LBMA - London Bullion Market Association was incorporated in 1987 to represent the interests of the participants in the wholesale bullion market.

Leaching - The extraction of a soluble metallic compound from ore by dissolving the metals in a solvent.

Legal Tender - Money that is officially issued and recognized in exchange for good and services.

Liquid Assets - Assets consisting of cash or other property, which can be readily converted into cash.

Liquidity - The ease of buying and selling a precious metal. For example it is easier to sell one ounce of silver versus a 100 ounce silver bar.

London Fixing Price - A precious metal price that is fixed by the London Gold Market Fixing Ltd via conference call, which is used as a benchmark to price the major global precious metal products and derivatives. The gold fixing price is fixed twice each business day at 10:30 am and 3 pm, and the silver price fixing is set or fixed once a day, at 12:00 am London local time.

LPPM - Is the abbreviation for London Platinum and Palladium Market.