Clearing Statistics FAQ
We’re often asked questions by our members and the general public. You can find all the most frequently asked questions here.
These are the net volume of loco London gold and silver transfers settled between clearing members of the LBMA.
Loco London transfers from one party in a clearing member's books to another party in the same clearing member's books or in the books of another clearing member. They also include physical transfers and shipments by clearing members and transfers over clearing members' accounts at the Bank of England. Excluded from the statistics are allocated and unallocated balance transfers where the sole purpose is for overnight credit and physical movements arranged by clearers in locations other than London.
They are compiled monthly and represent the average amount of metal transferred on average each day measured in millions of troy ounces.
The LBMA also publish the average value of transfers measured in US $, using the monthly average London pm fixing price for gold and the average London fixing price for silver. The value of gold transfers are measured in billions of US dollars and the value of silver in millions of US dollars. The LBMA also publish the average number of gold and silver transfers recorded each day.
There are four members of the LBMA who offer clearing services, who collectively have formed a company called the London Precious Metals Clearing Limited (LPMCL). They are HSBC, ICBC Standard Bank, JP Morgan Chase and UBS AG.
The LBMA does not accredit institutions to provide vaulting services to the London bullion market. Instead the London Precious Metal Clearing Limited (LPMCL) provides formal recognition of companies to provide vaulting services.
Below is a list of vaulting companies which are acceptable to individual LPMCL Members. This summary is not intended to imply that LPMCL has approved such vaults. Vaults must have LBMA Approved Weigher status:
- Bank of England
- ICBC Standard
- JP Morgan
- Loomis International
- Malca Amit
Transactions of gold, silver, platinum and palladium, bars (bullion) in London are cleared and settled electronically on a net basis through a system operated by London Precious Metals Clearing Limited (LPMCL).