Nội dung đầy đủ Thu gọn # 8. Precious Metal Accounts | LBMA
> Source: https://www.lbma.org.uk/publications/the-otc-guide/precious-metal-accounts
8. Precious Metal Accounts | 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 Pa
thways 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 ou
r 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 8. Precious Metal Accounts 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 layout/blocks/body/_text --> The Metal not the Account Clearly, gold, silver, platinum and palladium are all traded metals. It is an important distinction that it is not unallocated or allocated metal that is traded, but the metal itself. The allocated and unallocated terminology simply reflects the type of account over which the metal clears post trading. Unallocated Accounts Probably in excess of 90% of all precious metals traded on the interbank/wholesale/OTC market clear over unallocated Loco London accounts. Ultimately, this reflects a debit or credit over an account, and the account holder has a contractual claim against the clearer – rather than a specific bar. Therefore, a credit balance on an account means that the owner of the metal has credit exposure to the institution where the account is held. In this respect, it is analogous to a current/checking account held with a bank for a currency. The advantage of settling precious metals over unallocated accounts is that it is quick, simple and a specific qu
antity of metal can be bought (or sold). For example, if an investor wishes to purchase $1,000,000 worth of gold then this number could simply be divided by the spot price and the relevant amount of metal, calculated to three decimal places, could be credited to the unallocated account on the spot date with the US dollars also being paid on that day. For investors that are used to transacting in the global foreign exchange market, this type of transaction is very familiar. Allocated Accounts Unlike unallocated accounts, an allocated account is backed by a specific bar of the precious metal. So that the investor would not see a simple credit on their account but instead a weight list of bars, plates or ingots showing the unique bar, plate or ingot number, gross weight, the assay or fineness of each bar, plate and ingot – and in the case of gold, its fine weight. Credits or debits to the holding will be effected by physical movements of bars, plates or ingots to or from the client’s physical holding. An allocated account cannot, by definition, be overdrawn. In this instance, the investor does not have a credit exposure to the institution where the account is maintained and, in the event that the account operator is declared in default, then theoretically the creditor could simply drive to the vault and remove their bars physically – in practice this would be rather more complicated given that these facilities are very high security environments that do not welcome visitors. In this respect, it is analogous to a safe deposit box with the account operator simply acting as custodian. When discussing the difference between these two types of account and particularly their credit profile, a common question is “why would anyone ever trade unallocated metal given the very different credit profile of each?” The answer is equally straightforward. Convenience. layout/blocks/body/_text --> Silver bars For example, an investor looking to get exposure to precious metals would have to buy gold in approximate multiples of 400 ounces, silver in multiples of 1,000 ounces, and platinum and palladium 1-6 kilograms – these being the sizes of the Good Delivery bars which would exclusively be held in such facilities. A further complication is that a standard ‘400 ounce gold bar’ can weigh between 350 and 430 ounces, and will have a minimum purity of 995 (so called ‘two nines five’) or 99.5%. So even if the seller manages to source a bar weighing exactly the 400 ounces that the investor required, they would be charged for the gross weight multiplied by the purity. For example, 400 x 0.995 = 398 ounces. Please see section 7 for more information regarding the weighing of bars. Ultimately, any requirement to trade allocated metal is likely to be a two-stage process. The investor would initially purchase a quantity approximately divisible by 400 ounces, in the case of gold. This would then need to be adjusted later in the trading day to the specific quantity of gold contained in the allocated bars. Clearly, this can be both over and under the requested quantity – although most vault operators will endeavour to get as close to the required amount as possible. For example,
an investor wants to buy 10,000 ounces of gold and is actually allocated 9,993.213 ounces of fine gold. The investor would then need to sell 6.787 ounces (being 10,000 – 9,993.213) back to the market maker from which the gold had originally been purchased and at the prevailing market price. Alternatively, if the respective numbers were 10,000 and 10,012.345 then the investor would need to buy the additional 12.345 ounces. Clearly, this is possible for occasional trades, but if an institution is transacting hundreds of precious metal trades a day, it is not feasible both in terms of dedicating specific bars for each transaction as well as the myriad of small balancing trades required. However, as per the below, it is possible to switch account balances from unallocated to allocated and vice versa. Unallocated versus Allocated It is worth noting that if an investor purchases metal and places it in an unallocated account then this amount can be switched to an allocated account, or vice versa – should conditions/requirements change. Generally, members of London Precious Metals Clearing Limited (LPMCL) would look to achieve this switch no later than on the spot date and, in most instances, on the day that the instruction is received. However, this can vary depending on market circumstances. Whether or not there is a charge for this service will once more depend on the individual clearer. Charges Investors will have to pay a maintenance fee for their unallocated account or a storage fee for their allocated account. Charges will vary between account operators. Traditionally, a fee was levied on the basis of the number of bars held, with no reference to the underlying price of the metal. However, more recently, charges have tended to be calculated as a certain number of basis points on the value of metal in the account. This is assessed daily and charged quarterly in arrears. For example, if the levy was 25 basis points on an account containing 10,000 ounces of gold, where the spot price of the metal was $1200 per ounce, then the charge for that particular day would be: layout/blocks/body/_text --> ((10,000 x $1200 x 0.25%)/360) x 1 = $83.33 layout/blocks/body/_text --> Given the lower value of silver compared to the other precious metals, the storage costs tend to be commensurately greater, while platinum and palladium storage fees tend to be higher than those for gold, but lower than those for silver. Fees will vary between clearers and as to whether the metal stored is in London or Zurich. As has been mentioned earlier in this Guide, London is the dominant clearing centre for gold and silver, but the picture is more nuanced for platinum and palladium, with Zurich still playing an important role. However, it is worth highlighting some important differences between the two centres. London has more clearing members and the Aurum electronic matching system operated by LPMCL is at its heart. Crucially, LPMCL provides the rules and structure to create an orderly market to settle Loco London transactions, all covered by Her Majesty’s Revenue & Customs Terminal Market Order (HMRC TMO). HMRC considers Full Members of the LBMA as official members of th
e market that can therefore trade under the terms of the TMO (please refer to section 17 for further details). In London, switching between unallocated and allocated account, as noted above, is generally easy and flexible. However, in Zurich there are fewer clearers, no matching system and Swiss VAT rules make allocations more challenging outside of bonded warehouses. Insurance The owner of allocated metal is, in the absence of express contrary agreement with the institution where the allocated account is maintained, responsible for arranging their own insurance. layout/blocks/body/_related --> 7. London Precious Metals Clearing Limited LPMCL is at the heart of the Loco London (OTC) system, supporting the most widely traded global market for gold, silver, platinum and palladium Find out more 9. Lending and Borrowing Metal It is often blithely asserted that precious metals have no interest rate. This is incorrect. 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
