Dallas, TX (PressExposure) April 21, 2014 -- International Depository Services of Delaware and its affiliate International Depository Services of Canada, subsidiaries of Dallas-based Dillon Gage Metals, were recently named associates of the London Bullion Market Association. The LBMA is a world-wide trade group representing wholesale gold and silver bullion, over-the-counter market members.
As the main point of contact between the London Bullion Market and its regulators, the organization sets "good delivery" refining standards and promotes sound trading practices. As the authority for the world Bullion Market, LBMA coordinates market clearing and vaulting. Members include international banks, bullion dealers, refiners, fabricators and traders.
"Dillon Gage Metals has been an LBMA associate for nearly three years, and we are very pleased about our affiliated precious metal depositories receiving the same distinction," says Terry Hanlon, president of Dillon Gage Metals. "The benefits of being part of this elite group will be beneficial to the future growth of the depositories as they conduct business around the globe."
"We have the highest regard for the association and our desire to partner with this elite group reflects our continued commitment to the industry." Hanlon added.
The LBMA's current membership stands at 140 companies in 24 countries - all admitted as either members or associates. Members are engaged in activities closely related to London's Gold and Silver Bullion markets, including trading, brokering, shipping and storage, mining and refining, inspection, assaying and research. Dillon Gage Metals and its subsidiaries are involved in most of these activities, with the exception of mining.
Associate status is reserved for companies outside the UK with strong ties to the London Bullion Market. To become an LBMA associate, applicants must demonstrate exemplary corporate integrity and obtain favorable, member-only endorsements. "We would like to thank all of the individuals and the companies they represent who have offered support and contributed to bringing IDS to the forefront of the international precious metals community, through their ongoing support and most recently associate sponsorship," notes Robyn Sprott, managing director of IDS of Canada.
The LBMA was established in 1987 by the Bank of England, the bullion market's regulator at the time. The group took over the roles of the London Gold Market and Silver Market, dating back to the mid-nineteenth century. Through its staff and committees, the LBMA works to ensure that London continues to meet evolving, global bullion-market needs.
"London has long been at the heart of worldwide price determination for gold and silver," Hanlon says.
"Being an associate of the LBMA opens the door to our expanding depository business that is servicing a wider group of precious metal market participants," states Alisa Moen, president, International Depository Services Group. "While International Depository Services of Canada and Delaware are among the newer precious metals storage facilities, IDS vaults are equipped with state of the art security and the range of services and technology we offer is unsurpassed which enhances our clients experience and offers them innovative business solutions."
For more information on Dillon Gage Metals, please visit http://www.dillongage.com/metals or phone 800-375-4653.