Storage options for gold and silver

Storage

• How does the government guarantee apply to the depository?

  The Perth Mint is a wholly owned by the Government of Western Australia with precious metal holdings backed by a government guarantee. This guarantee covers the obligations of The Perth Mint Depository. 

• How secure are The Perth Mint’s vaults and operations?

  Since its formation in 1899, The Perth Mint has employed specialist security officers to monitor for external and internal threats and work closely with specialist gold detectives from the West Australian Police Service. 

  As a working refinery and mint, we operate several vaults for our operational inventory (which backs our unallocated liabilities) as well as vaults for Depository customer allocated and pool allocated metal.  

  Our category 11 vaults meet AUS/NZ Standards 3809. The vault specifications have been vetted by our underwriters. 

  The Perth Mint’s sites are monitored 24 hours per day with access controlled from a Class 1 security control room. Our risk management team ensure compliance with an impressive level of procedural security for receiving, releasing and accounting for precious metal. We have a dedicated metals accountant whose sole focus is ongoing reconciliation of our ounce assets and liabilities. 

  Nationwide Police Clearances are carried out on all staff prior to employment. 

• Can I deposit metal bought elsewhere my metal into your storage facility?

  No. For security reasons we are unable to store metal that you have in your possession, even if purchased from the Perth Mint.

• Can you advise me on investing in precious metals?

  No. As The Perth Mint is not a registered investment advisory, we  are unable to provide any investment advice. We recommend seeking independent financial advice on your investments.

  Our news section provides ongoing insights and analysis and a wealth of information about precious metals. Read the latest investment news.

• Why is there no storage fee for unallocated precious metals?

  As a global manufacturer and one of the world’s largest precious metal refiners, The Perth Mint requires a substantial amount of physical metal to support its ongoing operations, we therefore don’t charge storage fees on unallocated metal.

  Storage fees are charged on allocated and pool allocated products because we incur additional vaulting and insurance costs for storing this custodial precious metal. Find out more about our storage fees.

• What risk is there of insolvency?

  The Perth Mint is wholly owned by the Government of Western Australia and has been trading for more than 120 years. The possibility of the government becoming insolvent is considered highly unlikely. Find out about The Perth Mint’s financial position in our annual reports.

• What is the mint’s policy on use of unallocated metal?

  The Western Australian Government imposes strict guidelines on The Perth Mint’s management. We are not a bullion bank and do not provide project financing or bullion lending/derivative services to mining companies or other entities. 

  We provide one of the world’s safest locations for precious metal storage, especially in an environment of increasing global, financial and corporate risk. Use of unallocated metal outside of our operations is not consistent with this mission. It would introduce an unacceptable level of risk and compromise our international reputation as a safe haven depository. 

• Does usage of the unallocated metal by the mint affect my ability to collect physical metal?

  No. Any use of unallocated metal does not affect your right to sell or request delivery of metal in a physical form. We have a legal obligation to ensure your precious metal is available for collection within a specified period from the date of receiving a client’s instructions. 

  We maintain an inventory of finished bars to meet normal demand from our network of distributors and depository customers. This means you will usually be able to convert your metal within a few days of giving us notice. 

  If you request a physical product that is not in stock, or a large quantity, we may need to manufacture it. The lead times for manufacture will depend on the size of the order, current demand and production capacity. For this reason, some customers prefer allocated storage because their metal has already been fabricated and is ready for collection at short notice. 

• Can I convert between storage types?

  Yes. You can convert between any one of the three storage methods at any time. If taking delivery of unallocated metal or pool allocated metal it must be converted to allocated. Fabrication costs will be payable at the time of conversion and based on precious metal market prices at the time of the conversion.  

  Converting from allocated or pool allocated metal will be processed as a sell of the physical metal and a buy of the unallocated metal using the applicable spot prices and fees. Some products may be temporarily unavailable due to production lead time constraints. Find out more about storage options here and storage fees here. 

• Can I view or audit my metal?

  Yes. You can view your allocated metal but you must make a booking with at minimum of three business days’ notice. However, during busy periods we may require larger notice periods. For security reasons, only one viewing can take place at any time. 

  If you are running late you must call our office to advise. Missed appointments can be rescheduled.  

  The Perth Mint Depository

  Available 8am–5pm weekdays AWST

  (+61 8) 9421 7250

  depository@perthmint.com

  When visiting The Perth Mint 

  The following protocols apply:  

  • Viewings of large metal holding will require more than three business days’ notice.
  • You must inform us of the names of all persons attending the viewing with you prior to the day of your appointment. If we do not have the ID of all persons on file, this documentation will need to be faxed or scanned.
  • All persons attending The Perth Mint must bring valid photo and signature ID with them.
  • Persons without ID, or not listed with us, will not be allowed to the collection areas. This includes children.
  • Photographs are not permitted.
  • Customers are unable to view unallocated or pool allocated metal.
  • Metal cannot be view, shipped or collected during stock takes, which are usually carried out at the end of May and November. 

  Unallocated and pool allocated metals  

  You cannot audit unallocated or pool allocated metals because no specific bar or coin is recorded against individual clients. You can view The Perth Mint’s audited Annual Reports, which are signed off by the Auditor General of Western Australia that they comply with the Financial Management Act 2006 and the Gold Corporation Act 1987. The reports are available on our Annual Reports page.  

  You can also view a listing of the bars reserved against our pool allocated balances below. 

  Pool allocated bar list - Depository and Certificate programs.pdf

  Pool allocated bar list - Depository Online.pdf

• The government guarantee only mentions gold, does that mean my silver and platinum deposits are not covered?

  No. Under Clause 3(2) of the Gold Corporation Act it states that a ‘reference in this Act to gold shall be construed as including a reference to silver, other precious metals’, precious stones and other minerals.

  You can therefore be assured that the government guarantee covers all of your precious metal holdings in The Perth Mint’s Depository facility. 

• Does the phrase ‘cash equivalent’ in the government guarantee mean that I am not guaranteed to receive physical metal?

  No. A government’s power to tax can only be in terms of money, therefore its obligations must be expressed in monetary terms. If the government guarantee was  enacted, we would  immediately buy on the open market the required amount of precious metal needed to meet our obligations. We would then request funds from the government to pay for the purchase – the cash equivalent – of the precious metal due.  

  We buy precious metal when you buy from us and sell when you sell to us on a 1:1 basis. All holdings, whether they are stored as allocated or unallocated are therefore 100% backed.  

• My loved one has passed away and had a Depository account, what should I do about the deceased estate?

  If you are an authorised representative of the estate of the deceased (for example, an estate executor, next of kin or legal representative), please refer to the steps set out on our deceased estates page for information on how to notify us.