GoldCore joins the LBMA

[GoldCore]

“LBMA is delighted to welcome Goldcore as an affiliate member and our first member in Ireland.” Ruth Crowell with GoldCore CEO Stephen Flood. 

I am delighted to announce that GoldCore has been accepted as a member of the London Bullion Market Association (LBMA). This recognition highlights our significant contribution to the global precious metals market, especially during this crucial phase of monetary history where demand for gold continues to rise. 

On behalf of the entire GoldCore team, we are honoured to be part of the LBMA and look forward to continuing our commitment to providing excellent service in the industry.

The LBMA is one of the world’s most respected precious metals associations and has been setting standards for buying and selling bullion since 1987. With over 100 members, it is considered to be the ultimate authority in safe, secure and ethical trading practices for gold and silver products.

GoldCore is the LBMA’s first Irish member, and one of just a handful of global gold bullion dealers to have passed the stringent requirements for membership. 

So, what does this mean for you, our client, and anyone else looking to hold gold and silver with us? As a member of the LBMA, we will be able to offer clients access to even more quality products backed by unparalleled customer service standards as well as continuing to ensure that any purchases meet strict international regulations for security and safety.

This is an exciting time not only for our team and our clients but for the wider gold market. Our acceptance to the LBMA is yet further confirmation that gold’s future is strong and will play a key role in the next phase of the global economy. 

We thank you for your ongoing support and look forward to continuing our mission of giving clients access to quality gold investments while upholding industry best practices through our new LBMA membership. 

P.S. If you’re asking LBM-who? Take a look at our ten facts about the London Bullion Market Association, below. 

Who is the LBMA? Ten Quick Facts

1. The LBMA is the world’s most respected precious metals association and has been setting standards for buying and selling bullion since 1987. With over 100 members, it is considered the ultimate authority in safe, secure and ethical trading practices for gold and silver products. The LBMA was formed by a merger of two predecessor organisations – the London Gold Market Fixing Ltd and the London Silver Market Fixing Ltd.

2. The LBMA has its roots in the 17th century when goldsmiths and bankers began trading precious metals in London’s Lombard Street.

3. The LBMA is one of five major international bullion markets, along with New York, Zurich, Hong Kong, and Sydney.

4. The LBMA has a strict code of conduct for its members that covers areas such as market manipulation, insider trading, and anti-money laundering measures.

5. The LBMA publishes a range of market data including daily gold and silver prices, trading volumes, and inventory levels.

6. Its annual conference is one of the largest gatherings of precious metals industry professionals in the world and features keynote speeches from prominent figures in finance and economics.

7. The LBMA does not monitor or control the amount of gold in circulation, as it is a market association that primarily serves as a forum for its members to trade and settle bullion transactions. 

8. The LBMA maintains a Good Delivery List that sets standards for the quality and purity of gold bars that are considered acceptable for delivery in contracts traded on the London market. 

9. As of 2021, there were 73 accredited refiners on the Good Delivery List, producing an estimated 150 million ounces of gold annually. It’s worth noting that this figure represents only a fraction of the total amount of gold held by investors and central banks worldwide, which is estimated to be around 200,000 tonnes (or over 6 billion ounces) according to some estimates.

10. The LBMA does not have its own vault. Instead, it relies on a network of approved vaulting facilities located in London and other major financial centres around the world to store and secure the physical bullion that underlies trades made on its market. These vaults are typically operated by banks or specialised logistics providers and must meet strict security and compliance standards set by the LBMA. The LBMA maintains regular contact with these vault operators to ensure that they remain compliant with its rules and regulations, and may conduct audits or inspections as needed to verify their adherence to these standards.