Accredited Refiners: LBMA and COMEX Approval for IRA Bars

Bars bought for a gold or silver IRA are often described as coming from an "accredited refiner." The phrase is not in the tax code. It comes from the metals markets, and from the rules some custodians and depositories set for themselves. This page explains the two best-known lists, what they do and do not tell you, and how to check a bar. It is part of our guide to IRA-eligible precious metals. It is general education, not personal advice.

What is an accredited refiner?

A refiner is the company that melts, purifies and casts a bar. An assay is a test of a metal's purity. "Accredited" means an outside body has reviewed the refiner and put its bars on an approved list.

Two bodies matter most in the U.S. retail market:

• The LBMA (London Bullion Market Association), which keeps the Good Delivery Lists.
• COMEX, the New York metals exchange run by CME Group, which approves "brands" for delivery against its futures contracts.

Neither list is a government approval, and neither says a bar is "IRA approved." They answer a narrower question: will the wholesale market accept this refiner's bars?

What is the LBMA Good Delivery List?

The LBMA says "Good Delivery is a system that enables the global trade of gold and silver bars" (LBMA). It also says "LBMA owns and manages the Good Delivery Lists for both gold and silver."

Based on that page:

• The LBMA says Good Delivery "enables the global trade of gold and silver bars."
• Refiners are checked on points such as market history, financial standing and production levels. The LBMA says they must produce at least 10 tonnes of refined gold or 50 tonnes of refined silver and have a tangible net worth of at least 15 million pounds.
• The LBMA says it conducts an annual check that refiners continue to meet the minimum requirements, and that "If a refiner fails to meet the standards, they will be removed from the Lists."
• The page says the lists cover standard bars of about 400 troy ounces of gold and 1,000 troy ounces of silver, and that "No other refined gold or silver products produced by accredited refiners fall within the scope of the Good Delivery Lists."

That last point matters for IRA buyers. The LBMA's own scope is large wholesale bars. A small bar or a coin sold to an investor may come from a refiner on the list, but the LBMA says the list does not cover those products.

What are COMEX approved brands?

COMEX approves brands for delivery. Its gold futures rulebook says: "Gold delivered under this contract shall assay to a minimum of 995 fineness and must be a brand approved by the Exchange" (CME Group, Chapter 113). The same chapter says each eligible bar must have its "brand mark clearly incised on the bar."

CME's delivery guide says its Market Regulation Department handles brand approval, including "Approve and monitor deliverable brands for precious metals." The guide says producers must also follow responsible sourcing guidelines to obtain and keep approval, and that the full list of approved brands is at a CME web address given in the guide (CME Group delivery process). We did not open that list file ourselves, so check CME's site for the current list.

Brand status can change. In August 2026, CME announced that COMEX had suspended the approved status of one gold and silver brand for metal produced on or after August 5, 2026, "until further notice." Metal produced earlier "will continue to be eligible" (CME notice MKR 08-13-26). We are not naming the brand, because the point is only that lists change. A list printed in an old brochure may be out of date.

How does this connect to the IRA tax rules?

The tax code treats most metals and coins as collectibles. When an IRA acquires one, the IRS says it "is treated as an immediate distribution from such account in an amount equal to the cost to the plan of such collectible" (IRS). Bullion has an exception. Under 26 U.S.C. 408(m)(3)(B), it covers gold, silver, platinum or palladium bullion "of a fineness equal to or exceeding the minimum fineness" that a contract market "requires for metals which may be delivered in satisfaction of a regulated futures contract," if a trustee has physical possession (26 U.S.C. 408). The IRS puts it this way: bullion "of a certain fineness" if "a bank or approved non-bank trustee keeps physical possession of it."

Notice what the law refers to: fineness and trustee possession. It does not mention refiners, the LBMA or an approved-brand list. The link to COMEX is that its contract sets a minimum fineness (995 for gold). Whether a particular exchange's standard is the one the statute points to is an interpretive question, and we did not find an IRS statement settling it. A tax professional can advise on that.

So a refiner listing does not make a bar tax-qualified, and a bar from an unlisted refiner is not automatically disqualified by the statute. The refiner rule comes mostly from custodians and depositories.

Why do custodians and depositories ask for accredited refiners?

We did not find a law or IRS rule that requires it, and we did not find a source that explains every custodian's reasons. What we can show is what some providers publish:

• According to STRATA Trust Company's website (accessed 2026-10-09), "Bars, rounds, and coins must be produced by a refiner, assayer, or manufacturer that is accredited/certified by NYMEX" and other bodies. Its page names COMEX, LBMA and several others, including ISO 9000 and national government mints. It also says gold must be 99.5% pure and metals must carry the producer's mint mark (STRATA).
• The Texas Bullion Depository's FAQ says "A general list of approved precious metals is provided during the deposit process" (Texas Bullion Depository). It does not name a refiner standard on that page.

These are individual companies' own policies. Other custodians may have shorter lists, longer lists or none, and we have not checked them all. A plausible reason for such rules is that a recognized brand is easier to authenticate and resell, but that is our reading, not something these sources state.

How do you check a bar's refiner?

1. Read the bar. COMEX rules call for the brand mark, weight, fineness and bar number to be incised on eligible bars. Many bars carry a refiner's mark and a serial number. Write down exactly what is stamped.
2. Ask for the refiner's full name in writing. Names are similar across companies, and one refiner may have several brands or locations.
3. Open the LBMA gold list. The LBMA's current gold list page is at lbma.org.uk. The LBMA says "The Good Delivery List is the property of LBMA." Check the name and the date of the list you are viewing, because the page gives no last-updated date.
4. Check CME's approved brand list and its recent notices. Look for the exact brand and any suspension notice, like the one described above.
5. Ask the custodian. The custodian's rule is what decides whether the IRA can buy the bar. Ask for the answer, covering the refiner, size and fineness, in writing before the dealer ships anything.

What mistakes should you avoid?

• Treating "LBMA approved" as "IRA approved." The LBMA list is about London trading, not the tax code.
• Assuming a small bar is covered by the LBMA list. By the LBMA's own description, the lists cover large standard bars.
• Trusting a sales page's list. Lists change, so check the source.
• Skipping the custodian. Our coins vs. bars guide and our page on gold bars cover other points to confirm first.

Related questions

Does an LBMA-listed refiner guarantee the bar is real?

No source we opened says so. A list tells you which refiners met a market body's standards. Whether the metal you are holding is the metal you paid for is a storage and verification question. See how to verify your metals exist.

Does the same idea apply to silver?

The LBMA keeps a silver list too. CME's delivery guide gives minimum fineness of 99.9% for silver and 99.95% for platinum and palladium. Our silver IRA guide covers silver more fully.