A Good Delivery Bar refers usually to the London Good Delivery, describing the physical characteristics of gold (and silver) bars. It is the accepted standard for gold bars. The London Good Delivery List is maintained by the London Bullion Market Association (LBMA).
A Good Delivery Gold bar includes the following characteristics:
- Fineness: minimum of .995
- Marks: serial number, refiner’s hallmark, fineness, year of manufacture
- Gold content: 350 oz t – 430 oz t
- Recommended dimensions
- Length (top): 210 – 290 mm
- Width (top): 55 – 85 mm
- Height: 25 – 45 mm
The entire Good Delivery specification is contained in the LBMA document “The Good Delivery Rules for Gold and Silver Bars: Specifications for Good Delivery Bars and Application Procedures for Listing”. The LBMA also maintains a list of approved refiners, “The Good Delivery List of Acceptable Refiners: Gold”. They must meet certain criteria (net worth, production volume and age). The continuously updated list hold currently more than 60 refiners. Gold bars produced by refiners that are not included anymore, are still accepted if produced during the time of having the status as approved refiner.
The approved refiner list originates from the Bank of England’s bullion office in the 18th century. The compilation expanded in the 19th century after the gold discoveries in California, Australia and South Africa.
Good Delivery bars are used as gold reserves of governments, central banks and the IMF. They are traded at major exchanges, such as:
- London Bullion Market Association (LBMA)
- New York Mercantile Exchange (NYMEX), COMEX division (COMEX, USA)
- Brazilian Mercantile & Futures Exchange (BM&F, Sao Paulo)
- Dubai Multi Commodities Centre (IGE)
- Istanbul Gold Exchange (IGE)
- Tokyo Commodity Exchange (TOCOM)
- Shanghai Gold Exchange (SGE)
- Shanghai Futures Exchange (SHFE)
- Chinese Gold & Silver Exchange Society (CG&SES, Hong Kong)
A Good Delivery Bar can also refer to the 5 tael bar which is traded at the Chinese Gold and Silver Exchange (Hong Kong).
The picture shows Nathan Rothschild (1777 – 1836), who was the most important banker for the British Government.
Filed under: Gold Bars