Hi everyone, I want to buy around $40,000 worth of bullion coins from Perth Mint. I live near Melbourne so it's a long walk to Perth. I know there are PM retailers in Melbourne but I assume pricing and volume might be a problem. The ID and documentation needed for online purchases seems a little over the top and although flying to Perth is a hassle it seems like good idea, especially for a bulk purchase. So I guess what I'm asking is can you just rock up to Perth Mint, bank cheque (or cash ) in hand and walk out with 26 coins, no ID, no questions asked? And hope you don't get mugged on the way home . Any advice would be much appreciated. Aurora
Any purchase from a dealer over $5k requires ID, whether phone, in-person or online - it's an AUSTRAC requirement. That doesn't necessarily mean it's reported anywhere - it's just a requirement for ID to be recorded by the dealer as a provider of designated services. Reporting to AUSTRAC is only in the event of a cash transaction over $10k, or what is considered a "suspicious" transaction where there is a suspicion of money laundering or terrorism financing.
If you're looking to spend that much and stay under the radar, you're going to have to spread your purchases out over a number of dealers in a series of transactions of less than $5000 - thats the legal reporting requirement for bullion purchases. The ID thing is just something you have to accept if you're serious about buying bullion in quantity. Of course you should also shop around as there are a number of dealers who may be able to offer you a better price and/or be located much closer to where you are.
Thanks for the quick replies guys. I remember reading about the AUSTRAC requirement early today while browsing these forums. Memory like a sieve. I'm not a drug dealer or money launderer so handing over a drivers license is ok. I just hate handing over more details than is necessary. I would like to stay in Melbourne if possible but buying personally from Pm seemed a pretty secure option, especially when you're new to the business like me.
There are Melbourne dealers who will turn a blind eye to the reporting requirements for the amount that you have advised. Just do a ring around and ask - you just may be surprised.
Saw someone with a briefcase packed with cash there the other day... thought that was only movie bollocks!
Trench coat and sunglasses optional . Oh and if I went with PM do the kangaroos or rabbits have better resale value? I'm sure the chinese like the idea of the year of the rabbit.
$40k is actually a lot to drop on coins - were you thinking 1oz? The storage space for ~1000 coins is rather decent - you're looking at 3 and a bit cartons, and quite the premiums. Do consider bars for "bang for buck" - less premium means more ounces.
D'oh! Yes, I was thinking silver for some reason (despite this being the Gold Coins forum and the mention of 26 coins).
I must say the rabbits appealed to me more. I assume 2012 for year of the dragon, though the price might be $2000 by then. I haven't ruled out bullion. If it was 50k instead of 40 I could get a full kilo. Pretty good paperweight. Coins just seemed easier to resell if I needed extra cash. No real reason why I was going for 1 oz coins, although I assume the lower the coin the higher the premium on it.
One could easily spend $40k on this forum in a week, no ID required BTW this is not something I would make public
