Uploaded November 2020 | Updated September 2026, 5 hours ago

---

Filmed in November 2020

Join us for an in-depth discussion with Daniel March and BullionStar's Ronan Manly, on the inner workings of the LBMA Bullion Banks in London, with a rare perspective from Daniel as an industry professional.

0:00 Introduction
0:58 Daniel's background in the industry
4:05 Explanation of gold credit and unallocated metal
6:54 London settlement, netting and collateral
11:40 Precious metals clearing: LPMCL and AURUM
15:17 LPMCL member banks, infrastructural barriers to entry
18:14 GLD allocation process, unallocated gold, HSBC and APs
20:19 Bank of England’s role as the Lender of Last Resort
22:22 When and why did LBMA unallocated ‘metal’ appear
27:08 HSBC & JP Morgan, exit of bullion banks, effect on liquidity
30:05 LBMA Trade and Vault Reporting - Lack of Transparency
34:34 Basel III and Required Stable Funding (RSF) in 2021
36:39 Exchange for Physical (EFP) and the EFP blowups of 2020
42:59 ETF silver inventories and the LBMA vaults
44:23 A discussion of gold Consignment Stocks
46:23 The Drivers of and Outlook for the Gold Price
50:07 Asian gold market trends, potential PBoC gold buying

Follow Daniel on Twitter @Daniel_March3