LBMALondon Bullion Market Association (LBMA) in UK is the largest over-the-counters (OTC) clearing house in the world. This is also called the spot market. OTC refers to trading usually done directly between two parties in an agreement and can be done electronically or by phone via broker-dealer network. There is no centralized stock exchange. Most OTC trades are cleared in London and the international gold price is derived here via daily gold auctions taking place twice a day, 10:30am and 3:00pm, where the LBMA will publish the gold price in US dollars.  LBMA also own and manage the good delivery lists for both gold and silver and has over 140 members such as banks, financial institutions, bullion dealers, miners, refiners, trading, vaulting, manufacturing companies over the world.


The Commodity Exchange Inc. (Comex) is the largest gold and silver derivatives (e.g. forwards, futures and options) exchange trading in the