Hi, I am wondering how many of you use the PMDS (or the PMCP) and find it easy and fast to liquidate. I am looking into using this service and my main reasons being: 1) The security of the PMs and not having to worry about storing it myself 2) Fast buying and selling For those that use the service, how easy is it to buy and sell? Are there minimum trading amounts and do you have to keep a level of stock above $50,000? Are trading fees the same as for the PMCP (2% on buy and 1% on sell)? Is it possible to buy, sell and buy in the one day based on fluctuations in the market price? Any information or insight would be greatly appreciated.
I opened a PMDS account with my SMSF. Once your account has been created and your funds have cleared, you just ring them up to lock in the price and tell them whether you want un/allocated gold or silver. You can have less then $50k but you pay an entry fee. You also pay a fee if its unallocated silver but I find its still a lot cheaper than buying physical. I havent sold yet as its for my SMSF and I dont want to trade it too much for auditing reasons but Im sure the process is the same. I have a feeling they may be phasing out the PMCP as the fees are similar to the PMDS unallocated but I wouldnt put money on it. This should answer most of your questions http://www.perthmint.com.au//docume...n_Pack_-_Australia_New_Zealand_-_Jan_2011.pdf There service is excellent and Im happy with my decision. Hope this helps
2%/1% is only if account balance under $50,000. No trading minimums and you can open account with $5,000. It is not really suited for day trading and I wouldn't recommend that anyway, see http://goldchat.blogspot.com/2008/06/investment-timeframes-part-ii.html
