A new, private precious metals depository, International Depository Services of Canada (IDS of Canada), has received approval from the Investment Industry Regulatory Organization of Canada (IIROC) to hold physical bars of gold and silver.
IDS of Canada announced that it has been approved by IIROC, which qualifies it to hold both an IIROC dealer’s own inventory of gold and silver bullion, and clients’ positions in these commodities, without facing a capital penalty.
The firm says that its clientele includes investment dealers, institutions, government mints, asset managers, wholesalers, bullion dealers, and individual investors. It is a wholly owned subsidiary of Dillon Gage Metals.
Robyn Sprott, managing director of IDS of Canada, says that IIROC approval “further demonstrates IDS of Canada’s commitment to the physical metals market locally and internationally.”
The list of other approved depositories includes Bank of Montreal, CIBC, Royal Bank, Scotiabank, Brink’s Ltd., the Royal Canadian Mint, and UBS AG.