Dillon Gage Metals, a dealer of precious metals such as silver, gold and platinum, opened a self-storage facility in Mississauga, Canada, in June designed especially for the storage of precious metals.
The facility will operate under the name International Depository Services of Canada (IDS). While there are several custody services available in Canada servicing a limited portion of the industry, IDS will be Canada’s only depository that services all market segments, including national mints, banks, precious metals dealers, brokerage houses, refineries, mining operations and individual investors. IDS was developed to provide customers with a facility within which to transact business with counter-parties.
“We believe the demand for metals storage and distribution will continue to increase in North America and globally this decade, as many new investors and funds buy physical gold, silver and platinum,” says Terry Hanlon, president of Dillon Gage Metals. IDS of Canada offers the bullion and certified coin markets a vault and secure warehouse space and provides a wide range of services, including segregated custody accounts and international shipping capabilities.
Additionally, IDS offers:
• Fully insured, segregated storage of precious metals
• Distribution and fulfillment services for commercial accounts
• International shipments of precious metals
• Individual product inspections
• Itemized inventory and collateral holdings reports
• Customs clearance assistance
• Collateral custody accounts serving lenders and borrowers
Precious metals held at IDS are insured and held off of IDS’ balance sheet, meaning that their title is not subject to any claims beyond those of the owner.
The company chose Mississauga for its facility because its a suburb of Toronto, which is considered a strategic metals hub in Canada, Hanlon notes. Toronto is also one of the world's top gold-mining nations and a major silver and platinum producer.
Founded in 1976 and based in Dallas, Dillon Gage Metals offers bullion trading, online trading of physical metal and futures, jewelry trading and liquidation, refining services, and rare coins and estate liquidations.