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PMCP - Pool Allocated Silver

The Perth Mint Certificate Programme (PMCP) is operated by the Perth Mint of Western Australia. It is wholly-owned by the Government of Western Australia. The programme allows  investors, savers and pension funds to own investment grade gold, silver and platinum bullion. The metal is stored in the vaults of the Perth Mint.

This product is Perth Mint Certificate Pool Allocated Silver.

The Perth Mint is the trading name of Gold Corporation. It is the successor organisation of the Royal Mint’s Perth branch that was founded in 1899. The certificate programme is fully guaranteed by the Government of Western Australia. The government has received the highest AAA rating from international rating agencies. PMCP is the only government-guaranteed certificate programme in the world.



Unallocated silver holdings through the Perth Mint certificate programme are no longer offered to new clients. From May 2011, the Perth Mint introduced an amended holdings concept for silver called pool allocated silver.

This change was introduced because the Mint’s inventory (or working stock) for silver had reached an upper limit for the manufacturing process, so instead of buying more inventory, the Mint decided that new clients investing in unallocated silver would in future receive an interest in a pool of specific bars which the Mint purchases and stores in its vaults.

With pool allocated silver, the Perth Mint is the custodian and holds the metal on behalf of clients. This metal is not available for the Mint to use. Therefore, as a pool allocated silver owner, you are an owner in common along with other clients participating in the same pool and you own an undivided interest in the pooled silver. Your holding will not relate to any specific bar as you will own a fractional share of the pooled bars. There are currently over 5.5 million ounces of silver held in the pool allocated certificate programme.

When you buy pool allocated silver through the PMCP, the Perth Mint issues a Precious Metal Certificate in your name, detailing the specific number of ounces of silver that you own and that is stored on your behalf in the mint. PMCP pool allocated silver clients have legal title to the silver stored in their pool allocated account. Every certificate has a unique certificate number, and is akin to a certificate of ownership.


The quantity of silver purchased will depend on the price per ounce of the metal and the amount that you have decided to invest. Perth Mint Certificates are highly liquid and can be sold through Marketsforu.

Upon settlement of PMCP buy orders, the Perth Mint will send MFU a certificate confirming the quantity of pool allocated silver purchased. If you sell part of your PMCP holding, upon settlement the Perth Mint will send MFU a new certificate confirming the quantity of silver remaining.

The client’s pooled silver is distinctly identifiable and is stored in the Perth Mint’s vault alongside other allocated metal, but it is separate from the operating stock of metal in the Mint. The bullion is not recorded on the balance sheet of the Perth Mint since it belongs to the client and not the Mint.

The Perth Mint undertakes full quarterly inventory stock takes using both internal and external auditors from major accounting firms in Australia. The audits are reviewed by the Auditor General of the State of Western Australia who is answerable to the State Parliament.