Perth Mint Depository Online - new service

[whinfell]

Looks like the Perth Mint have a new service called Depository Online (different from the PM Depository Program)

- Account can be opened online
- Online trading with $50 mininum
- Open 24/7 Monday to Friday
- Convert from Unallocated to Allocated, or take delivery at any time
- Allocated Gold & Silver / Pool Allocated Silver / Unallocated Gold & Platinum

Details here: https://www.perthmint.com/storage/depository-online.html

Anyone used it? Bron, how long has this been running?

 

[bron suchecki]

Been up for a month and a bit, we haven't been marketing it as just wanting to make sure it all works OK first.

 

[Chubbsng]

Nice.

 

[Stacked]

I stumbled onto this and opened an account a few weeks back and really pleased to have done so as the experience has been seamless. I love the fact of being able to buy/sell 24/7 and purchase either by ounces or dollar amounts, set up alerts, move stuff around. Very Sexy

For me personally prior to this, purchasing, taking delivery and storing has been challenging and prohibitive as my closest dealers are in Brisbane, as is my storage in the vault, all only operate Monday to Friday.......and as I don't live in Brisbane, there have been many times when I can get there to take delivery but then I cannot get an appointment at the vault to place my stuff in storage.

And at times knowing that I cannot take delivery for several months and then not be able to get an appointment, whilst I have wanted to buy, it all seemed too hard so I didn't.......but problem solved.

 

[sterling-nz]

A $50 minimum is crazy low and should allow for many people to get involved that once would not.
Il give this a shot after i have had a quick look around.

 

[bron suchecki]

A $50 minimum is crazy low and should allow for many people to get involved that once would not.

With the process being automated online it made low transaction sizes viable compared to telephone sales. It should also help with those looking to accumulate/save over time.

I stumbled onto this and opened an account a few weeks back and really pleased to have done so as the experience has been seamless.

Thanks for the feedback.

 

[SilverDJ]

Compared to Bullion Capital's MetalDesk:
https://www.bullioncapital.com/

Perth Mint:
1% brokerage fee per trade
STORAGE FEES
Allocated
Gold: 1.0% per annum
Silver: 1.9% per annum
Platinum: not offered

Pool Allocated
Gold: not offered
Silver: 0.95% per annum
Platinum: not offered

Withdrawal fee / Fabrication Fee: It's complicated.
Buy/Sell spread: ???

MetalDesk:
1% brokerage fee per trade
STORAGE FEES (all classes)
Gold 0.75%
Silver 1.1%
Platinum 0.75%
Withdrawal fee: 1%
Buy/Sell spread:
0.18% to 0.6% for gold
3.7% to 3.9% for silver



At the moment for me the only big draw for the PM program seems to be, well, it's the PM. Government guaranteed and all that.

 

[bron suchecki]

I think you will find the spreads competitive and the transaction fees drop as trade volume goes up. I think you are also missing on unallocated, which has zero storage fees but the guarantee of being backed by our operational metal. That would swing it for me, but I'm biased

 

[SpacePete]

Anyone get asked for their passport (and drivers license) when creating an account? Just curious to know what would someone without a passport do?

 

[SydneySilver]

Just having a look at the fees of getting the PM's into your hands...

Firstly, cost per $1 ounce silver coin?!??!
Also, no 10oz silver option?

 

[Killface]

Anyone get asked for their passport (and drivers license) when creating an account? Just curious to know what would someone without a passport do?

No, I sent my passport and a bank statement. It asked me for passport or licence.

My account just went live today, looking forward to playing around in it.

 

[SilverDJ]

Anyone get asked for their passport (and drivers license) when creating an account? Just curious to know what would someone without a passport do?

IIRC I just sent in my licence and a bank statement.

 

[SilverDJ]

Firstly, cost per $1 ounce silver coin?!??!
Also, no 10oz silver option?

If you are buying piddly 1oz coins through the depositry program, then you are doing it wrong. The price reflects that.
It's not a program for nickel and dimers.

 

[Killface]

If you are buying piddly 1oz coins through the depositry program, then you are doing it wrong. The price reflects that.
It's not a program for nickel and dimers.

Nothing smaller than 1kg silver is even offered via allocated. I think 1oz silver and gold coins are only cash-out options.

That said, you can 'piddle' about with transactions as small as $50 in unallocated Au and Pt and the total cost for each $50 trade would be 50c (1% txn fee, no fabrication premium or storage fee).

So I see it as suiting small-timers like myself perfectly.

 

[SilverDJ]

That said, you can 'piddle' about with transactions as small as $50 in unallocated Au and Pt and the total cost for each $50 trade would be 50c (1% txn fee, no fabrication premium or storage fee).
So I see it as suiting small-timers like myself perfectly.

Yes indeed, that's what the unallocated program is good for. $50 is a very generous lower limit and lets you accumulate over time.

 

[barsenault]

Yep, I just signed up. Sent in all my doc. Plus I'm holding stuff outside of the U.S. Happy! Does anyone know what PM coins can be bought?

 

[SydneySilver]

If you are buying piddly 1oz coins through the depositry program, then you are doing it wrong. The price reflects that.
It's not a program for nickel and dimers.

Understandably so, but given the low buy in of $50, you could reasonably expect a similar sell out

 

[Killface]

Understandably so, but given the low buy in of $50, you could reasonably expect a similar sell out

So withdraw the cash from the depository and I'll sell you silver coins at a low $7 premium

 

[SilverDJ]

If you are buying piddly 1oz coins through the depositry program, then you are doing it wrong. The price reflects that.
It's not a program for nickel and dimers.

Understandably so, but given the low buy in of $50, you could reasonably expect a similar sell out

You are expected to cash out, not bar/coin out at those low values.

 

[Lunardragon]

So lets say I do a buy trade $50 silver from depository online then how I can convert this buy trade into unallocated? Is there any link I can find out?