The world's largest market for gold and silver trading. Market makers mainly quote prices in US dollars per troy ounce for spot and forward delivery. It is operated by the London Bullion Market Association (LBMA), whose primary task is to ensure that refiners of gold and silver meet the required standards of quality. The Association maintains close links with the Bank of England, which is responsible for the supervision of the market and for publishing its code of conduct.
http://www.lbma.org.uk/core_page.html Website of the LBMA