LPMCL (London Precious Metals Clearing Limited) is a company that handles clearing operations for precious metals trades in the London market. In simple terms, when two banks agree on a transaction of 1,000 kilograms of gold, LPMCL ensures that the seller delivers the gold, the buyer pays the money, and ownership is properly transferred. This system serves as the backbone of the London gold market. Currently, 9,392 tonnes of gold are held through this clearing system.