In commodities trading, the term good delivery denotes a set of standards which commodities must meet in order to be considered tradable.
The term is most widely used in relation to precious metals because precious metals can only be traded at standardized prices if the metals themselves are standardized. Good delivery standards ensure that the precious metals purchased by commodities traders are always identical in value.
Key players in defining good delivery standards for precious metals include the London Bullion Market Association (LBMA) which sets the good delivery standards for gold and silver which can be traded on London commodities exchanges, and the London Platinum and Palladium Market (LPPM) which sets the good delivery standards for platinum and palladium which can be traded on London and Zurich commodities exchanges. Bullion which is certified as meeting good delivery standards enjoys a greater level of liquidity than non-certified bullion.
Most major Swiss precious metal refiners meet good delivery standards.