A gold bar lies inside a safe deposit box at the ProAurum gold house in Munich March 3, 2014.Michael Dalder/Reuters
Now you can hold your gold and silver even closer to your postal code. Following International Depository Services of Canada Inc.'s recent naming as an associate of the London Bullion Market Association, a global trade group for precious metals, the Investment Industry Regulatory Organization of Canada has granted approval for IDS of Canada to be one of the country's eight holders of LBMA gold and silver delivery bars.
In Canada, there are few non-bank firms in the business of storing and trading physical gold and silver for clients. The list includes Brink's Inc. and the Royal Canadian Mint, and now IDS of Canada, whose high-security storage facility is in an undisclosed location in Toronto. The company is a subsidiary of Dillon Gage Metals, based in Dallas.
"Being accepted further demonstrates IDS of Canada's commitment to the physical metals market locally and internationally," said Robyn Sprott, managing director of IDS of Canada.
With IIROC approval, IDS of Canada can hold a "Dealer Member's inventory and client positions in gold and silver bullion," without facing a penalty and so long as it conforms to Dealer Member rules. There are only 140 LBMA members in the world, in 24 countries.