Dillon Gage Opens Precious Metals Storage Center in Toronto
New state-of-the-art depository will fill a need in the Canadian market
Today, Dallas-based Dillon Gage Metals opened its newest subsidiary, International Depository Services of Canada (IDS) in Mississauga, Ontario, a suburb of Toronto. IDS is Canada’s first, full-service metals depository designed to meet the diverse needs of all precious metal market participants, from commercial entities to private investors. IDS will provide clients with secure precious metals storage and global distribution for bullion bars and coin s, and certified coins.
“We believe that 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 substantial amount of vault and secure warehouse space and provides a wide range of services — including segregated custody accounts and international shipping capabilities.
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 convenient, state-of-the-art facility within which to transact business with their counter-parties.
The IDS security system is a multi-redundant, ULC-rated system, while the facility itself is structured to safely receive, store, transfer and ship precious metals products worldwide. 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
• Detailed transaction confirmations and comprehensive shipping summaries
• 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.
“There’s a shortage of secure storage space for metals in Canada, specifically in the Toronto area, and demand dictated our decision to locate there,” Hanlon states. “Our Toronto facility will fill this void and will serve as a fulfillment center for worldwide metals distribution.”
Toronto is a strategic metals hub in Canada, Hanlon notes — one of the world’s top gold-mining nations and a major silver and platinum producer. The Royal Canadian Mint is a leading producer of gold, silver and platinum bullion coins that are prized by investors around the world. Shares in Canadian mining companies trade on the Toronto Stock Exchange, the New York Stock exchange and other major exchanges. “With Toronto being the business capital of Canada, this is the ideal location for a sophisticated facility such as IDS,” says Robyn Sprott, managing director of Canadian Operations.
Hanlon points to the growing popularity of silver as an investment, particularly because of its lower price relative to gold, but notes that silver is bulkier than gold and needs more storage space. Silver items requiring storage include 1,000-ounce and 100-ounce bars, along with bags of 90% silver coins and boxes of Canadian Silver Maple Leafs and American Silver Eagles. “A 1,000-ounce silver bar weighs 70 pounds, is about 13 inches long and is valued at approximately $29,030, ” he explains, “so you can see how someone with a sizable investment also needs sizable and secure storage space.”
Hanlon adds that “IDS is a strategic addition to our current business offerings and segments, and is another important part of the sophisticated operation that we’ve constructed in North America.” He notes that IDS is supported by decades of professionalism and storage experience at Dillon Gage and its independently-operated subsidiary Diamond State Depository in Delaware. Customers’ assets at both locations are protected by advanced, round-the-clock security and are protected with insurance underwritten by the leading global insurer.
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.
The International Depository of Canada is located at 3300 Caroga Drive, Mississauga, Ontario L4V 1L4. For more information on IDS, go to http://www.IDSofCanada.com or call, toll free, 855-362-2431.
Diamond State Depository is located at 406 West Basin Road, New Castle, Delaware 19720. For more information on Diamond State Depository, go to www.diamondstatedepository.com of call 888-322-6150.
For more information on Dillon Gage Metals, please visit www.dillongage.com/metals or phone 800-375-4653. Follow Dillon Gage on Twitter @DillonGage and on Facebook http://www.facebook.com/dillongage.
About Dillon Gage Metals
Dillon Gage Inc. (www.DillonGage.com) was founded in 1976, and its companies include:
• Dillon Gage Metals, one of the largest precious metals dealers in the U.S. (www.DillonGage.com/Metals) 800.375.4653
• Dillon Gage Refinery, state of the art refinery located in Dallas, Texas. (www.dillongage.com/metals/refining) 888.436.3489
• FizTrade Online Trading offers real-time trading for bid and ask markets for gold, silver platinum and palladium. (www.FizTrade.com) 800.375.4653
• Diamond State Depository, a wholly owned, independently operated precious metals storage facility located in New Castle, Delaware. (www.DiamondStateDepository.com) 888.322.6150
• International Depository Services of Canada, a wholly owned, independently operated precious metals storage facility located in Toronto, Canada. (www.IDSofCanada.com)