Thoughts on holding PMGOLD in SMSF?

Discussion in 'Superannuation' started by goldpelican, Jan 21, 2011.

  1. goldpelican

    goldpelican Administrator Staff Member

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    One of my concerns with SMSF and physical metal is that people start a SMSF and abscond overseas before retirement age with their super in carry-on luggage, and it leads to some sort of crack down on super & physical metals.

    Then again, one of the benefits of SMSF and physical metal is that you can abscond overseas before retirement age with your super in carry-on luggage... :lol:

    Er, I mean, you can protect your assets during periods of force majeure, and repatriate them when economic and civil conditions are acceptable :|
     
  2. f40

    f40 Member

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    AFAIK if your willing to renounce your Australian citizenship and leave the country for good you can access your Super at any age.
     
  3. rbaggio

    rbaggio Active Member Silver Stacker

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    Ahh, got ya. Thanks guys!
     
  4. Nugget

    Nugget Active Member Silver Stacker

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    Sorry to bump this thread but did we reach a consensus?
     
  5. goldpelican

    goldpelican Administrator Staff Member

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    Given my current employer is 6 months behind super contributions, my SMSF is sitting by idly - I can't roll over without breaking life insurance coverage - and I need a contribution to rock up before I can pay for insurance.

    Absolutely seething about the opportunity cost, so I'm quite happy for silver to head south of $40 for a bit.

    PMGOLD will still be part of the portfolio for me.
     
  6. rbaggio

    rbaggio Active Member Silver Stacker

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    wtf?!
     
  7. unfunkable

    unfunkable Active Member

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    report them to ATO...ato stamps this out very hard...veryyyyyyyyy hard
     
  8. goldpelican

    goldpelican Administrator Staff Member

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  9. HeavyMetal

    HeavyMetal New Member

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    +1

    I got annoyed when my employer was 3 weeks behind in super contributions, so I checked this out.

    It turned out that employers are allowed to be up to 3 months in arrears with superannuation payments, anything more than this and they are breaking the law.
     
  10. Cost Index

    Cost Index New Member

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    This is exactly the thread I've been after. Thanks Gold Pelican for starting this.

    I've recently asked Bron to go deeper into PMGOLD on his blog, as he frequents here, I'll start some discussion here rather than clog up his blog.

    Here is our conversation so far...


    I understand what you mean now, however, why not make it "allocated?"

    Thanks Bron so far.
     
  11. bron suchecki

    bron suchecki Active Member Silver Stacker

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    Because that would introduce storage costs and we wouldn't be able to do a 0.15% management fee and most likely have a management fee higher than our competitors (because they don't fully insure their allocated).
     
  12. jparrie

    jparrie Member

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    Just looked at these on the ASX today and it appears that volume is quite light, I suppose what concerns me is with such light volumes and with a fairly vague statement about the market maker having to provide 'reasonable liquidy', is there a % between bid/offer that they have to adhere to?

    And it looks like the option expires on 31 Dec 2029.
     
  13. bron suchecki

    bron suchecki Active Member Silver Stacker

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    The market maker maintains a buy/sell spread equal to $12 and ounce.

    It doesn't expire if you read the PDS, that date is there because the ASX's system requires a date and that is the latest date the can puit in - when building the computer system they didn't consider an option contract without and expiry.
     
  14. jparrie

    jparrie Member

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    OK Bron, thanks, that explains it. I was just looking at the ASX site when I saw the expiry date. Not sure what your exact involvement is with this but have you any idea what the open interest currently is?
     
  15. bron suchecki

    bron suchecki Active Member Silver Stacker

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    There is around 40,000 ounces being held in it from memory.
     
  16. jparrie

    jparrie Member

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    Well, another customer was added to the list today!
     
  17. browski

    browski Member

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    So my math shows that their stockpile is around 1.2 tonne of gold...........is this ever actually audited?
     
  18. bron suchecki

    bron suchecki Active Member Silver Stacker

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    PMGOLD is audited as part of the Perth Mint's normal internal and external audits.
     
  19. Nomisma

    Nomisma New Member

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    Do you have a link that confirms this? The ATO website says that a temporary resident can access their super when leaving.
    However if you have SMSF and the trustees become non-resident the whole fund is taxed at 49%. So if you have a SMSF and leave Australia for good (under age 60), renouncing citizenship, is this treated the same as a temporary non-resident leaving, ie take all the super, or will it result in loss of half the fund? Quite a difference!
     
  20. boston

    boston Active Member Silver Stacker

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    Get legal advice on this. Not an accountants advice or even advice from the ATO, who have a vested interest. Many times the law is very different to the ATO's rules/regulations.
     

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