of the gold-producing countries of the world or was created from scrap in, perhaps, Switzerland. Additionally, the vaults that form part of the global OTC market will have ensured that, for London Good Delivery purposes, only metal that has been produced by an LBMA accredited refiner and meets the Good Delivery Rules is held in their custody and thus will also conform to the LBMA’s requirements on Responsible Sourcing Guidance, see section 16 for further details. layout/blocks/body/_related --> 4. The Price It is a familiar sight in the media to see the prices of the four precious metals displayed. These are generally expressed in terms of dollars per ounce but may bear little resemblance to the price of one ounce of the metal in a piece of jewellery or in a small bar. So what does this number actually mean? Find out more 6. Good Delivery – Platinum and Palladium A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the LPPM Good Delivery List and a regime of Proactive Monitoring 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
