Mined Gold
LBMA Defines Mined gold as Gold that originates from mines (large-scale, medium-scale or artisanal/ small scales mines) and has never been previously refined. This term means any gold or gold-bearing material produced by or at a mine, in any form, shape, and concentration, until it is fully refined (995 or greater), fabricated into a gold refinery product (e.g., bar, grain), and sold.
Recycled Gold
LBMA Defines Recycled Gold as Gold that has been previously refined. This term traditionally encompasses anything that is gold-bearing and has not come directly from a mine in its first gold life cycle. In practical terms, recyclable material includes end-user, post-consumer products, scrap, and waste metals and materials arising during refining and product manufacturing, and investment gold and gold-bearing products. This category may also include fully-refined gold that has been fabricated into the grain, good delivery bars, medallions, and coins that have previously been sold by a refinery to a manufacturer, bank, or consumer market, and that may thereafter need to be returned to a refinery to reclaim their financial value