Frequently Asked Questions

What is PMGT?

Perth Mint Gold Token (PMGT) is a blockchain token developed and issued by InfiniGold, each unit representing 1 fine troy ounce of physical gold securely stored in The Perth Mint's central bank grade vaults.

It is based on GoldPass, The Perth Mint‘s full-service gold investment platform that digitises physical gold in the form of digital certificates. PMGT offers a tokenised version of GoldPass certificates on the Ethereum blockchain as an ERC20 token.

The tokens are 100% backed by GoldPass certificates issued by The Perth Mint, the world's largest refiner of newly mined gold that produces some of the world’s highest quality bullion. GoldPass certificates are fully backed by physical Perth Mint gold, with the weight and purity of every ounce guaranteed by the Government of Western Australia.

What is GoldPass?

GoldPass is The Perth Mint’s full-service gold investment platform powered by InfiniGold technology, which allows investors to instantly and securely buy, sell, transfer and hold physical gold stored at The Perth Mint via digital certificates in a convenient and cost-effective way. All gold backing GoldPass is guaranteed by the highly rated sovereign entity - the Government of Western Australia.

For more information about GoldPass, including availability in your country, please visit https://www.perthmint.com/goldpass.aspx

Every PMGT is a tokenised version of a GoldPass certificate and therefore 100% backed by GoldPass certificates which represent physical gold stored at The Perth Mint.

PMGT may be exchanged for GoldPass certificates. Equally GoldPass certificates may be exchanged for PMGT. In each direction, the exchange rate is 1:1.

If you have a verified GoldPass account, then at any time you may redeem your PMGT for GoldPass certificates so that you may:

  • Sell your GoldPass certificates for fiat currency (e.g. AUD) and withdraw to your bank account.
  • Redeem your GoldPass certificates for physical gold bullion.
  • Securely store your holdings in GoldPass certificates.
  • Exchange your GoldPass certificates back into PMGT.

A GoldPass account is not required to obtain, use or hold PMGT. Tokens may be obtained directly from cryptocurrency exchanges, transferred on the Ethereum network to other users or used within decentralised applications (dApps).

Is PMGT a Perth Mint product and is it government guaranteed?

The Perth Mint Gold Token (PMGT) is an InfiniGold product and InfiniGold is the issuer of PMGT. The Perth Mint is the custodian of the underlying physical gold which backs all GoldPass digital certificates, including those held by InfiniGold which back PMGT. GoldPass is a Perth Mint product and the physical gold that backs all GoldPass certificates is government guaranteed.

If PMGT is not The Perth Mint’s product then why is it called Perth Mint Gold Token?

InfiniGold is an industry leader in the fintech field and we are the issuer of the token. The Perth Mint is one of the world’s largest gold refiners and has secure vaults in place for bullion storage. The Perth Mint is providing custodian services to InfiniGold for all of the physical gold backing PMGT. Since all physical gold which underpins the token is Perth Mint gold, The Perth Mint has licensed its name to the product.

How can I obtain PMGT?

PMGT may be bought and sold under the ticker symbol PMGT on the following Exchanges:

KuCoin

On the KuCoin cryptocurrency exchange with cryptocurrencies (e.g. BTC or USDT).
Click here to trade: BTC USDT

Independent Reserve

On Australia’s trusted cryptocurrency exchange Independent Reserve for AUD, USD and NZD
Click here to trade: Buy PMGT

Note: It is recommended that you store your PMGT in an ERC20 compatible Ethereum wallet.

InfiniGold is in discussions with a number of other popular exchanges and details about further listings will be published on our website. Sign up to our newsletter or our telegram group and we will keep you informed.

In addition to purchasing PMGT on cryptocurrency exchanges:

  • PMGT may be freely transferred between any ERC20 Ethereum address.
  • If you hold a GoldPass account, you may exchange your GoldPass certificates for PMGT.
Which wallets can be used to hold PMGT?

PMGT is a fully compliant ERC20 token and may be stored in ERC20 compatible wallets. We are unable to take responsibility for recommending any 3rd party products, however, the Ethereum community recommends the use of hardware wallets to mitigate many attack vectors. We have some experience with using PMGT with the hardware-based Ledger Nano S wallet and the software based MyEtherWallet and MyCrypto wallets.

How is this different to all the other gold-backed tokens?

PMGT brings an unprecedented level of trust, efficiency and scale to the market of asset backed tokens.

  • Trust: With The Perth Mint - one of the world’s largest and most reputable gold refiners - as the custodian of the underlying physical gold which backs all GoldPass certificates, PMGT is the first gold-backed token on a public blockchain whereby the physical gold is government guaranteed.
  • Scalability: as PMGT is tokenising GoldPass certificates backed by physical gold held in The Perth Mint’s inventory, the issuance of PMGT can seamlessly scale to billions of dollars’ worth of tokens.
  • Liquidity: Via The Perth Mint's GoldPass app investors may redeem their tokens at any time, for physical bullion, or its market value in fiat currencies, unlocking liquidity for even the largest of trades.
  • Convertibility: PMGT is redeemable via GoldPass into a range of The Perth Mint's gold products, from 1oz cast bars to 400oz LBMA-accredited London Good Delivery bars - conveniently delivered to the investor.
  • No fees: With no transfer, storage or ongoing management fees, PMGT is one of the most cost-effective ways to purchase gold (Note: as for any transaction in ERC20 tokens, the Ethereum network charges “gas” fees for transfers of PMGT on its blockchain).

Redemption of PMGT, Link to GoldPass

How can I get a GoldPass account?

GoldPass is The Perth Mint’s gold trading app and is available for free to download on Google Play and the Apple App Store. Once downloaded you may open an account and verify your identity within minutes. For more information about GoldPass, including availability in your country, please visit https://www.perthmint.com/goldpass.aspx

Can I access PMGT from my GoldPass account?

Yes! Once you have a verified GoldPass account, you may access the PMGT pages either by selecting the PMGT button on the initial ‘Add Funds’ page or via the ‘Gold Actions’ menu in the top right corner of the ‘Gold’ home screen.

PMGT FAQ - menu

Upon first time accessing the PMGT pages you will need to accept the additional terms and conditions for using your GoldPass account with PMGT as well as the PMGT terms and conditions. You will then be able to link an Ethereum address to your GoldPass account, which will allow you to redeem PMGT for GoldPass certificates and exchange your GoldPass certificates for PMGT.

In order to convert between PMGT and GoldPass certificates you must link your Ethereum address with your GoldPass account.

Note: Due to regulatory requirements, an Ethereum address can only be linked to a single GoldPass account. A GoldPass account can only be linked to a single Ethereum address. Once a link is verified it cannot be modified.

To link your Ethereum address to your GoldPass account:

  1. Access PMGT in the GoldPass app.
  2. Submit the Ethereum address that you would like to link to your GoldPass account.
    Note: Ethereum addresses of Exchange based wallets can not be linked, you need to be in full control of the address and be able to sign a message using the associated private key.
  3. On your device, check the email inbox associated with your GoldPass account for an email from do-not-reply@pmgt.io.
    Note: please check your spam or junk mail folder in case you have not received the email within 5 minutes.
  4. Click the verification link in the email to open the verification page in a web browser.
  5. Copy the challenge code to your clipboard (click on code or the symbol).
    Note: This is NOT your Ethereum address, private key, nor public key.copy challenge button
  6. Use your Ethereum wallet to sign the challenge code with your Ethereum private key.

    You need to generate this signature using Ethereum wallet software that supports message signing. Your existing wallet software may not offer this functionality, i.e. this is not currently possible using common wallets such as Ledger Live.

    Examples of wallets that can be used:

    MyCrypto (desktop application; installation required)
    https://support.mycrypto.com/how-to/getting-started/how-to-sign-and-verify-messages-on-ethereum

    MyEtherWallet (web application; no installation required)
    https://www.myetherwallet.com/interface/sign-message
  7. After you sign the challenge, a challenge response will be returned.
    Below is an example of what this will look like:

    {
      "address": "0x1cdc1245ef4a705b2b7fc0475c44a70aa8b7d8c3",
      "msg": "ca8d9ca193231c5a603f96bee0c82dc27dbb1eb3dcbaf89ca3f1e1bf8cdc1938",
      "sig": "0x9087543ab3da758ed13bd384c0809a012cf8f9674a60cc6b56ecb6946ec6644f6ee75fc48f9f98d9c11c18766354f060a991fed0d9c36dab098ced0908b432abcd",
      "version": "1",
      "signer": "MEW"
    }

  8. Copy the generated signature to your clipboard.

    Note: Do not use the example above, use the signature generated by your Ethereum wallet.
  9. Return to the Ethereum Address Verification page in your web browser and paste your generated signature into the signature field and select the ‘Verify Signature’ button.

    Note: This is NOT your Ethereum address, private key, nor public key.
  10. Return to PMGT in the GoldPass app. The page will display the status of the linking process.

    Note: You will need to wait for 30 block confirmations before you are able to use PMGT (depending on the variable speed of the network, this should take approximately 10 minutes).
Can I redeem PMGT for GoldPass certificates?

Yes! In order to redeem PMGT for GoldPass certificates you must have an Ethereum address linked to your GoldPass account.

To redeem PMGT for GoldPass certificates:

  1. Access PMGT in the GoldPass app.
  2. Select ‘Redeem PMGT’.
  3. The page will display the PMGT conversion address (‘burn address’) that is used to send PMGT that will be converted into certificates in your GoldPass account. This is a universal address that is the same address for everyone. Sending PMGT to this address will burn the transferred PMGT from the total supply and credit gold certificates to your GoldPass account. It is only possible to send PMGT to this address from an Ethereum address that is linked to a GoldPass account.

    Note: If you send funds to this address from an address that is not linked to a GoldPass account, the transaction will fail.
    FAQ QR code


    0xdeaDDeADDEaDdeaDdEAddEADDEAdDeadDEADDEaD

  4. Copy the ‘burn address’ to your clipboard (or scan the QR code using your preferred Ethereum wallet).
  5. Open the Ethereum address linked to your GoldPass account in your preferred Ethereum wallet and send PMGT to the ‘burn address’. The exact amount that you transfer will be credited to your GoldPass account.

    Note: You will need to wait for 30 blocks of confirmation before your GoldPass account is credited with gold certificates. The process should normally be completed within 5 to 30 minutes. In some cases our operators need to manually verify operational limits in which case the redemption may take up to 1 business day.

    Note: Before you send PMGT to the ‘burn address’, your Ethereum wallet may display a unique icon representing the address in a graphical form. Before performing the send, you should ensure that the icon matches the icon below, to confirm that you have typed in the address correctly.
    FAQ address icon
  6. To check whether the transaction has been successfully confirmed on the blockchain, view the transaction history of your address on Etherscan:

    https://etherscan.io/token/0xAFFCDd96531bCd66faED95FC61e443D08F79eFEf?af=YOUR_ADDRESS

    If your transaction has been confirmed on the blockchain and you still haven't received your GoldPass Certificates after 24 hours, contact Support.
Can I redeem PMGT for physical bullion?

Yes! To redeem PMGT for physical bullion you must first redeem PMGT for GoldPass certificates, which can be done at no cost.

Once you have received your GoldPass certificates, you may then redeem those with The Perth Mint for physical gold bullion, as explained in the GoldPass FAQ.

Can I exchange my GoldPass certificates for PMGT?

You can convert GoldPass certificates to PMGT using the GoldPass app:

  1. Log into the GoldPass app.
  2. Select the 'Redeem' button.
  3. Select the 'Get/Redeem PMGT' menu option from the pop-up menu.
  4. Select the 'Get PMGT' button. The app will show the amount entry screen.
    FAQ PMGT conversion
  5. Enter the Amount (in toz) of Gold that you would like to convert to PMGT.
  6. Select 'Next', you will be shown a confirmation screen
    FAQ PMGT confirmation
  7. Double-check that the linked Ethereum address shown is correct. The PMGT will be transferred to this address.
  8. Confirm the conversion by selecting 'Convert'
  9. The app shows a confirmation for the transfer.
    FAQ PMGT summary
  10. Select 'Done' to return to the PMGT screen.

Wait for PMGT to be issued to your Ethereum address

PMGT issuance and backing

What is the total supply of PMGT?

Every PMGT is a tokenised version of a GoldPass certificate and therefore 100% backed by physical gold stored in Perth Mint's central bank grade vaults.

The total supply of PMGT changes continuously. It increases when GoldPass certificates are exchanged for PMGT and it decreases when PMGT are redeemed for GoldPass certificates.

You can see the total supply of PMGT on the Etherscan website:

https://etherscan.io/token/0xaffcdd96531bcd66faed95fc61e443d08f79efef

How many units of PMGT will there be?

As PMGT is tokenising GoldPass certificates backed by physical gold held in The Perth Mint‘s inventory, billions of dollars’ worth of tokens may be issued. The amount of PMGT available will be based upon demand - market makers will purchase additional PMGT to meet demand and GoldPass account holders are able to exchange GoldPass certificates for PMGT.

How do I know in real time that PMGT is fully backed by physical gold?

PMGT can only be issued 1:1 in exchange for Perth Mint GoldPass certificates. Each PMGT is backed by 1 troy ounce of fine gold in GoldPass certificates.

The amount of gold backing the total supply of issued PMGT can be verified at any time against the gold holding balance of InfiniGold’s GoldPass accounts published in real time by The Perth Mint on their website:

https://pmgt.perthmint.com/

What is the smallest amount of gold I can buy?

It is possible to own small fractions of PMGT worth only a few cents. The smallest denomination and therefore the minimum investment is 0.00001 oz of gold, worth approximately AUD 0.023 / USD 0.015 (as at 12 Feb 2020).

Fees and pricing

What are the fees associated with PMGT?

InfiniGold does not charge any transaction, storage or ongoing management fees for PMGT. This makes PMGT one of the most cost-effective gold assets and a competitive alternative to traditional gold products.

There are no fees for the Perth Mint Gold Token:

  • No storage or management fees.
  • No redemption fee to convert PMGT to GoldPass certificates.
  • No issuance fee to convert GoldPass certificates to PMGT.
  • No PMGT transfer fee (Note: Ethereum network charges ‘gas’ fees for transfers and transactions on its blockchain. These are outside of InfiniGold’s influence.)

Standard GoldPass fees apply to:

  • Buy/sell GoldPass certificates with/for fiat currency, i.e. AUD, USD.
  • Redeem GoldPass certificates for physical gold bullion.

Details about these fees in GoldPass are available here: https://www.perthmint.com/goldpass.aspx

Does PMGT charge any on-chain fees?

No, InfiniGold does not charge any fees for the transfer of PMGT from one Ethereum address to another or for any other on-chain transaction. However, PMGT is an ERC-20 token, and all transactions of ERC-20 tokens require a standard ‘gas’ fee to be paid to the Ethereum network for processing the transaction. The current gas price is available here:

https://ethgasstation.info/

How are PMGT priced?

As PMGT is indirectly fungible and tradeable with traditional gold products, arbitrage forces will aid PMGT to closely track the price of spot gold.

If you can't find what you are looking for and still have further questions, click the button below to open a support ticket and our support team will be in touch with you shortly.

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Want to know more about how PMGT works?

Download our whitepaper.