Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

IMPORTED GOLD BARS
LONDON BULLION MARKET ASSOCIATION
Most international gold dealers that supply India with TT bars are members of the London Bullion Market
Association (LBMA).
The LBMA, incorporated in 1987, brought together two former bodies: the London Silver Market (which dates its origins to
1897 when the first Silver Fixing meeting was held) and the London Gold Market. The functions of both bodies were
absorbed with the exception of the Fixing meetings, which are held and controlled independently by two groups of Market
Maker members within the LBMA.
The LBMA has 3 categories of membership. There are 10 Market Maker Members that quote prices for buying and
selling gold throughout each working day; 44 Members that are actively engaged in trading, refining, melting, assaying,
transporting or storing gold in the United Kingdom; and 31 Associate Members.
The Bank of England has formal responsibility for the supervision of the wholesale bullion market following the Financial
Services Act 1986.
Acceptable refiners
The LBMA currently lists 59 “Acceptable Refiners” in 28 countries, whose “400 oz” (“12.5 kg”) cast gold bars are accepted
as good delivery for the settlement of physical gold transactions on the London bullion market.
LONDON GOLD FIXINGS
The first Gold Fixing meeting was held on 12 September 1919 at the offices of N M Rothschild & Sons Limited at New Court,
St Swithin’s Lane, London EC4.
At the Gold Fixing meetings, which are still held at New Court, gold is traded internationally through the 5 member firms
listed below in order to balance prevailing supply with demand at a single price at the same time.
• Deutsche Bank AG
• HSBC Bank USA London Branch
• N M Rothschild & Sons Limited
• Societe Generale
• The Bank of Nova Scotia – ScotiaMocatta
The Gold Fixing price is expressed in US dollars per troy ounce, and derived twice daily at meetings starting at 10.30 a.m.
and 3.00 p.m.
56
The London Gold Fixing meetings are held twice daily in the offices of N M Rothschild & Sons Limited.
AN INTRODUCTION TO THE INDIAN GOLD MARKET