The Perth Mint review

What is The Perth Mint?

The Perth Mint is Australia’s official bullion mint, owned entirely by the Government of Western Australia. Operating since 1899, it refines most of Australia's newly mined gold and produces a wide range of investment-grade precious metals, including gold, silver and platinum.

As one of Australia’s largest exporters, its annual turnover for 2024-2025 was $32.95 billion. The mint is one of a handful of global refiners accredited by all five major gold exchanges, including the London Bullion Market Association (LBMA). This global standing, combined with its government ownership, underpins its reputation for quality and security. It claims to refine around 10% of the world's newly mined gold.

What can you buy from The Perth Mint?

The Perth Mint sells investment-grade gold, silver and platinum in the form of bars and coins. It also offers collector (numismatic) coins, jewellery and diamonds.

All investment bullion is produced to the highest purity standards, guaranteed by the government. Gold products are 99.99% pure, while platinum is at least 99.95% pure. Its products are stamped with the LBMA-registered mark, making them easily tradable on international markets.

How does The Perth Mint work?

The Perth Mint offers several ways to buy, sell and store precious metals, catering to different types of investors.

What are the main ways to invest?

• Buy for delivery or pickup. You can purchase bullion bars and coins directly from The Perth Mint's website or trading room and have them securely delivered to your address or collect them in person.
• Depository Online. This is an online portal for buying, selling and storing metals 24/7. It features live pricing and is designed for investors who want to manage their holdings digitally.
• Depository Program. This is a traditional brokerage service where you can buy and sell larger amounts via phone or email with a dedicated dealer.
• Certificate Program. This program lets you buy precious metals held by the mint on either an allocated basis (specific bars stored for you) or an unallocated basis (a pooled, government-guaranteed claim on the mint's metal) with your holding recorded on a certificate.
• Exchange Traded Funds (ETFs). The Perth Mint offers two ETFs. Perth Mint Gold (ASX: PMGOLD) is traded on the Australian Securities Exchange and tracks the Australian dollar gold price.

What happened to the GoldPass app?

The Perth Mint's GoldPass® mobile app has been discontinued. The app previously allowed users to buy, sell and transfer physical gold via their smartphone. Investors looking for a digital solution should now consider the Depository Online platform.

What's the difference between allocated and unallocated storage?

When you store your metals with The Perth Mint, you can choose between two main types of storage:

• Allocated storage means specific, individual bars or coins are set aside in a vault purely for you. They are your legal property and are identified by serial number or weight. You pay a storage fee for this service.
• Unallocated storage means you own a share of a pool of metal held by The Perth Mint. You don't have title to specific bars, but you have a claim on a certain amount of metal. The Perth Mint can use this metal for its operations, which is why there are no storage fees. You can convert your unallocated holdings to allocated at any time, though fabrication fees may apply.

What are The Perth Mint's fees and minimums?

The Perth Mint has a complex fee structure that varies depending on how you choose to invest.

Trading and account fees

Depository Online Fees are charged per trade and are based on the value of the transaction.

Depository Program Transaction fees are based on your total account value. For Australian and New Zealand customers with accounts valued over $50,000, no transaction fees apply. For accounts under this value, there is a 2% buy fee and 1% sell fee.

Certificate Program A fee of $50 is charged for each certificate issued, in addition to any transaction fees set by the local distributor.

Storage fees

Other fees

• Fabrication fees. These apply when you convert unallocated metal to physical bars or coins. For pool allocated silver, the charge is $0.50 per ounce (Depository/Certificate Program) or 1.50% of the metal value (Depository Online).
• Delivery fees. Domestic bullion orders under $70,000 are shipped at $17.50 per kilogram of packed weight (minimum charge $17.50); rates differ for non-bullion orders (flat $10, free over $300) and international shipments ($35 for the first kilogram, $15 per kilogram after).
• Credit card surcharge. A 1.9% surcharge applies to all purchases made with a credit card.

Minimum investment amounts

• Depository Online: Minimum investment of $5,000.
• Depository Program: Minimum trade of $5,000.
• Certificate Program: Minimum of $10,000 USD to open an account and $5,000 USD for additional purchases.
• Monthly Savings Plan: Minimum of $50 per month.

Payment options and limits

The Perth Mint has been a cashless venue since 2021 and does not accept cash, cheque, money orders, or buy-now-pay-later. You can pay via direct bank deposit, wire transfer, BPAY, or credit/debit card (including Apple Pay/Google Pay/Samsung Pay).

• A 1.9% surcharge applies to all credit card transactions.
• Online bullion purchases on a credit card are limited to $5,000.
• In-person bullion purchases on a credit card are limited to $15,000.

How does The Perth Mint compare to alternatives?

While The Perth Mint's government guarantee is a unique selling point, it's not the only way to invest in precious metals.

• Other bullion dealers. Companies like ABC Bullion also sell physical gold and silver in Australia. They may offer more competitive premiums (the amount you pay over the spot price) or have a simpler fee structure. However, they do not come with a government guarantee, meaning you are relying solely on the company's reputation and financial stability.
• Gold ETFs. For investors who want exposure to the gold price without the hassle of storage, an ETF is a strong alternative. Products like BetaShares Gold Bullion ETF (ASX: QAU) or Global X Physical Gold (ASX: GOLD) can be bought and sold easily through any of the best ETF trading platforms. Management fees are typically low, but you don't own the physical metal yourself. The Perth Mint's own PMGOLD offers a middle ground, as it is backed by physical gold stored by the mint.

Is The Perth Mint safe and trustworthy?

The Perth Mint's safety is built on its government ownership. The Western Australian Government guarantees all holdings under the Gold Corporation Act 1987, which is a level of security private dealers cannot match. It is also accredited by all five of the world's major gold exchanges, confirming its products meet global standards. This makes it a very safe option for holding physical precious metals.

However, trustworthiness also involves customer experience and this is where The Perth Mint faces challenges. Customer review sites like ProductReview.com.au are filled with complaints about poor communication, extremely long wait times for orders and support and issues with the online platform. While the underlying security of your assets is not in question, the process of buying, selling or taking delivery can be frustrating according to many customers.

Investors should also be aware of media reports and online discussions regarding a "scandal" at The Perth Mint. This will be addressed in the FAQ section below.

Our Verdict

The Perth Mint is an excellent choice for security-conscious investors who want the peace of mind that comes with a government-guaranteed investment. Its reputation and the quality of its products are world-class, and the option of fee-free unallocated storage is a major plus. For those looking to build a long-term holding of physical precious metals, it remains one of the top options in Australia.

However, you need to go in with your eyes open to the potential for poor customer service. If you anticipate needing to trade frequently, require fast delivery or simply value a smooth and responsive customer experience, the frustrations highlighted in numerous online reviews might be a deal-breaker. In that case, exploring the flexibility of a gold ETF or comparing service levels at other private bullion dealers would be a wise next step in finding the best way to invest your money.