Euro Pacific Bank

Notice of Custodian Change for Precious Metals

Published: October 6, 2020

As you may be aware, The Perth Mint is the current custodian of all gold and silver backing the Precious Metals Account. Due to regulatory changes last month, they no longer offer this account type.

On October 29, 2020, we will be ending our relationship with The Perth Mint and moving all precious metals holdings to our new custodian, a global leader in high security bullion vault storage.

All bars will be stored in New York location initially, and we have plans to store at other international locations in the future, as described in the “new features & benefits” section below.


Action Required

Although there are numerous benefits from moving to a new custodian, unfortunately there are costs that we will incur, such as fabrication and transfer fees. To continue offering this product, we ask that you share some of these costs with us by accepting a Custodian Transfer Fee.


Your next steps

Option 1: Accept the Custodian Transfer Fee

If you would like to keep your holdings and migrate with us, we will deduct this one-time Custodian Transfer Fee from your bank account on October 29, 2020.

Type Cost Example
Gold $2.00/oz If you own 10 oz, we will deduct $20.00.
Silver $0.35/oz If you own 100 oz, we will deduct $35.00.

No further action is required of you at this time. Simply watch your account for the one-time fee on October 29, 2020 and use your account as normal. If the fee overdraws your bank account, cover the balance by converting funds or liquidating some precious metals to avoid interest charges.

Option 2: Liquidate your precious metals

If you do not want to migrate with us and incur a Custodian Transfer Fee, you must liquidate your precious metals by the deadline: October 28, 2020 at 5PM EST. If you do not sell your precious metals by this deadline, your holdings will be included in the migration; and you will therefore be charged a Custodian Transfer Fee.

Date Event
October 6 Notice of Custodian Change for Precious Metals sent
October 23 Notice of Custodian Change reminder
October 28 Deadline to liquidate your precious metals at 5PM EST, if you want to opt out of Custodian Transfer Fee
October 29 Precious metals holdings will be migrated; and Custodian Transfer Fee debited from your account

If you are unsure about these options or have questions, please email Trading Support at [email protected] or schedule a call.

New Features & Benefits

If you choose option 1 and allow your precious metals holdings to migrate to our new custodian, you can expect these new features and benefits.


Industry Standard Bars

We are migrating from Perth Mint “unallocated gold” and “pool allocated silver” to investment-grade LBMA or Good Delivery 1kg gold and 1000oz silver bars. These widely recognized bars improve the liquidity and transferability of our holdings.


Physically Stored & Insured

We’ve reduced your counterparty risk by buying investment-grade, fully insured and allocated bars that we fully own and store ourselves at our new custodian.


More Transparency

An internationally-recognized auditor will enter our vault and inspect our holdings, accounting for each bar we own. After we receive our audit letter, we intend to publish it to our website.


Additional Diversification

We are taking this opportunity to diversify precious metals holdings further, with the goal of mitigating economic and geographical risks. That’s why we are currently in discussion with new non-bank vaults around the world, which we will announce in the near future.


Frequently Asked Questions

Will buy/sell commissions or storage fees change?

Commissions and storage fees as published on the Precious Metals Account page are staying the same. We do intend to update the storage fees starting January 1, 2021, however at the moment future storage fees are not finalized.

Why did you choose New York as your new vault location?

Although we are starting our new vault relationship in New York, we intend to make use of their extensive international locations, which is consistent with our philosophy of diversifying assets internationally.

Can I take delivery of my precious metals?

We do not offer delivery because the Precious Metals Account is not an “allocated” program.

The purpose of the Precious Metals Account is to provide clients a convenient way to invest in gold and silver and convert those holdings for currency quickly and conveniently.

Is the Precious Metals Account an allocated program?

No. Clients have holdings in the Precious Metals Account, and our responsibility is to back the product 1:1 with physical precious metals in our network of reputable, non-bank vaults.

In return, clients receive true 1:1 price exposure to gold and silver, the convenience of buying and selling online, and 24 hour liquidity.

Is the Precious Metals Account right for me?

Who is this product designed for?

The Precious Metals Account is designed for precious metals investors seeking three things:

  1. Price exposure – Simple exposure to the gold and silver spot prices. You own ounces of gold (XAU) and silver (XAG), trackable directly inside your eBanking.
  2. Security of physical bullion – Every ounce purchased is physically settled and stored at The Perth Mint, 1:1, outside of the banking system. This is relevant to clients who are worried about systemic financial risks, as The Perth Mint is not a financial institution.
  3. Convenience & access – View your portfolio value in real-time, buy and sell directly inside your eBanking, and easily wire the cash proceeds or load up your bank card. We’ve essentially connected physical precious metals storage to the banking system.

Who is this product NOT designed for?

Because the Precious Metals Account is an institutional-level product, you will not be able to take delivery of or visit your precious metals holdings. You will be able to buy and sell to/from your bank account balance with us only.

Therefore, if your goal is to take delivery of physical bars or coins, or if you need a traditional “allocated” storage program, the Precious Metals Account will not suitable for you.

Where are the precious metals stored?

international gold storage
The Perth Mint is Australia’s largest fully integrated precious metals enterprise, providing premium precious metals to clients around the world.

The Perth Mint has been in business for 100+ years, is second largest producer of gold in the world, and is located in a solvent jurisdiction.

All precious metals are explicitly guaranteed by the Australian government, the only metals storage program in the world with a government guarantee.

Comparison Chart

Use this comparison chart to help you decide whether the Precious Metals Account or a traditional “allocated” storage program like the Perth Mint Certificate Program (PMCP) is right for you. There are other allocated storage products in the market, but we use the PMCP as an example.

Features Precious Metals Account Perth Mint Certificate Program
Summary Our institutional physical gold and silver accounts at The Perth Mint created specifically for our clients, which provide an extra layer of security and the conveniences of an online, international bank. The Perth Mint Certificate Program (PMCP) is traditional, allocated storage program where a specific set of bars/coins are set aside under your name, with a serial number.
Minimum Order $100 $10,000
Cost to Buy 1-4% Spot + Fabrication Premium (on select products) + 0.25% Perth Trading Fee + 2% Dealer Processing Fee + $50 Certificate Fee and courier
Cost to Sell 0.50%-4% Spot + 0.25% Perth Trading Fee + 1% Dealer Processing Fee
Storage Fee Gold no storage fee; Silver 0.95% per annum Based on product
Liquidity Holdings tracked via your Euro Pacific eBanking; immediately buy and sell to/from your bank account with EPB Official Certificate issued to you by The Perth Mint, needs to be returned to The Perth Mint before liquidation
Online Access Yes No
Ownership You will effectively utilize Euro Pacific Bank’s institutional relationship with The Perth Mint, granted in part due our status as a fully licensed international banking institution. You will be a direct client of The Perth Mint, with a third party “Approved Dealer” assigned to you to process orders.
Government Guarantee Yes Yes
Physical Backing 1:1 1:1
In-person inspection or collection available No Yes
Physical delivery available No Yes

Does the Bank Card draw directly from my gold or silver holdings in my Precious Metals Account?

No. When you want to spend some of your gold or silver, you will need to sell a portion of your metals holdings. The proceeds will be deposited in to your Cash Account, where they can be loaded onto the Bank Card.

This process ensures that you are aware of the costs incurred during purchasing and selling physical metals, and more importantly that you are protected during a theft of your Bank Card, as card funding is restricted daily.