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FREQUENTLY ASKED QUESTIONS
FOR THE PERTH MINT CERTIFICATE PROGRAM

INTRODUCTION

The Perth Mint is a division of Gold Corporation, wholly owned by the Western Australia Government. Originally opened in 1899, The Perth Mint was established to turn the Gold from the Western Australian gold rush into sovereigns for the British Empire. Through its legal tender Bullion Coins, The Perth Mint has established a formidable reputation as a leader in international precious metal investment.

A Perth Mint Certificate is a document assigning clear title to precious metals stored on either an allocated or an unallocated basis with the Perth Mint. The document is registered to the owner, and it is referenced by client name and Certificate number. Perth Mint's records additionally reference a client number to ensure confidentiality and security.

A Perth Mint Certificate is non-negotiable. You may only sell your Perth Mint Certificate back to The Perth Mint, via your Distributor.

The Perth Mint is accredited by the London Bullion Market Association, the New York Commodities Exchange (COMEX), and the Tokyo Commodities Exchange (TOCOM).

Perth is situated on the west coast of Australia, one of the most politically and economically stable of the continents. As a result, The Perth Mint offers one of the most secure locations for hard asset storage world-wide.

Additionally, Western Australia is a major source of gold, producing 240 tons annually, about 10 percent of world mine output. The Perth Mint, through its joint venture with Golden West, refines the majority of this mine output.

Quoted from Perth Mint's website: At the 30th of June 2014, the Perth Mint Depository held just under AUD $2.7 billion worth of precious metals on behalf of investors. By comparison, the total public sector of Western Australia for 2013-2014 reported:

Revenue of $42.6 billion
Assets of $180.8 billion
Net Assets of $116.8 billion

The latest financial statements for Western Australia are available on the State Finances page of the Treasury Department of Western Australia.

The Perth Mint Certificate Program offers investors the option of holding all the major precious metals: Gold, Silver and Platinum. Precious metals storage in coins or bars can be on an allocated or an unallocated basis.

Precious metals storage is at the Perth Mint. Situated in Perth, on the west coast of Australia, one of the most politically and economically stable of the continents, the Perth Mint offers one of the most secure locations for hard asset storage world-wide. Additionally, delivery can be arranged in a variety of locations around the world, such as the United States, Singapore, Switzerland, and Hong Kong to name a few.

The Perth Mint operates under a Government Guarantee. To reassure those dealing with the Perth Mint, especially those with precious metals or money on deposit with the mint, a Government Guarantee was included in the Gold Corporation Act 1987.

Western Australia is one of Australia's wealthiest state, with an abundance of natural resource and economically, it is a exporter. Standard and Poor's Financial Services currently rates Western Australia as AA. Moody's Investor Services currently rates the state's domestic currency as AA1, with a stable outlook.

GENERAL QUESTIONS

The 3 storage options that we have are Allocated, Pooled Allocated and Unallocated storage and here are the differences:

 

FABRICATION PREMIUMS TABLE
FEATURE ALLOCATED POOLED ALLOCATED UNALLOCATED
Backed By Specific Bars or Coins A Pool of Bars Working Inventory of the Mint
Metal Available Gold, Silver Silver Gold, Silver, Platinum
Fabrication Fees Normal Low Zero
Storage Fees Medium Low Zero

 

Allocated storage refers to precious metals stored at the Perth Mint and recorded on the Perth Mint Certificate. The metals will be placed in a sealed box that is specifically assigned to the client via the Perth Mint Certificate.

Unallocated storage refers to a specific quantity of precious metals which are owned by the client, but is part of a larger pool of precious metals stored at the Perth Mint. This quantity of precious metals is recorded on the Perth Mint Certificate. Perth Mint has an obligation to deliver the recorded amount of precious metal upon request of the client with two weeks' prior notice. A fabrication fee may be applicable.

The items that we require as supporting documents for the account creation are

1. Recent Bank Statement (1 to 3 months)
2. Passport

We only need to see the Full Name, Address and Account Number from the Bank Statement.
Please block out other information as necessary.

It takes 1 business day for confirmation of the application approval.

Yes, you can still open an account with us. Download the form by clicking on this link and email us the completed form along with a scanned copy of your passport and bank statement (only the full name, address and bank account number) to us via pmcp@goldsilvercentral.com.sg.

Our representatives will be in touch with you shortly.

Yes, there is a minimum of US$10,000.00 to open a relationship under the Perth Mint Certificate Program, and you could add onto your existing holdings will a minimum of US$5,000.00 or more.

The Perth Mint Certificate is extremely easy to liquidate. You can simply sell the Certificate back to the us. Alternatively, you can take physical delivery at the Perth Mint or arrange for physical delivery at a variety of locations world-wide, delivery charges applies.

Yes. This flexible option is one of the distinct advantages of the Perth Mint Certificate Program. You can surrender any portion of the Certificate as long as they continue to meet the established minimums. With payment of an additional Certificate fee, a new Certificate will be issued for the remainder of your precious metals in storage.

Certificates are replaced by filing a Lost Certificate Declaration Form and paying a re-issuance fee of US$50.00.

Yes. This flexible option is one of the distinct advantages of the Perth Mint Certificate Program. You can surrender any portion of the Certificate as long as they continue to meet the established minimums. With payment of an additional Certificate fee, a new Certificate will be issued for the remainder of your precious metals in storage.

If you purchase unallocated coins & bars, you must pay the quoted fabrication charges at the time of purchase. In the case of a purchase of unallocated bullion, you only have title to precious metal, as it is an unfabricated form.

If delivery is required, you will need to pay fabrication charges for your requested product. Accordingly, if you do not intend to take physical delivery of your precious metal, then buying unallocated bullion is the best option because the initial cost per ounce is lower than unallocated coins & bars.

The Perth Mint warrants the quantity and authenticity of the bullion coins, and warrants the hallmark, purity and weight of bullion bars.

Finally, the Perth Mint (owned by the Western Australia Government) verifies the receipt of the specific unit or interest in a pool of precious metals (for unallocated storage) through the issuance of a certificate showing exactly what precious metals are stored on your behalf.

The precious metals represented by the Perth Mint Certificate are obtained directly from the refinery for bullion bars, and are produced right at the Perth Mint in the case of diverse Australian bullion coin products.

A creditor can have no claims against your precious metals since clear title is assigned on the certificate.

There are no Australian taxes or duties on the import, export or domestic purchase and sale of high purity precious metal bars or bullion coins.

No Australian tax is generally payable by an international client on his/her deposit.

No Singapore GST is levied on purchases and sales of precious metals in Australia, however should you decide on taking physical delivery, import tax applies. You should consult your taxation advisor for specific taxation advice in specific jurisdiction.

Unlike other depositories, which are merely warehouses, The Perth Mint is a manufacturer of precious metal products and one of the world's largest refiners. Accordingly, they have a substantial requirement for physical metal to support these operations.

To fund this working inventory, the Perth Mint traditionally borrowed metal from bullion banks, at cost. At the same time, investors were depositing metal with bullion banks and others and being charged storage fees.

There was an opportunity to cut out the intermediary and take deposits directly from investors. The Perth Mint's unallocated is thus a win-win situation: they get to "borrow" precious metal to use in their business for free and you get 100% backed safe storage of your precious metal for free.

The Perth Mint don't charge storage fees on unallocated because the costs of vaulting and insuring their working inventories of gold and silver are part of their business and covered by the fabrication fees they charge for our bars and coins - they would incur these costs whether their metal was sourced from you or a bullion bank. They charge storage fees on allocated and pool allocated because they incur additional vaulting and insurance costs for storing this custodial precious metal.

The Western Australian Government imposes strict guidelines on The Perth Mint's management. They are not a bullion bank and do not provide project financing or bullion lending/derivative services to mining companies or other entities. The Perth Mint do not lend client's unallocated metal to support short selling transactions or other derivative activities.

Yes, you can convert between any one of the three storage methods at any time. In the case of taking delivery of unallocated metal or pool allocated metal you must first request your precious metal be converted to allocated. Fabrication costs are payable at the time of conversion and are based on precious metal market prices at the time of the conversion.

Fees

Please refer to the following table for the latest Fabrication Premiums (as of 21 April 2015) for the purpose of fee calculations for the allocated and pooled allocated products:

 

FABRICATION PREMIUMS TABLE
ITEM DESCRIPTION PURITY % FINE OZ PER UNIT FABRICATION PREMIUMS
Gold Gold 1oz Coin 99.99 1 5.00%
Gold Gold 1oz Bar 99.99 1 US$ 35.00
Gold Gold 5oz Bar 99.99 5 US$ 55.00
Gold Gold 10oz Bar 99.99 9.999 US$ 70.00
Gold Gold 20oz Bar 99.99 19.998 US$ 100.00
Gold Gold 1 Kilo Bar 99.99 32.148 US$ 150.00
Gold Gold 50oz Bar 99.99 49.995 US$ 250.00
Gold Gold 400oz Bar 99.99 400 US$ 240.00
Silver Silver 1oz Kookaburra Coin 99.99 1 US$ 9.00
Silver Silver 2oz Kookaburra Coin 99.99 2 US$ 14.00
Silver Silver 1 Kilo Bar 99.99 32.151 US$ 34.00
Silver Silver 100oz Bar 99.99 100 US$ 81.00
Silver Silver 1000oz Bar 99.99 1000 US$ 200.00

 

For Pooled Allocation: 50% of the current applicable bar/coin.

Please note that the exact number of ounces in the 1000oz silver bar and 400oz gold bar will vary. These rates may be modified at Perth Mint Depository's discretion.

Depository Bullion bars are not Minted Bars and are not sold in packaging.

Only the 1 Kg Gold, 400oz Gold, and 1000oz Silver bars have serial numbers.

All products are subjected to availability and to the production schedule.

US $50.00

0.25% of Transacted Amount

0.25% of Transacted Amount

DISTRIBUTOR'S FEES (BUYING)
Transacted Amount Distributor's Fee (Buying)
US $5,000.00 to US $9,999.99 3.00%
US $100,000.00 and above 2.00%
DISTRIBUTOR'S FEES (SELLING)
Transacted Amount Distributor's Fee (Selling)
US $5,000.00 to US $9,999.99 3.00%
All Amounts 1.0% of the total selling amount
STORAGE FEES TABLE
Gold Silver Platinum
Unallocated 0.00% 0.00% 0.00%
Pooled Allocated N.A. 0.95% N.A.

Privacy

Under Section 74 of the Gold Corporation Act 1987 employees of The Perth Mint face fines and imprisonment if they directly or indirectly divulge to any person any information concerning the business affairs of customers of The Perth Mint (excluding to a court or under Australian law).

Requests for information on customer accounts from Australian organisations without any statutory right to request such information, or from any foreign organisation or agency, will be denied and will instead be directed to apply to an Australian court for a court order directing us to release the information.

Customers should be aware that Perth Mint will comply with any lawful request for information from Australian authorities or Governmental agencies including to the Australian Transaction Reports and Analysis Centre under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated policies and regulations.

For GoldSilver Central, we comply strictly with the Personal Data Protection Act 2012 (PDPA). The PDPA establishes a data protection law that comprises various rules governing the collection, use, disclosure and care of personal data. It recognises both the rights of individuals to protect their personal data, including rights of access and correction, and the needs of organisations to collect, use or disclose personal data for legitimate and reasonable purposes.

Since its formation in 1899, The Perth Mint has employed a team of specialist Security Officers to monitor for external and internal threats and who work closely with specialist gold detectives from the West Australian Police Service.

As a working refinery and mint, Perth Mint directly operate a number of vaults for their operational inventory (which backs the Unallocated liabilities) as well as dedicated vaults for Depository customer Allocated and Pool Allocated metal. Their vaults are Category 11 vaults, meet AUS/NZ Standards 3809 and the the vault specifications have been vetted by their underwriters.

The Perth Mint's sites are monitored 24 hours per day with video recordings retained and access to and within their facilities are controlled electronically from a Class 1 Security Control Room. Their risk management team ensure compliance with an impressive level of procedural security for receiving, releasing and accounting for precious metal (including a Metals Accountant who's sole focus is ongoing reconciliation of the ounce assets and liabilities).

Nationwide Police Clearances are carried out on all Perth Mint staff prior to employment.

The management of the Perth Mint is overseen by its Board of Directors, which is composed of:<br
1. the Under Treasurer of the State, or their delegate;
2. the Mint’s Chief Executive Officer and Deputy Chief Executive Officer; and non-executive Directors drawn from the Perth business community.
3. The Government appoints the non-executive Directors, ultimately giving it direct control over the Perth Mint in accordance with its 100% ownership.
The sole Government ownership also results in a consistent approach to risk, avoiding continual Board conflicts that can exist in public companies with shareholders with diverse objectives.

Due to the commercial activities of the Mint, the Government has traditionally appointed Directors with relevant business experience to provide independent and knowledgeable review of the activities of management. This is further enhanced by a Board with a majority of non-executive Directors and a non-executive Chairman.

The presence of a Government representative on the Board ensures the Government is fully and frequently informed of the activities of Perth Mint management. A consequence of this is that all Board papers, including monthly financial reports, are reviewed by officers of the West Australian Treasury, providing additional scrutiny.

Gold Corporation is audited annually by the State Auditor General to ensure compliance with the Financial Management Act 2006 and the Gold Corporation Act 1987. It should be noted that the Auditor General is appointed by the Governor and reports directly to Parliament, thus operating independently of the Government. As the Auditor General notes, “this independence is the cornerstone of public sector audit in the Westminster system of government”.

In addition, the Auditor General appoints a major accounting firm to undertake the external audit on their behalf. This contrasts with normal corporations, who appoint their own external auditor. With the external auditor appointment out of the hands of management, and with the external auditor’s work subject to further review by the Auditor General, the Perth Mint operates under a far more onerous audit regime than that applying to public or private companies.

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