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Where/how would you (theoretically) store physical gold?

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Good evening
Been reported in New Corp media outlets that AUSTRAC orders anti-money laundering administrators be appointed to the Perth Mint amid "compliance concerns".

Gold Corporation, which trades as the Perth Mint and is regulated under AUSTRAC's powers, must now work with an administrator to prepare a report within 180 days detailing its response to the probe. The administrator will be required to review Perth Mint's anti money laundering and counter terrorism financing program and ensure it complies processes and procedures to identify and manage risks.

Holding gold purchased from the Perth Mint.

Kind regards
rcw1
 
rcw1 said:
Good evening
Been reported in New Corp media outlets that AUSTRAC orders anti-money laundering administrators be appointed to the Perth Mint amid "compliance concerns".

Gold Corporation, which trades as the Perth Mint and is regulated under AUSTRAC's powers, must now work with an administrator to prepare a report within 180 days detailing its response to the probe. The administrator will be required to review Perth Mint's anti money laundering and counter terrorism financing program and ensure it complies processes and procedures to identify and manage risks.

Holding gold purchased from the Perth Mint.

Kind regards
rcw1
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BUT BUT , this week's gold bug could be next week's terrorist ( or currency saboteur )

vaccines aren't vaccines , recessions aren't recessions , CPI rises aren't inflation
 
qldfrog said:
What about trying to get one , you know, in real world?.cause i tried that here on the sunny coast and had to keep my vault box in Brisbane , and am quite happy i started that decades ago
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have you tried the right Cash Converters some of those are now in former major bank branches ( there is half a chance there is more than just a vault left in them )
 
divs4ever said:
BUT BUT , this week's gold bug could be next week's terrorist ( or currency saboteur )

vaccines aren't vaccines , recessions aren't recessions , CPI rises aren't inflation
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Why would you use cash or buy physical gold? sounds dodgy yeah you must be a bikie all the good kids who have nothing to hide just tap their cards and use digital currency. No such thing as a bank run
 
againsthegrain said:
Why would you use cash or buy physical gold? sounds dodgy yeah you must be a bikie all the good kids who have nothing to hide just tap their cards and use digital currency. No such thing as a bank run
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for one i don't have plastic ,

the same mantra s is going around on cryptos

if you don't hold the keys , you don't own the coins

bank deposits are unsecured loans ( assuming the government deposit guarantee is inadequate , and the BIS is pushing for bank bail-ins in the event of a bank collapse

if cash is a crime the government is guilty of facilitating those crimes ( for over 100 years )

and the 'nothing to hide' crap doesn't wash either , the government is unilaterally ( and at all hours of the night ) inventing more crimes and laws and fines , at whim to fit agendas ( hoping the High Court is too bogged down to hear challenges

BTW about 20 years back some ( white hat ) hackers were discussing the many ways to skim and clone plastic ( and how to prevent that happening to them )

tap'n'go' just makes fake plastic easier ( but they won't tell you that )
 
InsvestoBoy said:
Funny how people who think they are investing in gold don't even bother to read the PDS for the things they invest in.

PMGOLD is not an ETF. It's a call option on 1/100th troy ounce of unallocated gold.

Unallocated is the operative word. You do not own the gold. You own a unsecured obligation of Gold Corporation


Exercise of the call option is entirely at the discretion of Gold Corporation.

Basically PMGOLD is a trading sardine on the gold price, not someone who holds gold for the purposes of holding a nonfinancial asset would ever utilise. You may as well trade the futures price and forget the bad spreads, high fees and high commissions on the ASX.

As to the original question, banks do still offer safety deposit boxes, and many other entities offer them in major cities as well, just google it. "Commonwealth Bank safe deposit box", etc.
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Good points, but futures do have cost of carry nibbling away at your capital.

Great for trading/hedging, not so good for digitally plonking gold in the bottom drawer.
 
wayneL said:
Good points, but futures do have cost of carry nibbling away at your capital.

Great for trading/hedging, not so good for digitally plonking gold in the bottom drawer.
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The point I am making is you are fooling yourself if you think PMGOLD is anything but a trading device or you just never bothered to read the PDS.

So comparing PMGOLD to other trading devices on the price of gold, there is absolutely no competition between an ASX listed complex derivative like PMGOLD vs GC on the COMEX. Just compare spreads, commissions, execution transparency, options, etc. Don't forget the nice fees Perth Mint charge to "house" your unallocated gold :cool: when you compare GC futures roll yield (which can largely be mitigated by anyone with a spreadsheet to do roll optimal allocation on the curve).

There are allocated digital plonkers with a good PDS, like PHYS on the NYSE run by the nutjobs at Sprott. I don't really favour ASX:GOLD all things considered but at least it's actually allocated gold. Which should be obvious is the only thing that matters if you are buying gold for the not-dumb reasons to buy gold.

My personal preference is for the majority of the allocation to be in physical unencumbered gold in a safety deposit box with insurance, at scale the cost is marginally less than PHYS and one can use the box to hold other stuff like documents, backups, etc. I started buying some PHYS during lockdowns when I couldn't go anywhere and kept it around (<5% of total allocation) as it has proven useful for liquidity when rebalancing the overall portfolio.
 
InsvestoBoy said:
The point I am making is you are fooling yourself if you think PMGOLD is anything but a trading device or you just never bothered to read the PDS.

So comparing PMGOLD to other trading devices on the price of gold, there is absolutely no competition between an ASX listed complex derivative like PMGOLD vs GC on the COMEX. Just compare spreads, commissions, execution transparency, options, etc. Don't forget the nice fees Perth Mint charge to "house" your unallocated gold :cool: when you compare GC futures roll yield (which can largely be mitigated by anyone with a spreadsheet to do roll optimal allocation on the curve).

There are allocated digital plonkers with a good PDS, like PHYS on the NYSE run by the nutjobs at Sprott. I don't really favour ASX:GOLD all things considered but at least it's actually allocated gold. Which should be obvious is the only thing that matters if you are buying gold for the not-dumb reasons to buy gold.

My personal preference is for the majority of the allocation to be in physical unencumbered gold in a safety deposit box with insurance, at scale the cost is marginally less than PHYS and one can use the box to hold other stuff like documents, backups, etc. I started buying some PHYS during lockdowns when I couldn't go anywhere and kept it around (<5% of total allocation) as it has proven useful for liquidity when rebalancing the overall portfolio.
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I don't disagree with any of that, as indicated above, all good points.
 
3 hound said:
Speaking theoretically and no personal details what methods and devices eg safes do you use.

I recently told my bank manager I was considering buying some gold and asked about storing it at the bank. The manager almost laughed at the idea and said haven't heard of any banks providing that service in years. I had no idea it was a laughable proposal.

I contacted a gold seller in the capital city and was told by them a lot of people just bury it.

Both seem unlikely to me, hence the question.
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Good morning 3 hound,
Yellow in the safe. Only issue is pick up - when visit gold merchant (mostly in Brisvagus) buy, leave in hotel safe. Retrieve upon check out and hold on person till reach home. Then in the safe.
Visitation not just for purposes to buy gold. Use the trip for other business related purposes conjointly. Certainly when in Brisvagus if the timing is right, will buy or sell gold.

Kind regards
rcw1
 
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