# ASSET SHIFT Gold Alternative Licensed Source Candidate Binding v0.1

Binding date: 2026-08-26  
Lane: New Version Only  
Status: LICENSING INQUIRY SENT／RESPONSE PENDING／FAIL-CLOSED  
Model output: BLOCKED

## Decision

The primary licensed-source candidate is **LBMA Gold Price PM in USD**. ICE Benchmark Administration Limited (IBA) administers the benchmark and LBMA owns the intellectual property. The benchmark represents the final PM auction price for spot, unallocated loco London gold.

This is a candidate for a separate new Gold version. It does not replace Gold v0.17, does not establish identity with the World Bank Pink Sheet Gold field, and does not inherit any v0.17 result.

## Candidate set

| Candidate | Role | Current status |
|---|---|---|
| LBMA Gold Price PM, USD | Primary formal benchmark | Pending written licence |
| LBMA Gold Price AM, USD | Alternate official setting | Pending written licence |
| Licensed vendor delivery of LBMA Gold Price PM | Delivery route only | Pending vendor and IBA scope |

AM and PM are not mixed. Vendor delivery does not create a different benchmark or remove the need to verify IBA usage rights.

## Nine-item binding

| # | Binding item | Status |
|---|---|---|
| 1 | Official series identity | FIXED |
| 2 | Administrator and IP owner | FIXED |
| 3 | Benchmark definition | FIXED |
| 4 | History boundary | FIXED |
| 5 | Frequency, currency and calendar | FIXED |
| 6 | Licensed Raw access and delivery | PENDING |
| 7 | Internal Raw retention, Vintage and checksum archive | PENDING |
| 8 | Free and commercial derived-state display | PENDING |
| 9 | Transform compatibility, Backtest and untouched OOS | PENDING |

## Historical boundary

The registered benchmark name “LBMA Gold Price” applies from 20 March 2015. The earlier London Gold Fix is treated as a separate historical regime. Any continuous monthly history would require separately documented rights, an explicit splice rule and a new preregistration. No automatic splice is allowed.

## Rights boundary

Official LBMA and IBA material states that use for valuation and pricing, transactions and certain redistribution requires an IBA usage licence. Access to delayed or historical data does not by itself establish permission for internal Raw archiving, free derived public display or commercial derived public display.

The following therefore remain blocked until written licensing terms are received:

- timestamped Raw storage and Vintage archive;
- SHA-256 retention copies;
- monthly Transform execution;
- free Research Preview derived-state display;
- advertising-supported or subscription commercial derived-state display;
- Backtest, untouched OOS and public model output.

## Required licensing questions

1. Which licence permits internal research and model development using LBMA Gold Price PM historical and ongoing data?
2. May exact downloaded files be retained internally as timestamped, SHA-256-fixed audit Vintages?
3. What historical depth, revision policy and delivery format are available?
4. May ASSET SHIFT display only a materially derived classification in a free Research Preview without displaying benchmark observations?
5. May the same derived classification be displayed in an advertising-supported or subscription service?
6. What attribution and benchmark disclaimer wording is mandatory?
7. Does a licensed vendor delivery require a separate IBA usage licence?
8. Are AM and PM settings licensed separately, and may a monthly average be calculated internally?

## IBA licensing inquiry disposition

- Prepared: 26 August 2026
- Verified recipient: `IBA-Licensing@ice.com`
- Recipient basis: IBA's official licensing page identifies this address for LBMA Gold Price licensing enquiries.
- Delivery status: **SENT／RESPONSE PENDING**
- Sent date: 26 August 2026 (date precision only)
- Transmission basis: user confirmation and Yahoo Mail Sent-folder screenshot showing the verified recipient and exact subject
- Private evidence SHA-256: `69f154a940e116055fdd4fb7bcfa7f68213ed3a84b138cacd5667cf6e4e89032`
- Effect on Gate: none; items 6–9 and every Gold Emit authorization remain blocked.

The completed transmission text is preserved in `ASSET_SHIFT_IBA_Gold_Licensing_Inquiry_2026-08-26.md`. The screenshot is retained as private evidence and is not published because it contains mailbox information. No permission or licence is inferred from transmission.

## Release rule

Candidate discovery does not authorize use. Items 6–9 must be fixed in writing, then a separate Transform preregistration, Cold Start, Backtest, untouched OOS, Snapshot validation and explicit human approval are required. Gold v0.17 and the Pink Sheet rights inquiry remain independent.