For investors in gold and silver, two of the most important institutions in the precious metals industry are the London Bullion Market Association (LBMA) and the Commodity Exchange (COMEX). These organizations set global standards for bullion quality, ensure the integrity of metals traded in major markets, and provide a framework for secure storage and delivery.
For those seeking secure, globally recognized bullion, understanding LBMA Good Delivery standards and COMEX-approved refiners and depositories is crucial. Below, we break down the rigorous specifications set by each organization and why they matter to precious metals investors.
The London Bullion Market Association (LBMA) was established in 1987 to oversee the global over-the-counter (OTC) market for gold and silver. However, its history dates back to the 18th century, when London became the world's leading hub for gold and silver trade.
The LBMA Good Delivery List is the gold standard for bullion quality, ensuring that only high-quality refiners produce and trade investment-grade gold and silver bars. To be LBMA-approved, a refiner must meet stringent requirements, including a minimum gold fineness of 995.0 for Good Delivery bars and a minimum silver fineness of 999.0. Each bar must adhere to precise weight, size, and marking specifications, and refiners must have a proven track record in refining and global distribution.
As of February 2025, the LBMA Good Delivery List includes 66 gold refiners and 82 silver refiners, demonstrating strict industry compliance.
LBMA Good Delivery gold bars must have a minimum fineness of 995.0 parts per thousand fine gold. Standard bars weigh approximately 400 troy ounces (12.44 kg), with some variation allowed due to manufacturing differences. Additionally, 1-kilogram gold bars are now an accepted LBMA standard and must have a fineness of 999.9 (99.99%) fine gold.
The dimensions of 400-ounce gold bars must have a top length between 210 mm and 290 mm, a width between 55 mm and 85 mm, and a height between 25 mm and 45 mm. The 1-kilogram gold bars are rectangular and must conform to LBMA-specified size requirements.
Each LBMA gold bar must be clearly marked with a serial number, refiner’s hallmark, fineness, and the year of manufacture.
LBMA Good Delivery silver bars must have a minimum fineness of 999.0 parts per thousand fine silver. The standard bar weight is 1,000 troy ounces (32.15 kg), with a tolerance of up to ±6%.
The dimensions of 1,000-ounce silver bars must fall within the following ranges: the top length must be between 250 mm and 350 mm, the width between 110 mm and 150 mm, and the height between 60 mm and 100 mm.
Each LBMA silver bar must be stamped with a serial number, refiner’s hallmark, fineness, and the year of manufacture to ensure traceability and authenticity.
The Commodity Exchange (COMEX) is a division of the Chicago Mercantile Exchange (CME Group) and is one of the largest gold and silver trading platforms in the world. Unlike LBMA, which focuses on wholesale bullion trading, COMEX plays a critical role in price discovery through its futures market.
Investors who purchase gold and silver futures contracts on COMEX may opt for physical delivery, meaning their bullion must meet strict standards for purity, weight, and markings. To ensure quality, COMEX-approved refiners and depositories must comply with guaranteed purity and weight standards, compliance with U.S. regulatory requirements, and secure storage in COMEX-approved depositories.
These standards make COMEX bullion widely accepted in international markets, ensuring its authenticity and investment-grade quality.
COMEX Good Delivery gold bars must have a minimum fineness of 995.0 parts per thousand fine gold for 100-ounce bars. 1-kilogram gold bars are now an accepted deliverable unit and must meet a minimum fineness of 999.0 fine gold.
A 100-ounce COMEX gold bar must weigh approximately 100 troy ounces, with a small variation allowed. The 1-kilogram gold bar must weigh exactly 1,000 grams (1 kg). To provide greater flexibility in trading, COMEX now allows three 1-kilogram gold bars to be delivered in place of a single 100-ounce gold bar.
Each COMEX gold bar must be stamped with weight, fineness, bar number, and brand mark. As of January 1, 2025, new bars must also display the month and year of production.
COMEX Good Delivery silver bars must have a minimum fineness of 999.0 parts per thousand fine silver. The standard weight is 1,000 troy ounces, with an allowable tolerance of ±10%.
Each silver bar must be clearly marked with its weight, fineness, bar number, and brand mark. Bars produced after January 1, 2025, must also include the month and year of manufacture to ensure compliance with COMEX standards.
While LBMA and COMEX share strict bullion standards, their focus areas differ. Below is a comparison of their key requirements:
Both LBMA and COMEX ensure high-quality, globally accepted bullion, but COMEX-approved bars are commonly used in U.S. futures markets, whereas LBMA bars are traded globally in the OTC market.
For investors looking for security, liquidity, and authenticity, bullion that is LBMA or COMEX-approved offers several key advantages:
Refiners and depositories that achieve LBMA or COMEX approval must meet strict standards for purity, weight, and security. This guarantees that metals traded on these markets are authentic and investment-grade.
Gold and silver bullion that meets LBMA Good Delivery or COMEX standards is widely accepted by central banks, institutional investors, and major bullion dealers worldwide. This ensures that investors can easily buy, sell, or trade their metals without concerns about authenticity.
Gold and silver stored in COMEX-approved depositories are eligible for physical delivery through futures contracts, ensuring that investors’ holdings are secure and accessible when needed. LBMA-approved vaults also provide industry-standard storage for allocated bullion holdings.
The following world-renowned refiners have achieved both LBMA Good Delivery status and COMEX approval, ensuring their bullion meets the highest global standards for purity, weight, and security:
These refiners meet strict LBMA and COMEX standards, ensuring investors receive globally recognized bullion.
For investors seeking secure storage options, COMEX-approved depositories offer insured, high-security storage for gold and silver bullion. Some of the top facilities include:
If you're holding physical gold and silver, storing your bullion in a COMEX or LBMA-approved vault ensures maximum security and global recognition.
Understanding the differences between LBMA and COMEX standards is crucial for any investor looking to buy, trade, or store precious metals securely. While LBMA Good Delivery bars set the global benchmark for wholesale bullion trading, COMEX-approved bars play a vital role in futures contracts and market liquidity. Both organizations enforce strict standards for purity, weight, and authenticity, ensuring that gold and silver meet the highest industry requirements.
For those seeking maximum liquidity and global recognition, choosing LBMA or COMEX-approved bullion is essential. Additionally, proper storage solutions are critical to safeguarding your investment—whether through a COMEX-approved depository or Bullion Exchanges’ secure vault services. By staying informed about LBMA and COMEX standards, investors can confidently navigate the precious metals market, ensuring their holdings maintain value, authenticity, and accessibility over time.