Coin dealers can set up self-directed Registered Retirement Savings Plan or RRSP accounts for Canadian clients with the Closed Loop RRSP platform, Dillon Gage Metals in Dallas announces. The company has partnered with Toronto-based brokers Questrade, Inc., which connects with the electronic trading and RRSP platforms operated by Dillon Gage. Through this system, coin dealers can facilitate retirement-account solutions for customers, who use their RRSPs to buy coins and bars and store them in secured and insured accounts at International Depository Services of Canada. Canadians can also hold coins in Tax Free Savings Accounts.
Canadian citizens have been able to include investment-grade gold and silver coins, bullion bars and wafers in RRSPs since 2005. Gold and silver coins must be at least 99.5 and 99.9 percent pure, respectively, according to the Canadian Revenue Agency. Bullion bars are eligible as long as they're produced by a refinery accredited by the London Bullion Market Association. Legal tender coins produced by the Royal Canadian Mint can be held in RRSPs.
“Many investors today allocate part of their savings to precious metals, including coins, for a balanced portfolio; however, many are unaware of the ability to utilize RRSP funds for this purpose,” Terry Hanlon, president of Dillon Gage Metals in Dallas, says. “The creation of this platform was a natural complement to our electronic trading platform. Coin dealers have told us for many years that opening RRSPs for retail investors, waiting for funds to clear, and purchasing and storing the coins can be confusing and time consuming.”
As an international precious metals wholesaler with a sophisticated electronic trading system and the owner of metals depositories, Dillon Gage had the technology to create the Closed Loop RRSP platform. Dillon Gage has simplified the RRSP process for participants—including retail investors, coin dealers, account administrators, wholesalers and storage facilities—by launching closed loop retirement accounts on its Digital Metals Platform. Through the system's data display screen, a coin dealer knows where his clients stand at each stage in the RRSP process.
From a dashboard, a coin dealer takes the first step for his customer. The retail investor receives an email from his dealer with a link to Dillon Gage's new accounts system. This sets the stage for the self-directed RRSP. Funds are secured, and the dealer is approved to buy coins on the Digital Metals Platform for his client. The coins are purchased and can be stored in Toronto, Ontario, in secured and insured accounts at International Depository Services of Canada.
International Depository Services of Canada and its sister location in New Castle, Del., are approved associates of the London Bullion Market Association. IDS-Canada is also approved by the Investment Industry Regulatory Organization of Canada, or IIROC, as eligible to hold LBMA gold and silver good delivery bars.
“Our closed-loop retirement platform streamlines the process for all parties and increases the business opportunities for Canadian coin dealers to assist their clients with these transactions,” Hanlon states. “I recommend that Canadian coin dealers and their customers take a look at this investment option.”
For more information, please visit Dillon Gage Metals at www.dillongage.com or call (800)375-4653.
About IDS of Canada
As Canada's first private depository dedicated exclusively to the unique needs of gold, silver and platinum group metals, IDS of Canada provides direct support to market participants through wide-ranging offerings including comprehensive secure and segregated storage and inventory management services. IDS of Canada's clientele include IIROC dealer members, institutions, government mints, asset managers, wholesalers, bullion dealers and individual investors. IDS of Canada and its affiliate company IDS of Delaware are wholly-owned subsidiaries of Dillon Gage Metals.
About Dillon Gage Metals
Dillon Gage Inc. of Dallas (DillonGage.com), founded in 1976, companies include:
• Dillon Gage Metals (www.DillonGage.com/Metals) one of the world’s largest precious metals wholesale trading firms. The firm is an authorized purchaser for all major world mints and maintains inventory in over 20 countries around the world. 800-375-4653
• FizTrade Online Trading (www.FizTrade.com offers real-time bid/ask trading platform for gold, silver, platinum and palladium. 800-375-4653
• Digital Metals (www.DigitalMetals.com delivers advanced tools and technologies that enable market participants to be more successful in their businesses. Digital Metals offers cloud-based solutions for physical precious metals marketplace built upon the Digital Metals Platform. 866-494-3577
• Dillon Gage Refining (www.dillongage.com/refining/why-dg) professional assayers and refiners of precious metal scrap, from low grade to karat scrap. Stone removal services and diamond experts on staff. 888-436-3489
• International Depository Services Group with locations in Delaware, USA (www.ids-delaware.com 888-322-2431), and Ontario, Canada (www.idsofcanada.com 855-362-2431), offers secure, efficient and insured precious metals and certified coin depositories that focus of custom business logistics solutions which include storage, fulfilment, inventory managements and many other value added services.
Contact:
Jeffrey Cheatham
TrizCom PR
jeffc@trizcom.com
Office: 972-247-1369
Cell: 972-961-6171
