Good Delivery

The Good Delivery specification is a set of rules issued by the London Bullion Market Association (LBMA) describing the physical characteristics of gold and silver bars used in settlement in the wholesale London bullion market. It also puts forth requirements for listing on the LBMA Good Delivery List of approved refineries.

Good Delivery bars are notable for their large size and high purity. They are the type normally used in the major international markets (Hong Kong, London, New York, Sydney, Tokyo, and Zürich) and in the gold reserves of governments, central banks, and the IMF.

US commodity contracts do not guarantee delivery of gold and silver. All other commodities may be force-delivered instead of simply being settled with a credit to account. Since 2012, US account commodities traders asking for delivery have been routinely denied physical delivery and paid with credit to account. This is not usually an issue because CBOT and COMEX gold and silver trading has become primarily a derivatives market, since fund managers mostly never intend to take delivery.

The entire Good Delivery specification is contained in the LBMA document titled The Good Delivery Rules for Gold and Silver Bars: Specifications for Good Delivery Bars and Application Procedures for Listing. The document includes specific requirements regarding the fineness, weight, dimensions, appearance, marks, and production of gold and silver bars. It specifies procedures for weighing, packing, and delivery. It also describes policies for ensuring refiners' compliance with the specifications.

The current edition of the Good Delivery Rules was published in March 2015.

Weight is not recommended to be stamped on bars of either gold or silver, because bars will be officially weighed on delivery, and this weight—which may be different from that originally marked—will prevail. A bar's weight may also change by handling or sampling, thus invalidating the original mark.

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