Perth Mint depository online data breach

Discussion of the Gold portion of the Permanent Portfolio

Moderator: Global Moderator

User avatar
dualstow
Executive Member
Executive Member
Posts: 8829
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Perth Mint depository online data breach

Post by dualstow » Tue Sep 18, 2018 1:48 pm

Xan wrote:
Tue Sep 18, 2018 12:14 pm
Pay cash at a local coin shop.
I think I might sell a coin at a time for cash one day*, but carrying cash in the city brings its own risks. I never carry more than $100, let alone the $1200 I'd need today for an ounce of gold bullion.

*In the future, if I'm lucky enough to sell a coin for, say, $2000..Hmm, I'd probably accept a check.
TLT HITS NEW 52-WK HIGH
User avatar
pugchief
Executive Member
Executive Member
Posts: 2978
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: Perth Mint depository online data breach

Post by pugchief » Tue Sep 18, 2018 3:33 pm

I read the posts in this thread and once again am happy all my gold is in ETFs. :-\
User avatar
jhogue
Executive Member
Executive Member
Posts: 400
Joined: Wed Jun 28, 2017 10:47 am

Re: Perth Mint depository online data breach

Post by jhogue » Wed Sep 19, 2018 11:06 am

Pugchief,

Did you consciously decide at some point not to hold physical gold? Or, is it perhaps the consequence of the tax structure of your investment portfolio?
“Groucho Marx wrote:
A stock trader asked him, "Groucho, where do you put all your money?" Groucho was said to have replied, "In Treasury bonds", and the trader said, "You can't make much money on those." Groucho said, "You can if you have enough of them!"
User avatar
pugchief
Executive Member
Executive Member
Posts: 2978
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: Perth Mint depository online data breach

Post by pugchief » Wed Sep 19, 2018 12:51 pm

jhogue wrote:
Wed Sep 19, 2018 11:06 am
Pugchief,

Did you consciously decide at some point not to hold physical gold? Or, is it perhaps the consequence of the tax structure of your investment portfolio?
Yes, I consciously chose not to hold any physical. The transaction fees, premiums, and ridiculous hassle of storage are more of a headache than the (in my opinion) infinitesimal risk of Gold ETFs. And what makes anyone think the Perth Mint is somehow safer than an ETF? Globally diversified, yes, but if the US goes down the rabbit hole, Europe and Australia are not far behind, unless of course they are in front!
User avatar
dualstow
Executive Member
Executive Member
Posts: 8829
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Perth Mint depository online data breach

Post by dualstow » Wed Sep 19, 2018 1:36 pm

pugchief wrote:
Wed Sep 19, 2018 12:51 pm
...
And what makes anyone think the Perth Mint is somehow safer than an ETF?
I don't think it's safer, but I like it better. Or, I did, rather. While I applaud them for being up front about the breach -- I'm looking at you, Marissa Mayer -- they are no longer on my list of possible storage solutions. I *would* buy coins from them, though.
TLT HITS NEW 52-WK HIGH
User avatar
dualstow
Executive Member
Executive Member
Posts: 8829
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Perth Mint depository online data breach

Post by dualstow » Sat Jul 20, 2019 1:31 pm

Any update on this, Sophie? Have things gotten better or worse? The same?
TLT HITS NEW 52-WK HIGH
User avatar
sophie
Executive Member
Executive Member
Posts: 3150
Joined: Mon Apr 23, 2012 7:15 pm

Re: Perth Mint depository online data breach

Post by sophie » Sun Jul 21, 2019 7:45 am

No info has been forthcoming and I doubt there will be anything. I wrote to them and got a snippy letter back that said I was welcome to take my business elsewhere if I wasn't happy with their security practices. I guess that means they will continue to outsource their Depository Online website & security.

I'm still not sure what to do, but I suspect that compared to private bullion services like Goldmoney or Texas Depository, they're neither more nor less safe. Their depository program is much safer than Depository Online, because it's managed on a computer with no internet access and you have to place a phone call to make purchases or withdrawals. They used to specify a minimum opening balance for the depository program, but I can't find it on the website? Wonder if that means they no longer hold you to a minimum?? Guess I'll have to ask them.
User avatar
dualstow
Executive Member
Executive Member
Posts: 8829
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Perth Mint depository online data breach

Post by dualstow » Sun Jul 21, 2019 10:20 am

A snippy letter back, eh? (sigh) I guess there is no perfect solution for physical.
And I don’t want etf’s. I’d rather not own gold at all than have just etf’s.
Thanks just the same for the follow-up.
TLT HITS NEW 52-WK HIGH
User avatar
Kriegsspiel
Executive Member
Executive Member
Posts: 1900
Joined: Sun Sep 16, 2012 5:28 pm

Re: Perth Mint depository online data breach

Post by Kriegsspiel » Sun Jul 21, 2019 10:39 am

dualstow wrote:
Sun Jul 21, 2019 10:20 am
A snippy letter back, eh? (sigh) I guess there is no perfect solution for physical.
And I don’t want etf’s. I’d rather not own gold at all than have just etf’s.
Thanks just the same for the follow-up.
Why don't you just buy some coins and keep them in your home?
There are several thousand nearly complete viral genomes integrated into the human genome, most now inert or missing a crucial gene. These account for 1.3% of the entire genome. That may not sound like much, but 'proper' genes account for only 3%. If you think being descended from apes is bad for your self-esteem, then get used to the idea that you are also descended from viruses.
Ridley, Genome
User avatar
dualstow
Executive Member
Executive Member
Posts: 8829
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Perth Mint depository online data breach

Post by dualstow » Sun Jul 21, 2019 10:45 am

Kriegsspiel wrote:
Sun Jul 21, 2019 10:39 am
dualstow wrote:
Sun Jul 21, 2019 10:20 am
A snippy letter back, eh? (sigh) I guess there is no perfect solution for physical.
And I don’t want etf’s. I’d rather not own gold at all than have just etf’s.
Thanks just the same for the follow-up.
Why don't you just buy some coins and keep them in your home?
I do. Some there, some at my dad’s — he already has his own numismatics there or I wouldn’t expose him — and some at the bank.
TLT HITS NEW 52-WK HIGH
User avatar
Kriegsspiel
Executive Member
Executive Member
Posts: 1900
Joined: Sun Sep 16, 2012 5:28 pm

Re: Perth Mint depository online data breach

Post by Kriegsspiel » Sun Jul 21, 2019 2:24 pm

Oh ok, the way you said it it...
There are several thousand nearly complete viral genomes integrated into the human genome, most now inert or missing a crucial gene. These account for 1.3% of the entire genome. That may not sound like much, but 'proper' genes account for only 3%. If you think being descended from apes is bad for your self-esteem, then get used to the idea that you are also descended from viruses.
Ridley, Genome
User avatar
dualstow
Executive Member
Executive Member
Posts: 8829
Joined: Wed Oct 27, 2010 10:18 am
Location: next to emotional support peacock
Contact:

Re: Perth Mint depository online data breach

Post by dualstow » Sun Jul 21, 2019 5:31 pm

Kriegsspiel wrote:
Sun Jul 21, 2019 2:24 pm
Oh ok, the way you said it it...
There is no comfort, no ideal, but I’m making do.
First World Problem, yes. O0
TLT HITS NEW 52-WK HIGH
Post Reply