Unallocated Storage...

Thanks for that. It's always unsettling with some unallocated providers and the adage of 'if you don't hold it you don't own it' is very apt.
 
So checking my PMDS terms & conditions, page 3 (PMDS holds a good chunk of my SMSF, so articles like this are a worry), it says:
"All precious metal held by the Perth Mint Depository Service in both allocated and unallocated storage accounts is covered by a Western Australian Government guarantee under Section 22(1) of the Gold Corporation Act 1987. The Mint can fulfil its client physical precious metal delivery obligations at all time."
Click to expand...
Surely this is a bit stronger than the article shared by 2003dve? That holders of unallocated metal are regarded as "unsecured creditors"?

The article talks about LCMPL. I think more than a few of us here at SS use PMDS. So, is there a reason we should extrapolate the LCMPL situation to PMDS?
 
While Perth Mint uses the term "unallocated" it is not in the same sense that bullion banks do, who make no representations as to where, if, how much gold is backing the unallocated liabilities.
 
Hey Bron, I've given a great deal of thought to the Unallocated storage and have now done a complete backflip and will happily invest part of our SMSF in that product. Once we get our SMSF paperwork in order and returned to us with the ABN etc, I anticipate we will have a bit of a struggle rolling over our super (APRA fund) into our new SMSF, this problem has been identified by a number of posters and indeed by the Cooper Review.

Can I get all the necessary paperwork done without having any funds in a PMDS account? I know you need $5000 to open an account, I just want to save some time and have all the admin stuff done beforehand, then as soon as the rollover is complete I can begin trading.
 
You don't need $5000 to open an account, you can open an account with out any funds in your SMSF. You need a minium of $5000 to start trading.
 
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