Physical Market Development

LBMA Physical Services team exists to ensure that London Good Delivery remains the market standard to which all gold and silver Refiners aspire, and that the market can rely on.

We have seen elevated levels of Good Delivery List (GDL) applications, Proactive Monitoring and Proficiency Testing. In 2025, we welcomed two new Referees and also expanded the Bar Inspector panel; both of which will increase capacity for new applications. We continue to engage on delivery of GBI.

This year, LBMA worked with key stakeholders to make the Assaying & Refining Conference in March a success, with a record attendance of 245 delegates. Plans are already well underway for the 12th Assaying and Refining Conference in 2027.

Refiner Numbers

There are now 104 GDL Refiners, with 66 Refiners listed for gold, 83 Refiners listed for silver, and 45 Refiners listed for both gold and silver. The demand for accreditation remains at an all-time high, with 14 active applications and eight expected to be submitted shortly.

New Listings in 2025

Silver: Istanbul Gold Refinery

Silver: Shenzhen Yuexin Precious Metals Co., Ltd

Gold: Shenzhen Yuexin Precious Metals Co., Ltd

Total Refined Production in 2023

Gold: 4,355 tonnes

Silver: 31,502 tonnes

Changes To Good Delivery Rules in 2025

The LBMA Good Delivery Rules continue to be reviewed on an annual basis, and every three years an enhanced review takes place to ensure that they remain relevant and fit for purpose. The next enhanced review will take place in 2027.

As part of this year’s annual review, LBMA focused on clarifying the Rules around Proactive Monitoring (PAM) criteria, and bar markings. Rule changes with effect from 1 January 2026 include prohibiting the use of Cyrillic lettering in serial numbers, a new Rule for GDL Applicants (and existing GDL Refiners submitting a bar change request) to ensure stamps and markings are at least 10mm from the edge of a bar, and a new Rule that GDL Refiners are required to undergo periodic compliance and Responsible Sourcing reviews if requested.

A QR code consultation resulted in no current changes being proposed to the Rules relating to the introduction of QR codes on bars.

Always Improving Market Standards

The LBMA Visual Guide was completely refreshed in 2025, to support the effective operation of the physical market in London. The new Visual Guide has an enhanced user experience and visuals.

Proficiency Testing (PTS) in 2025

Proficiency Testing this year saw 51 labs participating in both gold and silver testing, with 17 labs participating in gold testing only and three in silver only. The participant survey showed an overall satisfaction score of 4.24 out of 5.

Looking Ahead: Proficiency Testing (PTS) in 2026

We are delighted that all LBMA Referee laboratories and all Supervisor laboratories have registered for the scheme in 2026. We have a record number of 76 applicants, with representation from all geographical areas.

Vault Holdings

Vault holdings have increased over 2025: gold rose modestly since April (from around 274,429 Troy oz that month to 284,807 by October) and silver surged – notably a 6.6% jump in October alone.

The increases appear to be driven by a mix of factors: renewed inflows into gold ETFs and returning gold shipments to London (after a prior shift away), plus surging investor interest in silver – buoyed by higher prices, industrial demand, and a strong performance by silver-backed exchange-traded funds (ETFs).