October 30, 2014 – In August 2014, Dallas-based dealers Dillon Gage Metals became an affiliate of the London Platinum and Palladium Market (LPPM) based on the company’s long standing support of the platinum group metals (PGMs). Dillon Gage offers platinum and palladium bars and coins, refining services and storage. The LPPM, founded in 1987, has three categories – full, associate and affiliate. In 1989, LPPM price quotes for platinum and other precious metals were established as “fixings” and they have been used since to conduct business worldwide.
“I am delighted that we’re affiliated with the industry’s highly respected LPPM,” said Terry Hanlon, president of Dillon Gage Metals. “We look forward to participating in this association and to meeting the demands of LPPM members for bars and coins, refining services and storage.”
The LPPM has 12 members, mainly banks and metals producers, along with nearly 40 associate firms and over 40 affiliates. The group is managed by a chairman and a management committee, elected annually by members. Full membership is open to companies in the United Kingdom that are engaged in platinum and palladium trading and dealing, and that offer additional services in trade clearing, refining or manufacturing.
Dillon Gage Metals takes a multi-faceted approach to the platinum and palladium markets. The company trades in one-ounce platinum and palladium bars from various manufacturers, along with platinum American Eagle coins and platinum and palladium Canadian Maple Leafs. All physical PGM products can be traded in real-time on FizTrade™, Dillon Gage’s online trading system. The company also assists wholesale clients in setting up self-directed IRA accounts through the Closed Loop IRA platform which offers a full-line of PGM products. To complete the cycle, the Dillon Gage Refinery melts and assays platinum it ems and scrap, and removes diamonds from platinum settings at its noted facility in Dallas.
Like gold, platinum has been used since early civilizations. But platinum wasn’t recognized as a precious metal until the mid-1700s, Hanlon says. Palladium was isolated as a separate metal in 1804. Since then, platinum and palladium have made major contributions to industry, especially in catalytic converters – starting in the 1970s.
Platinum and palladium are used in autos, jewellery, chemicals and electronics. In the Far East, many customers prefer platinum over gold for wedding rings, Hanlon says. South Africa is the world’s leading platinum producer, while Russia is the top palladium miner. After sagging to a four-year low in 2013, platinum prices have begun to recover, and in early August hovered around $1,470 an ounce.
You can go to the Dillon Gage website.