Gold Bars are classified into two different types- casted and minted – based on their manufacturing method. Where gold is measured in ounces, these are troy ounces, which is heavier than the avoirdupois ounce used for food.
The gold industry relies greatly on refiners whose gold bars are accepted by associations and exchanges as “good delivery� for the settlement of transactions.
The procedure also generates confidence in the relevant market that accredited refiners range of other bars and products would also be manufactured to the same high standard.
The most important list of refiners for the international gold bar market is that published by the London Bullion Market Association (LBMA).
Known as “The Good Delivery List of Acceptable Refiners: Gold� for the settlement of transactions on the London Bullion Market, it records the name of the major refiners around the world that have met its stringent criteria for accreditation.
Europe LBMA London Bullion Market Association Americas COMEX New York Mercantile Exchange (NYMEX) COMEX Division BM&F Brazilian Mercantile& Futures Exchange Sao Paulo Middle East DMCC Dubai Multi Commodities Centre IGE Istanbul Gold Exchange Far East TOCOM Tokyo Commodity Exchange SGE Shanghai Gold Exchange SHFE Shanghai Futures Exchange CG&SES The Chinese Gold &Silver Exchange Society Hong KongEach Association and Exchange specifies its own weight and purity. For LMBA the fineness is 995+. The LMBA publishes a list of Acceptable Refiners whose gold bars which weigh approximately 400oz (12.5g) are accepted as London Good Delivery. It also lists Former Melters and Assayers of Good Gold Delivery Bars.
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