The London Bullion Market Association (LBMA: THE LONDON BULLION MARKET ASSOCIATION), founded in 1987 and located in London, is a trade association representing the local gold and silver wholesale market in London.
The market does not exist as an exchange, but as an OTC market. The LBMA acts as a coordinator between its members and counterparties, and its main responsibility is to improve the operational efficiency of the London gold market and expand the influence of the London gold market, to attract business for London; to facilitate the business activities of all participants, including gold producers, refiners, buyers, etc.
The silver inventory records in the London Bullion Depository for the end of March 2021 were originally announced as 1,249,344,929 troy ounces, or approximately 38,859 tonnes. However, a data submission error resulted in the incorrect release of the sum of the total silver held in the London Vault in March. The corrected figure is 1,143,194,000 troy ounces.
At the end of April 2021, London's vaults held 1,153,154,000 troy ounces of silver, up + 0.9% from the previous month. This equates to 35,867 tonnes of silver, worth US$29.8 billion, and approximately 1,195,570 silver bars.
These figures provide important insight into London's ability to support the physical OCT market.