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SMSF Investment 2020 Whitepaper Published March 2020

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SMSF Investment 2020 Whitepaper Published March 2020 SMSF Investment 2020 Whitepaper Published March 2020 1 Table of contents Introduction: Why do people still invest in precious metals? � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 3 Reviewing 2019: Gold is back on the radar � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4 SMSF Association � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 6 Invest in Perth Mint Gold via the ASX � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7 Why are SMSF trustees investing in gold? � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8 1� Gold has delivered solid long-term returns � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 9 2� Gold has been a strong performer when real cash rates are low � � � � � � � � � � � � � � � � � � � � � � � � � � � � �10 3� Gold has been an effective hedge against equity market falls � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �11 4� Gold offers foreign currency diversification � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �13 5� Gold is simple and easily accessible � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �14 What about gold’s volatility? � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �16 Summary of attributes � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �17 What about silver? � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �18 What to look for when investing in precious metals � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �20 About The Perth Mint � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �21 Frequently asked questions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �22 The Perth Mint’s investment solutions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 ASX-listed product – Perth Mint Gold (PMGOLD)� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 Online Trading Portal – Depository Online � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 Phone – Depository Program � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 Gold ETF listed on the NYSE – Perth Mint Physical Gold Exchange Traded Fund (NYSE:AAAU) � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 25 Smartphone App – GoldPass® � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 25 Buy and store independently – Bullion bars and coins � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 25 Data sources � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �26 Disclaimer � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �26 Find out more � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �27 Introduction: Why do people still invest in precious metals? Many astute investors allocate With a wide choice of investment products, The Perth Mint has been at the forefront of the 5–10% of a diversified portfolio growing demand for precious metals� Our unique to gold. government backed depository now holds more than AUD 5 billion in physical precious metals Jordan Eliseo Precious metals such as gold and silver have for approximately 40,000 clients including SMSF Senior Investment Manager been valued as a store of wealth for generations� The Perth Mint trustees, as well as central banks, sovereign wealth Contemporary investment vehicles are today funds and institutional investors� making this asset class more convenient than ever to hold within a diversified investment portfolio� In this white paper we review: • The five main benefits precious metals may The range and availability of gold investment offer SMSF trustees as they seek to build and products is highly relevant to Self Managed protect wealth� Superannuation Fund (SMSF) trustees seeking to build and protect their wealth� • Why we expect the trend towards precious metals to continue and perhaps even While listed equities, cash (including term accelerate in coming years� deposits) and property comprise the majority of assets chosen by SMSF trustees, demand • The frequently asked questions SMSF trustees for precious metals, such as gold and silver, have about how to invest in precious metals� has also been growing significantly for more • What to look for when investing in than a decade� precious metals� Indeed many astute investors are choosing to We also outline the investment solutions provided allocate 5–10% of their portfolio to gold� Those by The Perth Mint, with a focus on the products who have invested in the metal have been well best suited to SMSF trustees� These products rewarded, with the gold price rising above AUD 2,000 per troy ounce in 2019� This has helped include our ASX-listed gold product (ticker code: generate returns of more than 9% per annum PMGOLD) which can be bought and sold via a on gold over the past 15 years� regular share trading account� 3 Reviewing 2019: Gold is back on the radar The rise in the gold price The rise in demand includes increased buying from self-managed super fund (SMSF) trustees, with flows into gold continuing to increase in the first month of 2020, as beyond AUD 2,000 per rising tensions between the United States and Iran, as well as fears over the spread of troy ounce, combined with Coronavirus propelled the gold price above AUD 2,300 per troy ounce� multiple interest rate cuts by The strong run for gold dates back to the final quarter of 2018, when a sharp correction in equity markets helped reignite safe haven demand for the precious the Reserve Bank of Australia metal� Over the 15 months to the end of 2019 gold strongly outperformed the local (RBA) helped drive a surge equity market, climbing more than 31% in Australian dollar terms� in demand from Australian The outperformance of gold across this time period can be attributed to a investors throughout 2019. range of factors including: • A return to monetary easing by the United States Federal Reserve, with three interest rate cuts in the second half of 2019, as well as intervention in money markets which saw the Federal reserve’s balance sheet expand back above USD 4�1 trillion by the end of last year� • The significant decline in bond yields globally, with US 10-year government bonds yields declining by 29% for the year, ending 2019 at just 1�91%� Australian 10-year government bond yields ended the year at just 1�37%, a decline of just over 40%� • The increase in the value of negative yielding debt, which at one point in 2019 topped USD 17 trillion, with more than a quarter of developed market sovereign debt trading with a negative yield • Growing recession fears with the US yield curve inverting in 2019 as ongoing Brexit concerns and the turbulent US-China trade deal fuelled uncertainty� 4 Given this momentum, it is little surprise Australian Dollar Gold Price returns by calendar year – 2000 to 2019 that gold performed as well as it did in 2019. Last year’s increase represented the strongest annual rise in the gold price since 2010, as indicated in the chart on this page. The case for gold was further boosted in 2019 by high profile investors speaking favourably about the yellow metal and the role it may play in a portfolio� This includes Bridgewater Associates Founder, Co- Chairman and Co-Chief Investment Officer Ray Dalio, who in July 2019 released a widely read report titled Paradigm Shifts, which warned that investors may continue to face low to negative returns in traditional safe haven assets like bonds and cash for years to come� Source: The Perth Mint, Reuters Should this occur, Dalio believes it will “lead investors to increasingly prefer alternative forms of money (eg� gold)�” He considers, “It would be both risk-reducing and return enhancing to consider adding gold to one’s portfolio” stating that gold is an “effective portfolio diversifier�” The factors that drove the rally in the gold Blackrock also published a research piece titled The monetary policy price throughout 2019 also contributed to a endgame, which looked at the potential investment
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