Some observations on the dueling gold markets
2025
May 8 - LBMA suspends two Chinese silver refineries following a modified assurance opinion, issued by SLR Consulting Ltd., for its FY2025 Responsible Silver Compliance Report
2026
July 24 (green line) - China restricts banks from offering retail traders access to leveraged trading on SGE gold contracts. SGE premium to LBMA spot starts to shrink.
August 5 - LBMA suspends Shangdong Gold Smelting from their gold and silver Good Delivery Lists following its addition to the United States Uyghur Forced Labor Prevention Act (UFLPA) Entity List.
August 19 - SGE gold flips from premium to discount versus LBMA spot
August 20 - LBMA announces suspension of Hunan Shuikoushan Nonferrous Metals Group following a modified assurance opinion, issued by SLR Consulting Ltd., for its FY2025 Responsible Silver compliance reporting. Yes, you read that correctly. It's the same 2025 report that prompted the LBMA to censure two silver refineries over a year ago.
August 20 - China Gold Association issues a strongly worded letter castigating the USA's (& LBMA's) use of the United States Uyghur Forced Labor Prevention Act (UFLPA) Entity List to target parts of the Chinese gold industry.
Special Consideration
India is back at the global silver buyer's table again with silver imports restarting in August. Evidence from the Indian MCX futures exchange indicate that the same is not yet true for gold. When India does resume gold imports, you would think they would try to buy from China given their discount to LBMA spot. Will China allow it or limit exports?
LBMA suspends silver refineries
2026 LBMA suspensions h/t:
SGE premium chart:
China Gold Association
2025
May 8 - LBMA suspends two Chinese silver refineries following a modified assurance opinion, issued by SLR Consulting Ltd., for its FY2025 Responsible Silver Compliance Report
2026
July 24 (green line) - China restricts banks from offering retail traders access to leveraged trading on SGE gold contracts. SGE premium to LBMA spot starts to shrink.
August 5 - LBMA suspends Shangdong Gold Smelting from their gold and silver Good Delivery Lists following its addition to the United States Uyghur Forced Labor Prevention Act (UFLPA) Entity List.
August 19 - SGE gold flips from premium to discount versus LBMA spot
August 20 - LBMA announces suspension of Hunan Shuikoushan Nonferrous Metals Group following a modified assurance opinion, issued by SLR Consulting Ltd., for its FY2025 Responsible Silver compliance reporting. Yes, you read that correctly. It's the same 2025 report that prompted the LBMA to censure two silver refineries over a year ago.
August 20 - China Gold Association issues a strongly worded letter castigating the USA's (& LBMA's) use of the United States Uyghur Forced Labor Prevention Act (UFLPA) Entity List to target parts of the Chinese gold industry.
Special Consideration
India is back at the global silver buyer's table again with silver imports restarting in August. Evidence from the Indian MCX futures exchange indicate that the same is not yet true for gold. When India does resume gold imports, you would think they would try to buy from China given their discount to LBMA spot. Will China allow it or limit exports?
LBMA suspends silver refineries
Two Silver Refineries Suspended
Guangxi Nandan Nanfang Metal Company Limited and Minshan Environmental Energy High Tech Co., Ltd have been suspended by LBMA with effect from 8 May 2026.
2026 LBMA suspensions h/t:
SGE premium chart:
China Gold Association