Precious Metals

London Bullion Market Association plans daily reports

Loco London refers to gold bullion stored in vaults in London under the purview of the London Bullion Market Association.

Image courtesy of London Bullion Market

The London Bullion Market Association is moving toward reporting the average turnover of gold and silver daily. The current average is provided weekly.

“This is an exciting moment for transparency in the Global OTC [Over the Counter] Market, with the next chapter to include publication of data for platinum and palladium, says the LBMA’s chief executive officer, Ruth Crowell.

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The daily reporting of data is expected sometine during the latter part of February, based on the LBMA’s timetable.

According to the LBMA on Nov. 20, the daily average of turnover for gold totaled $36.9 billion and $5.2 billion for silver.

According to the LBMA, “These numbers represent all LBMA Market Makers’ and some Full Members’ share of the Loco London and Loco Zurich OTC markets. Data is currently displayed as an average over a business calendar week, and will be released each Tuesday for the previous week.”

“Loco London” reflects gold and silver bullion that is physically held in London. The totals represent Good Delivery bullion products that meet LBMA standards.

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