The London bullion market is a wholesale over-the-counter market for the trading of gold and silver. Trading is conducted amongst members of the London Bullion Market Association (LBMA), loosely overseen by the Bank of England. Most of the members are major international banks or bullion dealers and refiners. ~wiki
So, lets then have some simple reading at Bank of England, search word "lbma":
Questions regarding gold retained by the Bank
"Gold at the Bank of England is held on behalf of our customers. This can be subdivided into two categories. First, reserves are held in a government account administered by HMT Treasury (HMT), called the Exchange Equalisation Account (EEA). The Bank acts as HMT’s Agent for the daytoday management of the EEA.
Second, gold is held on behalf of its other customers (ie other than UK Government), including foreign central banks and brokers. All information below relates to EEA gold only:
‘In what form is the gold retained by the Bank of England?’ and ‘Is the retained gold in ingots, coins or other form?’..."
"...‘Does the Bank of England have assay certificates for the gold that it retains?’
None of the gold held by the Bank on behalf of the EEA has assay certificates...."
Speech by Graham Young at the London Bullion Market Association ...
Speech given by
SENIOR MANAGER, FOREIGN EXCHANGE DIVISION
At the London Bullion Market Association Annual Conference, Lisbon; Tuesday 3 June 2003
THE ROLE OF THE BANK OF ENGLAND IN THE GOLD MARKET
"1 This morning I would like to talk about the role of the Bank of England in the gold market. One element of that is our management, on behalf of the Government, of the UK’s official gold reserves, and I’ll be saying a little about that. But I will be saying more about other aspects of our involvement in the gold market that may be less familiar to some people in the audience here. In particular I will describe the Bank’s provision of custodial and account management services to central banks and to commercial firms active in the London market, reflecting our role in seeking to ensure the efficiency and effectiveness of the UK financial sector. And I will explain the Bank’s contribution to the self-regulation of the wholesale gold market. In all these areas we cooperate closely with the LBMA, and I shall explain how that relationship functions..."
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