In January 2004, the LBMA introduced Proactive Monitoring of the refiners on the List, an important initiative which further enhances the reputation of the List and the refiners on it. Prior to the introduction of Proactive Monitoring, a refiner only had to demonstrate its refining and assaying ability at the time of its application for admission to the List. Ongoing monitoring of those on the List on a regular basis is helping to ensure that the stringent requirements for joining the List continue to be met.
The system, which involves the regular monitoring of all Good Delivery refiners, necessitated the appointment of Supervisors (to witness the dip-sampling operation that provides samples for testing by the LBMA’s Referees). The monitoring operations are carried out approximately every two months.
If a refiner produces both gold and silver, it is tested for both metals at the same time. Gold refiners that only produce and sell “four-nines” gold may elect to be monitored by assaying a set of reference samples (ranging in fineness from 995.0 to 999.9) sent to them by the LBMA. These samples have been produced and crosschecked to the highest standards by the panel of Good Delivery Referees.