Price of gold for 1g: 72.0819 € (0%)    Price of silver for 1g: 0.8645 € (0%)   Price update for 5:00

What is LBMA and why is the ‘Good Delivery’ certificate important?

The price of gold is often used term, especially in recent years when these prices are at historical highs, but the question of how the price of gold is actually determined is rarely asked. A key role in this process is played by the London Bullion Market Association or LBMA, an independent association of gold producers and traders, which guarantees the highest standards of quality of gold and silver, and also sets the official gold prices twice a day.

 

What is LBMA?

 

LBMA was founded in 1987 with the aim of overseeing the global precious metals market. The organization has since set high standards for transparency, accountability, and sustainability and is internationally recognized as the leading authority for gold and silver. The key goal is to ensure credibility and trust in the trading of precious metals.

 

 

The London Bullion Market Association defines the criteria for purity, shape, and origin of gold and silver bars traded on the London exchange. London is the most important global gold exchange, through which, according to the World Gold Council estimate, more than 70% of the world’s trade takes place. In addition to standardization, LBMA also sets internationally recognized reference prices daily at 10:30 a.m. and 3:00 p.m. London time, defined in U.S. dollars per ounce. Given the significance of the London exchange, the set rules and prices are taken as a benchmark for other precious metal transactions around the world.

 

What is the Good Delivery list?

 

The term Good Delivery has two meanings. On one hand, it refers to the specifications for gold and silver bars. A Good Delivery gold bar must have a purity, or gold content, of 99.5%, weigh between 350 to 430 ounces (11 to 13 kilograms) with the most common weight being 400 ounces (12.4 kilograms), as well as prescribed dimensions of length from 210 to 290 millimeters, width from 55 to 85 millimeters and height from 25 to 45 millimeters.

 

Davor Žic, member of the board at Goldman Graff

 

The Good Delivery list represents a list of mints from around the world that meet the conditions prescribed by the LBMA. These conditions include a minimum volume of production, financial stability, business history, and the ability to produce bars that meet existing standards. Mints are constantly checked, and the list is continuously updated. Currently, there are 66 refineries and gold mints and 78 refineries and silver mints on it. In short, the Good Delivery list represents an independently confirmed guarantee that their products meet the highest criteria for quality and purity of gold. Because of this, their products have high market value and are worth the same in Zagreb, Ljubljana, London, New York, Singapore, or any other place in the world.

 

Goldman Graff and Good Delivery

 

Goldman Graff sells exclusively gold bars from producers that are on the Good Delivery list. Our company is the only direct sales partner for the prestigious Swiss refinery Argor-Heraeus, the Italian refinery T. C. A., and the German refinery with a long history, c.Hafner, and we also have products from recognized Good Delivery mints such as Valcambi, Perth Mint, Royal Canadian Mint…

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