LBMA Good Delivery is the standard set by the London Bullion Market Association for large gold and silver bars and the refiners allowed to make them. Only bars that meet it can settle trades on the loco London market.
What the LBMA is, who its members are and how it works as an organisation is covered in our LBMA guide for UK gold buyers. This entry explains the two things you meet when you buy: the Good Delivery standard and the LBMA Gold Price.
What a Good Delivery bar is
A gold Good Delivery bar weighs between 350 and 430 fine troy ounces, nominally 400 oz or about 12.4 kg, with a minimum fineness of 995.0. Silver bars are nominally 1,000 oz. Each bar carries the refiner's mark, a serial number, its fineness and the year of manufacture.
The LBMA keeps a Good Delivery List of accredited refiners. To get on and stay on the list, refiners must meet requirements on production, financial strength and responsible sourcing, and they are checked regularly. A bar from a listed refiner is accepted across the wholesale market without re-assaying.
Why it matters for a 100 g bar
You will not buy a 400 oz bar, but the list still helps. Many retail bars from 1 g to 1 kg are made by refiners that are on it. HMRC's investment gold definition requires bars of at least 995 fineness in a weight accepted by the bullion markets (see VAT on investment gold). A bar from a recognised refiner is easier to resell to UK dealers and usually gets a better buyback price.
The LBMA Gold Price
The LBMA Gold Price is the benchmark that replaced the old London gold fix. ICE Benchmark Administration runs an electronic auction twice a day, at 10:30 and 15:00 London time, priced in US dollars, and also publishes sterling and euro values. It is used in contracts, fund valuations and some dealer pricing, while the spot price moves continuously.
To see these standards in practice, browse the gold bars sold by UK dealers and check which refiner made each one, or follow the gold price per kilogram in pounds for the wholesale view. For more on how bars compare with coins, see bullion.
Related terms
Spot Price Fineness Bullion Investment Gold and VAT in the UK
FAQ
Where can I read more about the LBMA itself?
Our LBMA guide on the blog covers the association, its members and its history. This entry focuses on Good Delivery bars and the LBMA Gold Price.
What is the LBMA Gold Price?
It is a benchmark price set twice a day at 10:30 and 15:00 London time through an electronic auction run by ICE Benchmark Administration.
Do I need an LBMA approved bar?
It is not required for small bars, but bars from refiners on the Good Delivery List are widely recognised and easier to sell back in the UK.