A Guide to the Loco London Precious Metals Market

Chief Executive’s Foreword

I am delighted to present The Guide to the World’s Precious Metals Market.

It is intended to be a detailed and definitive primer for any investor or institution looking to understand and take part in the global Over The Counter (OTC) Precious Metals market, physically located in London. The Market is centred in London due to infrastructure (simply, you have to choose a location to hold the gold), but the participants and clients are located worldwide, with significant centres such as the US, China and India.

Given the bilateral or OTC nature of the Market, understanding all the acronyms and moving parts can be challenging for newcomers (and even some experienced players!). This Guide looks to make those acronyms and moving parts transparent. And also to give all participants, whether current or potential confidence in the market’s governance and infrastructure.

This governance and continuous improvement is driven by the LBMA, the World’s Authority for Precious Metals.

Many thanks in particular to Jonathan Spall, the Guide’s Editor as well as Aelred Connelly our PR Officer for all the hard work in getting this off the ground.

I hope you enjoy The Guide!

Ruth Crowell
CEO LBMA

Editor's Note

This Guide to the precious metal markets was produced and is published jointly by the London Bullion Market Association (LBMA), the London Platinum and Palladium Market (LPPM) and London Precious Metals Clearing Limited (LPMCL)

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1. Introduction

London sits at the centre of the global precious metals markets.

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