In the Future of Gold session at our Conference in Barcelona, Adrian Ash (Bullion Vault) quoted Winston Churchill: “The farther backward you can look, the farther forward you can see.” With this quote in mind, and as I approach my ten-year tenure with LBMA, I’d like to briefly look back over the growth and change I’ve overseen during my time, Said Ruth Crowell, LBMA-CEO.
The transparency and integrity of the London Market has changed immensely. Publication of LBMA Trade Data brought transparency to the Market for the first time in 300 years, showing $15 trillion in annual turnover. London Vault holdings were also published for the first time, giving clients more confidence and understanding in the Market in which they trade.
The launch of the Global Precious Metals Code gives further confidence to clients that they will be treated fairly when it comes to business conduct. I’m delighted to see not only Members attesting, but global market participants, including the Bank of England, Reserve Bank of South Africa and Reserve Bank of Australia.
Daily LBMA Price auctions are transparent and open to all market participants, with best-in-class independent oversight and administration. We now have more banks than non-banks participating, having grown significantly from five banks participating in gold in 2013 to 17 participants now in 2023.
LBMA has seen its balance sheet double in ten years, thanks to licensing of data, events, services and of course growth in Membership.
LBMA Membership has grown from 137 Members to 160 Members. 2023 saw a significant growth in numbers which will continue into 2024 as we have changed our criteria and approach to be more inclusive, while maintaining high standards. The number of Good Delivery List Refiners has not changed significantly but the work done to test and maintain their listing has increased, along with the services we offer them.
I, for one, look forward to where 2024 and beyond will take us as an organisation and I welcome your continued support – as ever – in all of our work.
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