Most LBMA refineries using gold database, association says
Most gold refineries accredited by the London Bullion Market Association (LBMA) are now providing data to a digital platform launched in January to increase transparency in the industry, the association's head says.
The LBMA oversees London's over-the-counter gold trading hub, the world's largest. Its "good delivery" list currently includes 66 gold refiners and 83 silver refiners worldwide that must source metal responsibly to access the London market.
The association's Gold Bar Integrity Database holds data submitted by refiners.
"We're in a very good place on the pickup," Ruth Crowell, the LBMA's CEO, said of the database. "We have 85% of refiners on board now."
The LBMA aims to have all its approved refiners using the database before the end of this year.
The push for disclosure was timely given record gold prices amid turbulence on financial markets had stoked demand for the precious metal, Crowell told Reuters on Wednesday on the sidelines of a responsible mining conference at the Organisation for Economic Cooperation and Development in Paris.
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