A set $\mathcal{S}=\lbrace x_1,\ldots ,x_n\rbrace $ of $n$ distinct positive integers is said to be gcd-closed if $(x_{i},x_{j})\in \mathcal{S}$ for all $1\le i,j\le n $. Shaofang Hong conjectured in 2002 that for a given positive integer $t$ there is a positive integer $k(t)$ depending only on $t$, such that if $n\le k(t)$, then the power LCM matrix $([x_i,x_j]^t)$ defined on any gcd-closed set $\mathcal{S}=\lbrace x_1,\ldots ,x_n\rbrace $ is nonsingular, but for $n\ge k(t)+1$, there exists a gcd-closed set $\mathcal{S}=\lbrace x_1,\ldots ,x_n\rbrace $ such that the power LCM matrix $([x_i,x_j]^t)$ on $\mathcal{S}$ is singular. In 1996, Hong proved $k(1)=7$ and noted $k(t)\ge 7$ for all $t\ge 2$. This paper develops Hong’s method and provides a new idea to calculate the determinant of the LCM matrix on a gcd-closed set and proves that $k(t)\ge 8$ for all $t\ge 2$. We further prove that $k(t)\ge 9$ iff a special Diophantine equation, which we call the LCM equation, has no $t$-th power solution and conjecture that $k(t)=8$ for all $t\ge 2$, namely, the LCM equation has $t$-th power solution for all $t\ge 2$.