Gold

01

Market overview

Physical gold trades mostly over the counter, with London setting the reference for both price and standard: the London Good Delivery bar, of around 400 troy ounces, and LBMA-accredited refiners define what the market accepts without reservation. Zurich, Dubai, Hong Kong and Shanghai complete the physical circuit, while COMEX in New York concentrates futures. Outside refined metal there is doré — the alloy that leaves the mine and only has a defined value after assay at the refinery. In any form, what separates a tradeable offer from one that is not is usually the documentation of origin: mining title, export authorisation and a chain of custody the refiner will accept.

02

Trading forms

We cover physical gold in refined bars, in Good Delivery or kilobar format, and doré destined for refining. Price is usually referenced to the LBMA Gold Price, with a discount or premium negotiated according to form, fineness and place of delivery; for doré, final settlement depends on the refiner's assay. Delivery is usually to a refinery or a designated vault, with transport by a specialist valuables carrier and insurance to destination. Spot deals and recurring supply contracts go through the same review.

03

Counterparty sought

On the sell side, miners, cooperatives and refiners with available product and origin and export documentation in order. On the buy side, refiners, metal distributors and institutional buyers with a defined receiving structure — a nominated refinery, a vault account or custody. Traders take part when they declare their position in the trade. A stated interest that gives form, estimated fineness, volume and origin can be reviewed; one that only says “gold available” cannot yet.