On 26 March LBMA consulted its Refiner’s Committee which represents leading Good Delivery refiners from around the world. Based on their feedback, LBMA is confident there is more than sufficient global refining capacity.
LBMA has 72 accredited Good Delivery gold refiners located in 31 countries. This global reach means that while a few refiners have suspended production as a result of COVID-19, the other Good Delivery refiners are ready and able to accommodate the industry’s needs.
Refiners and other market participants are actively engaged with logistics companies to overcome travel constraints and ensure the physical movement of metal via, for example, chartered or cargo flights. LBMA has been investigating with market participants including the LPMCL and approved custodians the feasibility of global delivery outside of London.
Loco London Gold Stocks
Gold stocks in London remain healthy with the latest published numbers showing stocks of 8,263 tonnes of gold.