Getting started with a Depository Program account

Questions about The Perth Mint Depository Program

• What are the costs for the Depository Program?

  Costs include what you pay to buy gold, silver and platinum and whether you choose to store it in allocated, unallocated and pool allocated form. Fees may also be charged for transactions and fabrication. Find out more about fees.

• Do I need to provide my tax file number?

  No. The Perth Mint is not a bank and we do not pay interest on money or metal balances held with us so there is no requirement for us to automatically report income to tax authorities.

• Can I give my financial adviser access to my account?

  Yes. We will require an original letter signed by you specifying the name of the adviser and stating whether your financial adviser has permission to:

  • transact on the account on your behalf, or
  • view transactions/statements only (or both).

   

  Each financial adviser will need to supply certified identify documents to us.

  The bank account attached to your account must be in the name of the account - money cannot come from or go to the bank account of the financial adviser. Financial advisors are not permitted to collect physical metal on your behalf.

• Why can’t I login on your website?

  The Depository Program is an offline service exclusively and not linked to our Depository Online, online bullion buying or any other accounts.

• Is my account secure?

  You will be given a unique client code, which identifies your account with us. When you contact us we will ask for this code and the password you wrote on the application form to verify that we are speaking to the person authorised to act on the account.

• Why can’t I add funds to my Depository Program account from any bank account?

  If we accepted funds from bank accounts other than one in the name of your Depository Program account, we would be deemed to fall under the additional anti-money laundering rules that apply to banks.

  As the majority of our customers prefer the Depository Program is classed as a non-bank facility, we have a policy of not allowing third party deposits.

• How does the 10% deposit requirement work?

  For purchases under $2 million, we require your account to have at least 10% of the proposed purchase in it before we will execute an order. Cash and metal balances count towards the 10% requirement.

  For purchases over $2 million, we require your account to have the full amount of the proposed purchase in it before we will execute an order.

  Precious metal markets work on a two-business day settlement. If you do not pay the balance of the purchase within two business days, we reserve the right to sell the precious metal at current market prices and deduct any resulting losses from the 10% deposit in your account.

• 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.