The London Bullion Market is a global center for trading precious metals, primarily gold and silver. It operates as an over-the-counter market, meaning transactions occur directly between parties rather than on a formal exchange. This market is crucial for setting benchmark prices and facilitating large-scale trades. Key participants in the London Bullion Market include banks, dealers, and refiners, all of whom contribute to the liquidity and efficiency of the market. The London Gold Fixing and London Silver Fixing are important processes that establish daily reference prices for these metals, guiding transactions worldwide.