LONDON GOOD DELIVERY BARS Gold Bars （伦敦好交付酒吧金条）.pdfVIP

LONDON GOOD DELIVERY BARS London Good Delivery (LGD) bars contain approximately 400 troy ounces (12.5 kg) of fine gold. BACKGROUND These large bars underpin gold dealing in the loco-London bullion market – the world’s most important physical gold market – where daily clearing turnover can exceed 800 tonnes (US$ 30 billion), and can involve more than 1,000 transfers of LGD bars to allocated and unallocated accounts by the six clearers which are members of the London Bullion Market Association (LBMA). The bars are traded by international dealers, mining companies, central banks, financial institutions, major investors and other entities. They are also used by jewellery and other fabricators that prefer large bars. Many The Bank of England stores hundreds of thousands of LGD bars are also converted by dealers and refiners into smaller bars, notably on behalf of central banks around kilobars, for fabricators and investors. the world. Most new LGD bars are produced by LBMA-accredited refiners from newly-mined gold. They are also produced by LBMA-accredited refiners from old gold scrap and non-accredited bars where there is a need for their customers to trade large quantities of gold on the international market. The international market also relies on LGD bars that have been manufactured in the past. Approximately 30,000 tonnes of gold is held by central banks, many of whom loan or sell old LGD bars to international bullion banks. LGD bars have been formally traded in London since 1919, when the London Gold Market (LGM)