How do I open an account?
To open an account, please download the Depository Program Application Form and fill it in and send it to us along with certified copies of the appropriate identity documents as per our Guide to Documentation Required to open a Depository Program account. Upon receipt of the application form and identity documents we will review them for compliance and email you a client code.
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.
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 recomment 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?
Yes. We will require an original letter signed by you specifying the name of the advisor and stating whether your financial advisor has the ability to a) transact on the account on your behalf or b) view transactions/statements only (or both). Each finanical advisor will need to supply certified identify documents to us.
Please note that 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 advisor. Also, financial advisors are not permitted to collect physical metal on your behalf.
Can I deposit funds and trade before completing an account opening?
Yes, but first you will need to email us scanned copies of the application form and certified/notarised identity documents. We can then open an account for you to deposit money and execute an initial purchase of precious metal. However your account will then be blocked for all subsequent transactions (additional purchases, payment of funds or physical collection) until we receive the original application form and certified/notarised identity documents.
Why isn’t the login on your website recognising my Depository account number?
The Depository Program is an exclusively off-line service and deliberately not linked to our Depository Online, Bullion Online or Collector Shop websites for your security.
Buying and Selling
How do you ensure the security of my account?
When you open an account we will issue you with a unique client code, which identifies your account with us. When you contact us we will ask for this client 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. It is therefore important you keep this password secure as you would your password to your online banking account, for example.
Why can’t I fund 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 a large majority of our customers would prefer that the Depository Program is classed as a non-bank facility, we have a policy of not allowing third party deposits.
How does 10% deposit requirement work?
For purchases under $2 million in value, 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 example, if you had $10,000 and 3 ounces of gold in your account (and the gold price was $1,000), we would accept a purchase instruction for up to $130,000 of metal, calculated as ($10,000 + (3 x $1,000)) x 10.
For purchases over $2,000,000 in value, we require your account to have the full amount of the proposed purchase in it before we will execute an order.
Please note that the precious metal markets work on a two business day settlement. If you do not pay the balance of the purchase by two business days we reserve the right to sell the precious metal purchased at current market prices and deduct any resulting losses from the 10% deposit in your account.
How do I buy?
Call our bullion dealers direct on +61 8 9421 7250 during Perth business hours (8:00am to 5:00pm Monday to Friday - click here to convert to your local time). After checking your client code and password, they will quote you a live price based on where international markets are trading. There is no need to buy immediately - you can leave funds in your account until prices reach your target level. You can also place market orders or order on the LBMA London Price (see below for more details).
You can email us order instructions but given the large number of telephone calls that we receive we cannot guarantee our dealers will be able to respond to your email immediately. Unless you indicate otherwise, email orders will be transacted at pricing at the time the trade is processed, not when we received your email. If the timing of your trade is important then please telephone us.
Can I place market and LBMA London Price orders?
Yes, market (or limit) orders such as "buy when the price reaches $x" and orders on the London Bullion Market Association benchmark prices can be placed with our bullion dealers. These orders will attract an additional fee (see our Pricing page) and need to be for a minimum of 100oz of gold and platinum or 10,000oz of silver.
How are fees calculated?
Whether trading fees will apply is based on the value of your account, after an order has been executed. By way of example, consider these situations for an Australian investors where trading fees apply on accounts valued at less than $50,000:
- you have deposited $10,000 and execute a trade for $100,000 - no trading fees would apply because the value of your account after the trade was completed would be above $50,000.
- you have deposited $10,000 and execute a trade for $20,000 - trading fees would apply.
- you sell your $55,000 worth of gold - no trading fees would apply because the value (which includes cash balances) of your account after the trade was completed would still be above $50,000.
As our bullion dealers have access to a wide range of professional market counterparties, we believe you will find that the spot prices we quote you will be the best available. See our Pricing page for more details.
Can I place trades online?
As mentioned above, the Depository Program is an exclusively off-line service. If you do wish to subsequently trade online, you will need to open a Depository Online account, which will have a different account number. We can do a one-off transfer your Depository Program cash and precious metal into this online account but note it is separate and not linked to the Depository Program.
Can I hold money from a sale?
Yes, you can instruct us to retain the money from a sale in your Depository Program account, or have us remit part or all of them back to your account. 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.
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 fee are payable at the time of conversion and are based on precious metal market prices at the time of the conversion.
What are the delivery/collection procedures?
If you hold Unallocated metal or Pool Allocated metal, you will need to first request that your precious metal be converted 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.
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: