Good Delivery

About Good Delivery

We set the stringent Good Delivery standards, trusted around the world, that enable the global trade in gold and silver bars.

Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London. Today, LBMA owns and manages the Good Delivery Lists for both gold and silver.

Why is Good Delivery important?

In the Loco London Market, precious metals are traded directly between two parties, without the involvement of an exchange. This system depends on all the bars having exactly the same specification. The requirements for a Good Delivery listed bar (of approximately 400 troy ounces for gold and 1,000 troy ounces for silver) cover:

  • Fine ounce weight
  • Purity
  • Physical appearance (including marking and surface quality).

No other refined gold or silver products produced by accredited refiners fall within the scope of the Good Delivery Lists.

Accredited refiners

To be accepted onto the Good Delivery List refiners must undergo stringent checks on their:

  • History in the market
  • Financial standing
  • Ability to produce bars that meet our exacting standards
  • Minimum levels of production.

They must implement LBMA’s Responsible Gold and/or Responsible Silver Guidance. See the Good Delivery Rules for further information. Refiners accepted onto the Good Delivery Lists commit to:

  • Adhering to LBMA’s Responsible Sourcing Programme
  • Producing bars which meet LBMA Good Delivery Rules
  • Shipping to approved vaults in London.

Once accepted into a London vault as Good Delivery, bars are then traded freely between institutions within the market.

Annual checks on tangible net worth and refined production

We also conduct an annual check to ensure that refiners continue to meet the minimum requirements for refined production and tangible net worth.