Group buy unallocated perth mint gold $1 Million+ idea

Discussion in 'Australia & New Zealand (Public)' started by jroly, Sep 14, 2019.

  1. jroly

    jroly New Member

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    I have been thinking to save costs on buying gold unallocated, if people pooled their resources we could do a massive group buy of unallocated perth mint gold so the transaction fee is only .20% instead of 1% when buying smaller amounts. Perth Mint has Goldpass, an online gold payment system that is free to transfer between members. Everyone sends their money to a person who will deposit that money into their online depository account, the person will then buy $1 Million+ of Gold, then the person will transfer the gold to the Goldpass members at portion. The savings on buying $5k worth of gold would be $80, $10k would be $160 etc.

    Please share your thoughts.
     
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Too little savings for too much risk.
     
  3. Beyond

    Beyond Well-Known Member

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    nobody doe s
     
  4. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Trust?
    'Yeah,nah'
     
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  5. goldpelican

    goldpelican Administrator Staff Member

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    The organiser would incur capital gains or losses on the transfers unless sent at the exact same spot price as the original purchase. They would be a capital gains event in the eyes of the ATO, and you can be that a million dollar turnover would attract attention.
     
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  6. sctpc

    sctpc Member

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    As it wouldn't be held for a year it would be income tax not Capital Gains. if you could trust someone you dont know with 1mill
     
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  7. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I would like to nominate myself to get the $1,000,000 deposited in my account. :) :)
     
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  8. SilverDJ

    SilverDJ Well-Known Member

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    People on here seem not toe trust the government, and many, the Perth Mint itself to keep their gold and/or money, so I suspect there is going to be little interest having then trust someone with a $1M account.
     
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  9. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    Just looking at the T&Cs and noticed you can only transfer to a GoldPass account in the same country.
     
  10. jroly

    jroly New Member

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    Unallocated is the cheapest gold and doing a group buy is even cheaper, I think it's a good idea if you can mitigate the risks. Also Perth Mint holders should consider selling their unallocated here on the forum, they could sell it to another Goldpass member right at spot and avoid the spread and 1% trading fee.
     
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  11. wolfstack

    wolfstack Member

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    Trust no one. Save $160 and give your money to someone else and hope they don't skip the country with the million? Ahahaha!
     
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  12. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I believe that if you have a minimum of $50,000 in a Perth Mint "Unallocated Depository Program Account" there are no buy or sell fees. The only real cost is about a 0.4% difference between their Buy and Ask prices.
     
  13. Number 47

    Number 47 Active Member

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    And for the measly sum of $100,000 I'll be your getaway driver,
    Will supply own getaway car ;)
     
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  14. Number 47

    Number 47 Active Member

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  15. SilverDJ

    SilverDJ Well-Known Member

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    Not according to here. It's a per trade value.
    International customers are based on account value.

    https://www.perthmint.com/storage/pricing.html
     
  16. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I think you’re looking at the online account trading fees. I’m referring to the phone account, Unallocated Depository Program.
     

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