I was considering starting an account with Perth Mint on behalf of my father for a large purchase of gold and silver bullion, as I read their emailed product information statement, fee schedule and reference guide I was dismayed to see that ontop of the 3-4% premium over spot prices listed on their website they apparently charge for bullion (not to mention the margins they pocket by buying raw materials under spot by the tonnage) they charge: -2% transaction fees -2% fabrication fees -likely large postage bills for the 90% of Australia who can't drive to Perth for pickup. They also demand significant downpayments on purchases thus transferring all the risk for intraday price fluctuations onto the purchaser and finally if you ever wish to sell your product back you are offered prices well under spot and do not receive a refune on the fabrication fee. These huge fees are for gold, their fees for silver are even worse. So all up someone who lives in Sydney can end up paying 7-10% above spot price for their gold once it's delivered, even if we allow it to be stay in Perth in a group allocated pool we pay a solid price. That might have been fine when gold crashed at the beginning of the GFC, that might have been fine when the AUD was once relatively stable in comparison with USD but in 2011 with all the uncertainty it takes a extremely bullish and ballsy view on gold to make a profit out of gold from these guys, we'd have to have gold at AUD $1900 to even break even on a purchase from Perth Mint, this is assuming you can convince them to buy back from you at a level close to spot. ___________ I've made on by own behalf a purchase from member Aurora et luna which should be on the way at the moment, he has good prices and conditions but seemingly a limited range. For large purchases I've seen ABC Bullion recommended on this site, their prices are steeper than et luna but they seem to offer a large range and over the counter sales. Is there any other options for over the counter sales in Sydney for someone looking to pick up $50-150k in metals where we won't be totally gouged?
Do your own due dilligance, however it is my experience that the Perth Mint is competitive on large purchases, even when factoring in the fabrication fees, shipping and insurance, compared to other interstate dealers.
This is a misconception. There's no "below spot" discounts on gold or silver, even by the tonne - the spot price IS the market price. You would need to be buying dore for refinement to get discounts by the tonne.
First post but thought I would chime in with my experience. When I first started researching PM's I had similar thoughts to the OP on the premiums etc the Perth Mint charges and thought I would surely be able to get a better deal somewhere else. I wanted to make a substantial purchase of gold and canvassed several dealers in Sydney. For the product I wanted, they all suggested that going directly to the mint would be my best bet. In the end that's what I decided to do and dealt directly with the Perth Mint Shop as that was my only option to collect the goods in person. The cost of the flights there and back turned out to be less than either the courier fees if I split the shipment up or a single armoured car delivery. Pity Jetstar lost the bag I checked in with the bullion. I'm sure that if I was building my stack over time, making small purchases here and there, the better strategy would be to work with a local dealer or people here on Silver Stackers. I haven't figured out exactly what I paid over spot in the end (with travel costs, etc.) - I think it is less than 1%, but it's kind of irrelevant now given the current spot price.
Anyone used Ainslie Bullion? https://www.ainsliebullion.com.au/StorageAccounts/tabid/66/language/en-AU/Default.aspx
ABC (Sydney) do theoretically have a larger range but actually being able to walk in and buy what you want is pot luck. A number of people here have had wait times of up to three months before receiving their orders. Aurora et Luna appears to have a smaller range because he doesn't advertise what he doesn't actually have in stock. TBH, you're probably better off sticking with Aurora et Luna if his prices are good. At the very least he won't bullshit you, so just ask him if there is something in particular you're after and he'll tell you if he can get it. [Edit] And no, I don't get a kickback for saying that Steve's a nice guy and I enjoy doing business with him.
Yeh Steve's pretty good for prices and service. If you have a lot of money or have a specific request, talk to him personally and see if he can source stuff for you. +1 Big A.D.
Welcome ABCT My business model promises extremely fast delivery so taking money upfront and then making my customers wait weeks for delivery is not the result they expect or want. As soon as an item is sold out I stop taking orders until new stocks arrive; unlike some of my competitors who are prepared to sell bullion that's not in their inventory. However if you are prepared to wait up to 2 weeks for delivery, I can source as much bullion as you need at very competitive prices. _________________________________________________________________________________________________________________________________________ Thanks guys, I appreciate all the positive feedback I can get. Cheers
projack,brian ainslie is very reputable dealer.you send he WILL deliver.Iam speaking from years of multiple service
Yes I know they are reputable, but their storage only apply for metals bought from them, or you can add to that from different sources?
perth mint spot price: $1710 1 oz gold bar: $1745 + $30 of postage and insurance = $1775 thats $65 over spot thats about 3.8% over spot thats off perth mint bullion website, i dont think its that bad? are those other fees new? because i have never paid them?
I bought from Jaggard's on Pitt Street. Basically, I went in and told them I wanted this and this product from Perth Mint. They went to the Perth Mint website and looked at the current price of the product, then made a phone call to Perth Mint telling them to lock in the price for the order. I asked about shipping fees and minting costs and Jaggard's told me there are none. Why? They are official agents for Perth Mint in Sydney. I paid and a week later they gave me a call to pick up my goods. They gave them to me in Perth Mint shipping boxes (courtesy of IPEC). So if you want Perth Mint stuff at the price advertised on the website (and nothing more), go to Jaggard's. They are also the only business in Sydney that I know of that have been authorised to sell under the Perth Mint Certificate Program (PMCP).
Thanks mate, I'll get in contact with them. Add on 1% insurance as member 'lamp' mentioned, then keep in mind if you choose to sell it back you'll incur more postage fees, possibly more insurance and take a loss of another few percent as the Perth Mint bid price is always a couple below spot. My payment cleared into your account at around 5:00pm (I think), you confirmed it at 8:00pm and the delivery arrived on my driveway at 10am the next day. I will not hesitate to purchase from you again. Unfortunately I rushed into opening the package up as soon as they handed it over and clumsily dropped my gold and silver down the curbside drain, any chance of recovery was thwarted by last nights rain , such a shame.
Just had my first, and probably last, experience with Perth Mint. Registered with them a while back, but never ordered anything. Decided to take the plunge a month ago. Got notification of delivery last week. So far, so good. PM's on the way A card was left by AAE as I wasn't home at the time of delivery. The depot is miles from where I live and only open weekdays. I have this thing called a job, which rules out collection. Called them up and they told me they could only rearrange delivery to my work address if instructed by Perth Mint. Didn't seem too difficult. Called PM today and got charged $12 for the privelege. This is a Perth Mint fee, as AAE said they would redeliver for free upon instruction from Perth Mint. Just wanted to share with the group in a caring circle, and make you aware of yet another charge from Perth Mint
Had this happen to me too mate LOL. Luckily I added another name (my relative) onto my package and got it redelivered the next day same address for free. Bloody bs I tell you. Last thing I want to do is to have a big shiny GOLD CORPORATION delivery to work -_- Never dealing with PM directly again, serious pain in the butt. AAE is no better. Both suck crap.
