Adrian Ash (Bullion Vault) referenced Winston Churchill during our Future of Gold event in Barcelona: “The farther backward you can look, the farther forward you can see.” With this remark in mind, and as I near the end of my ten-year stint with LBMA, I’d want to take a moment to reflect on the progress and transformation I’ve witnessed over my tenure, said Ruth Crowell, LBMA-CEO.
The London Market’s transparency and integrity have altered dramatically. For the first time in 300 years, the publication of LBMA Trade Data gave openness to the market, revealing $15 trillion in yearly turnover. For the first time, London Vault holdings were made public, providing clients with greater confidence and understanding of the market in which they trade.
Daily LBMA Price auctions are open to all market players and transparent, with best-in-class independent oversight and administration. We currently have more banks participating than non-banks, having increased from five banks investing in gold in 2013 to 17 participants now in 2023.
LBMA‘s bank sheet has more than doubled in ten years, thanks to data licensing, events, services, and, of course, membership growth.