The London Bullion Market is an over-the-counter (OTC) wholesale trading system for gold, silver, platinum, and palladium. It is the most widely-traded global market for precious metals, and buyers and sellers from all over the world transact through the market, with the bullion settling across accounts held in London. The term ‘Loco London’ refers to bullion that is physically held in London vaults to underpin the trading activity in this market.