Getting started with a Depository Program account
Before you start buying gold, silver and platinum in the Depository Program, you need to open an account.
To open an account, you must complete the application form and undergo an identity verification check. Once we’ve validated your identity and opened your account we will send you a client code and relevant information.
Customer due diligence forms
How to buy gold, silver and platinum
Follow the four steps below to start trading via the Depository Program.
1. Create an account
Opening an account includes identity verification. The account must be in the same name as your bank account to meet requirements of know your customer and anti-money laundering/counter-terrorism financing laws.
2. Request a trade and deposit funds
You will need to have at least 10% of any proposed trade in your account if buying less than $2 million. This can be in cash if trading for the first time, or a combination of cash and metal if you have been trading for a while. You will need the full amount if buying more than $2 million.
Your trade will be confirmed by email with the balance required within two business days. Most customers pay the full amount instead of the 10% deposit. Funds can be sent by electronic transfer from your bank account (quote your client code with every transfer). We do not accept cheques, credit card, cash or third party transfers.
3. Phone us to complete a trade
We will email you once we receive your funds. You will then need to phone us to complete the transactions. As security of your account is a priority, we will not accept any instructions without verification of your client code, full name and password.
Questions about The Perth Mint Depository Program
Find answers to some common questions about The Perth Mint Depository Program below.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
