International Gold Name
The international gold name is the standardized name used to identify gold in financial markets worldwide. It is also known as the London Bullion Market Association (LBMA) Good Delivery Gold Bar.
Composition and Purity
The international gold name refers to gold of the highest purity, with a fineness of 99.99%. This means that it contains 99.99% pure gold and no more than 0.01% impurities.
Physical Characteristics
Gold bars that meet the international gold name standards must have a rectangular shape and weigh between 350 and 400 troy ounces (10.9 to 12.4 kilograms). They must also be cast in a single mold and stamped with the refiner’s name, weight, and fineness.
LBMA Certification
To ensure the authenticity and quality of gold bars, the LBMA certifies refineries that meet its Good Delivery standards. Refineries must undergo regular inspections to verify their production processes and compliance with the LBMA’s requirements.
Market Significance
The international gold name is the benchmark for gold trading and investment. It is used to price gold bars and other gold products, such as coins and jewelry. The price of gold on the international market is typically quoted in U.S. dollars per troy ounce of gold meeting the international gold name standards.
Investment Importance
Gold is often considered a safe-haven asset during times of economic uncertainty or market volatility. As a result, gold bars that meet the international gold name are a popular investment vehicle for individuals and institutions seeking to protect their wealth.
Trading and Storage
Gold bars that meet the international gold name are traded on the major commodity exchanges, such as the London Metal Exchange (LME) and the New York Mercantile Exchange (NYMEX). They are also stored in secure vaults and depositories around the world to ensure their safety and liquidity.
Conclusion
The international gold name is the global standard for identifying gold of the highest purity and quality. It plays a critical role in the gold market, facilitating trade, investment, and the secure storage of physical gold. By ensuring the standardization and integrity of gold bars, the international gold name provides confidence and transparency in the gold market.
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