BMG products meet the highest standards in the world for bullion quality and security, in no small part due to highly effective working relationships with trusted service providers. BMG maintains ongoing professional associations with the following organizations:
The Bank of Nova Scotia / ScotiaMocatta
BMG deals exclusively with ScotiaMocatta, a division of The Bank of Nova Scotia, for all of its bullion purchases. Records trace bullion transactions in London back to the 17th century with the formation of the oldest original member of the market, Mocatta & Goldsmid, in 1684. It was, however, the introduction of the London Silver Fixing in 1897 and the London Gold Fixing in 1919 that marked the beginning of the market’s structure and of the co-operation between members that has created the marketplace as it is today.
The growth in the number and type of market participants in the early 1980s, combined with the introduction of the Financial Services Act in 1986, brought about the formation of the London Bullion Market Association (LBMA) in 1987. The Bank of Nova Scotia purchased Mocatta & Goldsmid in 1997, and ScotiaMocatta is one of the eleven market-making members of the LBMA.
London Bullion Market Association (LBMA)
BMG is an Associate Member of the LBMA. The LBMA Good Delivery List of acceptable refiners is now widely recognized as representing the de facto standard for the quality of gold and silver bars, in large part thanks to the stringent criteria for assaying standards and bar quality that an applicant must satisfy in order to be listed.
The LBMA is the London-based trade association that represents the wholesale gold and silver bullion market in London. London is the focus of the international Over-the-Counter (OTC) market for gold and silver, with a client base that includes the majority of the central banks that hold gold, plus producers, refiners, fabricators and other traders throughout the world.
The LBMA requires that all LBMA Good Delivery Gold Refiners comply with the LBMA Responsible Gold Guidance. The LBMA Guidance is based on anti-money laundering principles as well as the five-step framework for risk-based due diligence of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas.