Questions about Depository Online

Account Opening

How do I open an account?

To open an account, please click on the Login button in the top right hand corner of this website and fill in all the required details (see our Validate your account FAQ page for more information on the account opening process). Your account application will be reviewed by our staff and should take no more than 3 working days.

Do I need to provide my tax file number when opening an account?

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.

Who can advise me on investing in precious metals?

The Perth Mint's staff are not registered investment advisors and we are unable to provide any investment advice. Precious metals are a unique asset class, neither producing wealth like equities, income like bonds, nor a pure commodity driven entirely by supply/demand factors. If you are in any doubt as to the suitability of precious metals as an investment we strongly recommend you contact a financial adviser with an understanding of the unique characteristics of precious metals before investing.

Can I give my financial advisor access to my account?

No, at this stage financial advisors cannot access your account details but we are working on adding this feature and will email you when it is available.

Can I deposit money and trade before completing an account opening?

No, your Depository Online account needs to be set up and approved before you can deposit money and trade.

How do I set up the Depository Online savings plan?

When you are logged in to your Depository Online account, go to the ‘Savings’ tab at the top of the page and then fill in the required fields.

Are there any limits on the amount of gold and silver I can buy each month, via the Online Savings Plan?

The minimum monthly transfer amount is $50 and the maximum is $5,000 per month. Transactions will be processed using the default currency for the account which is either AUD or USD.

Are there any fees associated with my Online Savings Plan?

A 50% discount is offered on transaction fees in the Online Savings Plan, equating to 0.50% for buying. Transactions are processed using automated pricing against the default currency for the account at the time the Savings Plan transfers are actioned.

When will my Online Savings Plan monthly purchase be processed?

Savings plan transfers will be actioned on the first working day of each month.

Can I choose the day of the month my Online Savings Plan transaction will take place?

No. The transfer takes place on the first working day of the month. You are not able to choose or change the day that it is made.

How will my Online Savings Plan monthly transfers be funded?

Transfers will be funded using the available cash in your Perth Mint Depository Online account. To ensure you have available funds, you may need to setup an automatic payment each month to your Perth Mint Depository Online account. In the case of insufficient funds, the savings plan will not be executed for that month.

Why isn’t your website recognising my Depository account or Perth Mint account details?

Depository Online is deliberately not linked to our offline Depository Program or our online Bullion Online or Collector Shop websites for your security.

Buying and Selling

How do you ensure the security of my account?

We protect your account by means of a unique user name and a confidential password that you choose yourself. Note that we will NEVER ask you to provide your user name or password by TELEPHONE, E-MAIL or in ANY OTHER MANNER. See our Your Account Settings FAQ page for more details.

Why can’t I fund my Depository Online account from any bank account?

If we accepted funds from bank accounts other than one in the name of your Depository Online account, we would be deemed to fall under the additional anti-money laundering rules that apply to banks. As a large majority of our customers would prefer that the Depository Online is classed as a non-bank facility, we have a policy of not allowing third party deposits. See our Paying For Your Order FAQ page for more details.

How do I buy?

To buy and sell precious metal just login to your Depository Online account and click on the "New Order" tab. The process is very simple and you can trade 24 hours a day. See our Buying and Selling FAQ page for more details..

Can I place market, limit and LBMA London Price orders?

You can place market or limit orders such as "buy when the price reaches $x". Depository Online does not allow orders on the London Bullion Market Association benchmark prices.

How are fees calculated?

Trading fees are based on the value of your trade. As we have access to a wide range of professional market counterparties, we believe you will find that the spot prices quoted on our system are the best available. See our Pricing page for more details.

Can I hold money from a sale?

By default cash from a sale is automatically credited to your Depository Online account. You must give us separate instructions if you want the proceeds transferred to your external bank account, which you do through the Cash Withdrawl left menubar. Note that we are unable to send money directly to a third party's bank account - all money has to go back to the same account the money to purchase the metal originally came from.

Other

Can I deposit my metal into your storage facility?

We do not accept deposit of precious metal bought elsewhere, you can only store metal that you buy from the Depository.

Can I convert between storage types?

Yes, you can convert your metal into a different form/storage type at any time:

  • Unallocated to Pool Allocated or Allocated - you will need to pay the relevant fabrication fee of the bar/coin.
  • Pool Allocated to Allocated - you will be credited the fabrication fee you paid on the Pool Allocated against the fabrication fee for the Allocated bar/coin.
  • Pool Allocated or Allocated to Unallocated - no credit for fabrication fees paid will be made.

Fabrication fees are payable at the time of conversion and are based on precious metal market prices at the time of the conversion. To convert, click on the Product Conversion in the left menubar.

What are the delivery/collection procedures?

If you hold Unallocated metal or Pool Allocated metal, you will need to first convert your metal to an Allocated bar or coin. The Perth Mint is obliged to have client’s precious metals ready for shipment or collection within two days (for Allocated) or ten days (for Unallocated or Pool Allocated). The two/ten day period only commences once you have finalised and agreed to the delivery/collection arrangements, and does not include the time taken to discuss freighting options with you and get quotes.

Depending on the complexity or your freighting requirements, it may take many days for The Perth Mint (or yourself, if you are organising your own delivery) to obtain freight quotes and make arrangements for delivery. We will make every effort to have your metal dispatched as quickly as possible however delays may be experienced due to flight schedules and other freighting delays outside The Perth Mint’s control.

Logistically, the shipment of precious metal cargo is not as simple as the freight of other goods due to its high value and specialist insurance requirements. Factors such as time and pricing can only be determined with detailed information and we are unable to offer price estimates. We are not a freight company and as such, we will source freight information and pricing from specialist freight companies. It is important to remember that in utilising these services, you are bound by the terms and conditions of these companies.

Note that deliveries can only be made to physical addresses, not PO box numbers, for security reasons.

Can I view and audit my metal?

It is essential to make a booking for your viewing. In addition to other customers collecting or viewing their allocated holdings, as a working Mint, other staff and services have access to the viewing areas. For security, only one viewing may take place at any given time.

If you are running late, please call our office on +61 8 9421 7250 to advise. Missed appointments will be rescheduled and this may be a day or so later.

As you are visiting The Perth Mint, compliance with our security protocols are mandatory. This includes:

  • Due to the necessity for appointment times, we require at least 3 business days’ notice for a viewing.
  • Viewings of large metal holding will require more 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 those for whom we have not received prior notification of their attendance, will not be allowed entrance to the collection areas. This includes children.
  • Photographs are not permitted.
  • Customers are unable to view unallocated or pool allocated metal.

The Perth Mint runs regular stock takes in order to meet our audit requirements. During this time a ‘lock down’ policy on all physical metal is adopted. This means that over the stock take period, metal cannot be viewed, shipped or collected. Stock take is typically carried out at the end of the following months:

  • May
  • November