Bringing you live news and features since 2006 

Gold industry groups launch initiative for developing gold bar integrity

RELATED TOPICS​

London Bullion Market Association (LBMA) and the World Gold Council (WGC) are collaborating to develop and implement an international system of gold bar integrity, chain of custody and provenance. 

The two groups report that over time, this will help consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced.

To deliver this development for the market, LBMA and WGC have brought together representatives from the global gold supply chain to launch a pilot phase of the project.

This initial phase will see two distributed ledger companies (aXedras and Peer Ledger) demonstrate how their technology can best deliver a global ecosystem that will create an immutable record of a gold bar’s place of origin and chain of custody. This blockchain-backed ledger will register and track bars, capturing the provenance and full transaction history.

Over time, the plan is to encourage all major participants in the gold industry to adopt this technology, and add to the global ecosystem, so that all gold bars are registered and tracked across the entire supply journey from mine to vault, and ultimately to end consumers such as jewellery manufacturers. This will effectively digitise the global supply chain of gold bars.

The Gold Bar Integrity Programme supports greater industry alignment to ensure the future growth of the international gold market.

Ruth Crowell, Chief Executive Officer, LBMA, says: “The international trade in wholesale, physical gold depends on confidence. The initiative announced today underlines the confidence that all participants in the market can have in the integrity and accountability of the gold they trade, and the gold they buy. This is a major advance in furthering transparency for the common good of the gold industry.”

David Tait, Chief Executive Officer, World Gold Council, says: “This transformative project is the first step towards a more aligned gold industry, where we work together to ensure a more accessible and transparent market. Consumers and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will help enforce the highest standards across the entire supply chain. At the World Gold Council, we are committed to addressing barriers to investment such as trust and provenance as this is key to unlocking increased demand for gold.”

Jin Chang, Managing Director and Global Head of Metals, CME Group says: “We welcome the introduction of the Gold Bar Integrity Programme, which will help further strengthen the integrity of the physical gold industry, as well as its investment and trading communities. We are committed to helping our clients navigate the evolution towards a more sustainable future, and these initiatives help provide more clarity to the industry and our clients around how their sustainability goals are being met.”

Latest News

Digital asset manager 21Shares has published The Global Crypto Classification Standard report, in partnership with CoinGecko, described as the world's..
Tradeweb Markets has announced it has launched a market data service to calculate real-time Indicative Net Asset Values (iNAVs) for..
Bloomberg has announced the launch of ETF list trading via its ETF Request for Quote service (RFQe), writing that it..
The iShares Listed Private Equity UCITS ETF is designed to offer investors access to large, liquid, and listed private equity..

Related Articles

ETF
Detlef Glow, head of Lipper EMEA Research at Refinitiv, has published the Refinitiv Lipper ‘European ETF Industry Review: 2022’ commenting...
kris-Spazafumo
Capital Group, home of American Funds, has launched 12 active-passive model portfolios featuring Capital Group as the strategist. The models...
Bloomberg
Athanasios Psarofagis, Strategy Bloomberg Intelligence ETF Analyst, writes that European ETPs' turnover exceeded EUR2 trillion for a third consecutive year...
Mackenzie
Canadian asset manager Mackenzie Investments, with CAD186.6 billion under management, has published its annual Mackenzie Investments Year-End ETF Report. ...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by