The Perth Mint review
Summary
We look at what you can expect if you choose to purchase gold bullion and other metals from Perth Mint.
The Perth Mint is Australia’s oldest refiner, offering precious metal investments that are backed by a unique government guarantee. The mint’s ethically-sourced metals and other products are guaranteed to be the highest quality available.
Details
Product details
| Available metals | Gold |
| Product types | Bars |
| Standard delivery fee | $17.50 per kg |
| Standard storage fees | 0% — 1% p.a. |
Good for
- Government-guaranteed high-quality gold bullion
- Easy online purchase via web or mobile app
- Safely store in high security vaults or get delivered
- Invest in gold, silver, platinum, diamond or PMGOLD ETF
Not so good for
- Customers wanting to pay for large amounts of bullion with a credit card
- Customers who want to make a large investment anonymously
- Lightning-fast communication – reviews suggest the Perth Mint is at times slow to respond
About Perth Mint
The Perth Mint provides platinum, gold and silver bullion, as well as other products such as coins and jewellery to the Australian and overseas market since 1899. As Australia’s largest and oldest operating mint, this precious metals exchange is known as the country’s most accredited gold dealer and is the world’s only precious metals investment and storage program that’s government guaranteed.
The Perth Mint is part of a global elite group of trusted gold refiners that are accredited by five of the major gold exchanges. As one of Australia’s largest exporters, it also receives requests to refine precious metals from mining companies across the world.
Many Aussies are familiar with the Perth Mint’s collector coins and bullion offerings. Many are not aware of the precious metal storage and investment program offered through the depository though. The Perth Mint’s network of vaults protects the wealth deposits of huge sovereign wealth funds and individuals alike in Perth city. Whether you want to store a single silver bar or several tonnes of platinum, your investment will be well-protected.
What can I buy with the Perth Mint?
The Perth Mint sells pure gold and silver bullion bars, as well as gold, silver and platinum bullion coins, diamonds, jewellery and an exchange-traded product. The bars and coins are available in a variety of sizes, weights and designs. The Mint’s government guarantee ensures your purchase is always legitimate and 99.99% pure (or 99.95% pure for platinum products).
Perth Mint’s precious metals are exclusively manufactured as the Australian Government’s official gold, silver and platinum Bullion Coin Program. The mint’s government-backed products are easily traded internationally thanks to the London Bullion Market Association registered mark that the Perth Mint stamps into each one. This means your investment is always valid and never difficult to cash out.
How do I buy gold and other metals?
It's simple and fast to buy and sell precious metals from the Perth Mint. You can purchase as little as a few hundred micrograms and store your purchase for free in the mint’s highly secure vaults. Products can be purchased in-store, online, via the mint’s digital app and on the Australian Stock Exchange (as an ETF). The Perth Mint’s services include:
Bullion dealing
The Perth Mint’s bullion bars, cast bars, coins, diamonds and jewellery range is available to buy at the mint’s Bullion Trading Room, from distributors worldwide or online 24/7 (sent via secure courier). The annual coin issues offer investors beautiful display pieces to add to their ‘stack’.
Online Depository Online Account (DOA) holders can choose from several pricing structures and storage options for bullion (coins are not available with a DOA). The secure online portal offers 24/7 live metal pricing and email alerts. You’re also able to opt for a monthly saving’s plan so you can build your bullion portfolio for as little as $50 a month. Bars and coins bought via the Depository are stored – fee-free for unallocated holdings – in Perth Mint’s vaults.
Depository Program via email or telephone
This premium brokerage service gives you personalised, in-house support for those wishing to make purchases. Contact your trader via email or telephone to seek real-time spot price quotes and live confirmations for buying or selling. The Depository Program also gives you storage solutions.
Exchange traded funds
Perth Mint trades under the code PMGOLD on the Australian Securities Exchange (ASX) and is accessible with a standard Australian share trading account. PMGOLD is designed to track the international spot price of gold in AUD and is a fully paid warrant on 1/100th of a troy ounce of physical gold on the ASX.
For trading on the New York Stock Exchange (NYSE), the Perth Mint Physical Gold ETF (AAAU) is designed to track the international price of gold in USD. It’s also the first of its kind to have sovereign entity-guaranteed precious metal held on behalf of investors and is available via an international share trading account.
GoldPass® Mobile App
The GoldPass® trading platform app allows you to buy, sell, store and transfer physical gold on your smart device 24/7. Digital certificates represent physical gold-backed holdings in the app with a minimum purchase amount of only 0.00001 oz.
Payment Options
You can pay for your Perth Mint precious metal products in the following ways:
- Cash – in-store only
- Credit/debit cards – payments debited immediately. For orders under $5,000 only. 1.9% fee applies. Debit cards can only be used in-store.
- Direct bank account deposit – two working days clearance.
- Wire transfer/telegraphic transfer (TT) – two working days.
- BPay (Australia only) – two working days
- Real Time Gross Settlement (RTGS) – two working days. In-store only and any associated fees are the responsibility of the customer.
- Cheque/money order (Australia only) – seven working days clearance.
For all online or phone transactions, payments are required within two workings days of placing an order.
What are the Perth Mint’s main fees?
The Perth Mint’s fees are outlined below. The quoted combined per unit prices include manufacturing premiums.
Depository Online
Depository online fees are based on the value of each trade, regardless of your account balance. Minimum trade is $50.
| Price from/to (AUD) | Buy fee | Sell fee |
| $50 - $10,000 | 1.00% | 1.00% |
| $10,001 - $100,000 | 0.95% | 0.95% |
| $100,001 - $250,000 | 0.75% | 0.75% |
| $250,001 - $500,000 | 0.50% | 0.50% |
| $500,001 - $1,000,000 | 0.25% | 0.25% |
| More than $1,000,000 | 0.20% | 0.20% |
Depository Program
Transaction fees for the Depository Program are based on the value of your account, rather than the value of the trade. Minimum trade is $5,000.
Account Size (AUD) Buy Sell
- Under $50,000: Buy 2.00%, Sell 1.00%
- Over $50,000: Buy 0%, Sell 0%
Note: International clients will incur fees of 2.00% for buying and 1.00% for selling for any account under $250,000 and no fees over this balance.
Certificate program
The Certificate Program incurs a fee of $50 per Certificate issued. Transaction fee schedules are set by local distributors. Minimum trade is $5,000
Storage fees
For the Depository Online, Depository Program and Certificate Program, no fees apply for unallocated storage of gold, silver or platinum. For allocated storage, the following fees apply:
Metal type Allocated Pool Allocated
Gold 1.0% per annum not offered
Silver 1.9% per annum 0.95% per annum
Platinum not offered not offered
Fabrication fees
Fabrication fees are not charged for unallocated metal. For pool allocated silver, a fabrication charge of $0.50 per ounce for the Depository Program and Certificate Program, and 1.50% of the metal value for Depository Online is charged. Allocated gold and silver bullion fabrication charges depend on the bar and can be found on the Perth Mint website.
Other fees
There is a 1.9% processing and handling fee for credit and debit card purchases, and Real Time Gross Payment fees are borne by the customer. Customers have the option of purchasing insurance. Prices for posted items do not include overseas customs duties, foreign taxes or any other costs which may be associated with clearing bullion through local customs.
Is the Perth Mint trustworthy?
The Perth Mint is trusted to process more than 90% of Australia’s – and around 10% of the world’s – newly mined gold. It distributes more than AUD $18 billion of precious metals throughout 130 countries each year and has been gaining experience and building consumer confidence since it opened in 1899.
As the official Australian Bullion Coin Program’s sole manufacturer and refinery, the Perth Mint is also solely owned by the Government of Western Australia. Each physical holding is guaranteed by this government under the Gold Corporation Act 1987.
Importantly, it’s one of only a very few precious metal facilities around the world that has been accredited by all five of the world’s major gold exchanges. These accreditations come from:
- London Bullion Market Association (LBMA)
- New York Commodities Exchange (COMEX)
- Shanghai Gold Exchange (SGE)
- Tokyo Commodities Exchange (TOCOM)
- Dubai Multi Commodities Centre (DMCC)
Customer reviews and complaints
The Perth Mint has gained a primarily positive response from customers, with a 4.5 out of 5-star rating on Google. Both positive and negative reviews include reviews of the Perth Mint’s facilities tours, which possibly dilute the results.
The majority of negative reviews seem to reflect on the lack of communication after placing orders, the difficulty of making contact with the mint’s customer service staff and the difficulty in opening some account types.
Bottom line
The Perth Mint is ideal for large or small investors and is arguably the safest bet in Australia for those trying to buy the highest-quality bullion with the lowest risk of fraud. The mint’s storage solutions are good for those who would rather shift the responsibility of holding precious metals elsewhere and their ultra high-security vaults are reputable.
With a variety of account and access options including in-store, via phone, email and online, it's fairly easy for anybody to access. While the Perth Mint has been criticised for its lack of communication at times, the majority of buyers appear to be happy with their service. As a bonus, the Perth Mint has recently committed to increase its sustainably-sourced products, as well as ensuring it consistently displays the highest standards of behaviour, ethics and integrity.
Compare with other brokers
Frequently asked questions
Can anyone buy from the Perth Mint?
Yes. Whether you’re an individual, business/company, superannuation or trust fund, you can purchase from the mint.
Does the Perth Mint have a maximum or minimum order value?
Yes. The prudential policy limits the value of bullion bars and coins sold during any single 24-hour period, to a value of AUD $100,000 per individual.
Is it hard to create an account on the Perth Mint Bullion site?
You do need to register and provide ID, but the process isn’t too difficult in comparison to other sites. To register, you:
- Complete an online application form
- Provide certified/notarised copies of your ID documents
- Provide details of a credit card as a contract completion guarantee
- Start buying!
Is a deposit required for orders?
A 10% deposit is required on orders over AUD $100,000.
Your reviews
Jasmin Finder
Writer
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Sarah Megginson Finder
June 18, 2024
Hi James,
We’re not licenced to provide personal advice on this, because scams are very prevalent and we would urge you to proceed with caution. Do not click on any links and enter your details. Instead, contact the investment company directly and explain your situation, and ask for personal advice.
Best of luck!
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James (Jim) O'Leary
June 18, 2024
I Receivedan email from Waimaie Kata this morning asking that I update my details regarding my certificate investment. Is this a scam?