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July 13, 2010
Alert 53-2
How to Carry 1,000 Ounces
of Gold in Your Pocket
How could anyone carry so much gold? The answer is simple. When you carry a Perth Mint Certificate in your pocket, purse, or briefcase, you could be carrying an untold amount of gold, silver and/or platinum. And you wouldn’t have to worry about throwing your shoulder out or having your metal stolen.
I’ll admit that my title is a bit of a stretch, since most of us can only dream of owning that much gold. But it does emphasize the point of today’s topic, which is the Perth Mint Certificate. While we have written many times about the Perth Mint Certificate program, this article is going to focus on the actual certificate you receive after making a purchase.
What Do You Get?
After your purchase is made, the Perth Mint will produce your certificate and send it to ASI for inspection. Typically, we receive your certificate about 10 days after the purchase is made. Upon receipt of your certificate, our administrative staff carefully inspects the document to ensure that everything is correct. Your certificate is then sent to you via certified mail. At that time, we will call you to let you know it is on the way.
When you receive your certificate, three weeks or so after your purchase, you will notice it has a yellowish-green color on the front. The certificate will have a unique number and will list your information and the amount of precious metal that you purchased. If you have allocated metals, it will specify the amount and product that you purchased, such as (10) 5-ounce gold bars, plus the storage costs.
On the other hand, if you are like most of our clients and select unallocated metals, then your certificate will simply show the number of ounces purchased, out to three decimal places. For example, 50.384 oz of gold, along with a notation of $0.00 for storage. That’s correct, with unallocated metal, storage is free. Either way, you have the satisfaction of knowing that the amount of gold (or silver or platinum) on your certificate is safely stored, ounce for ounce, at the Perth Mint in Western Australia.
Another important part of the certificate is at the top right-hand corner, where it states “Non-Negotiable.” This means that it is not a bearer instrument; only you or another pre-authorized signatory listed on the certificate can benefit from this certificate.
Finally, the back of the certificate has several places requiring various information when you decide to liquidate part or all of your holdings, or transfer title, or take delivery. These are all important options as you dispose of this asset in the future. When that time comes, please call us if you have any questions about how to proceed.
If you purchased a certificate through your IRA account, the certificate is titled in the name of the trustee for your benefit. Example, “Sterling Trust Company Custodian FBO: Jane Doe Smith, Roth IRA#000001.” The original certificate is sent to the trustee and you will receive a copy. In order to liquidate a certificate held in an IRA, you simply coordinate, through ASI, the trustee sending the certificate to us. If you need information about adding to your IRA, or starting a traditional or Roth IRA account that can hold Perth Mint Certificates, just click here to send us an email.
Travel with Your Gold. Or Not.
Because the Certificate is a warehouse receipt for metals stored in your name at the Perth Mint, it has no monetary value. This has two distinct advantages. First, there is no need for you to arrange for any special insurance, or storage, when shipping or traveling with the document. Second, there is no requirement to declare the certificate when going through customs, saving you a lot of hassle. Trying walking through the airport with 1,000 ounces of gold in your carry-on and see what happens!
Another advantage of a Perth Mint Certificate is that you are not required to liquidate through the dealer where you made the purchase. While we hope that you will consider us when it comes time to liquidate, we want you to know that you have other options. Whether your travels take you to Dublin, Zurich, Montreal, Panama, or Australia, there are authorized dealers ready to assist you.
What If it’s Stolen?
As I mentioned earlier, the certificate is not a bearer instrument, so even if someone makes off with it, you have not lost your metals. If a certificate is stolen, lost or destroyed, there is a simple process to apply for a replacement. This is done by filing the proper request letter, showing the required identification, and paying the lost-certificate fee. ASI can assist you with all of this should it ever become necessary.
As those of you who already have certificates know, when you open an account your signature on the application has to be guaranteed with a medallion stamp or notarized by a bank official. That will establish your sample signature at the Perth Mint.
When a certificate is liquidated, your signature will have to be guaranteed the same way on the back of the original certificate. It is then sent to the authorized dealer to be processed, who then forwards it to the Perth Mint. Normally this would be arranged ahead of time with a call to one of our representatives. Make sure to inform us how much to liquidate and where (and in what currency) to send the funds. The appropriate amount of your metals is then sold. The proceeds can be wired anywhere in the world. This process takes about a week.
Owning a Certificate
Now that you know more about the certificate, even if you already have one, you can see how powerful this piece of paper can be in your asset-protection plan. Whether you are ready to buy your first certificate or your tenth, we are ready to assist you.
Steve Emerick
Preferred Customer Relations
We want you to have the “sleep-at-night” comfort that comes from owning the world’s best money in the world’s safest location. If you have any questions, or are ready to purchase a Perth Mint Certificate, please call us at 1-800-831-0007 (U.S. and Canada) or 301-881-8600. Or click here to send us an email, telling us the best time to call you.
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