May 08, 2017

LBMA to publish Precious Metal holdings in London vaults

New data launches

LBMA and the LPMCL are delighted to announce that from summer 2017 the LBMA will be publishing the gold and silver physical precious metals holdings of the London vaults, with the platinum and palladium holdings to be published at a later date.

The data only includes physical metal held within the London environs and does not include precious metals physical holdings readily available at short notice in other secure overseas vaulting facilities.

The physical holdings of precious metals held in the London vaults underpins the gross daily trading and net clearing in London. The net clearing is undertaken by the members of the London Precious Metals Clearing Limited (LPMCL). London is the largest gold trading centre in the world as demonstrated by the $18.1 bn of gold which was cleared on average each day in March, 2017 (Source: LBMA net daily clearing statistics).

The publication of the physical vault holdings follows discussions with London’s commercial vaults and the Bank of England, the latter which, earlier this year, started to publish its own holdings. The LBMA welcomes the Bank of England’s publication of this important data. Publication of physical holdings represents a further step towards improved transparency of reporting for the London precious metals market, in line with the recommendations of the Fair & Effective Markets Review.

Publication of aggregate physical holdings is the first step in reporting for the London Precious Metals Market. The next step is Trade Reporting. The collection of trade data will add transparency to the market and provide gross turnover for the Loco London market. Previously gross turnover had been calculated from one-off surveys or estimated from the clearing statistics.

Ruth Crowell, Chief Executive of the LBMA said “We are delighted that the Bank of England and the commercial vaults in London have agreed to support the publication of the vault holdings. This is an important step towards greater transparency and will provide further evidence as to the size and importance of the precious metals market in London.”

Aelred Connelly
LBMA Public Relations Officer
Tel: 0207 337 9771

Simon Rostron
LBMA Media Consultant
Tel: 01865 392 094