Gold, silver and other bullion have long been used as long-term stores of value, portfolio diversifiers, and hedges against inflation and market risk. But how do Self-Managed Super Funds (SMSFs) invest in these assets? In this article, we break down the key ways SMSFs can get exposure to gold, silver and other bullion – from buying physical metal through the Perth Mint and other Bullion dealers to accessing ETFs.
Why SMSFs Consider Gold and Silver
Investing in bullion through an SMSF can help diversify a retirement portfolio. Gold and silver tend to have a low correlation to equities and bonds, meaning they may perform differently when traditional markets fall. This diversification characteristic is why some trustees look at precious metals as part of a broader investment strategy.
Before acting, trustees should always ensure the investment complies with the SMSF’s trust deed, investment strategy and super laws.
Buying Physical Bullion via The Perth Mint
One of the most direct ways for SMSFs to hold bullion is through Perth Mint – a globally recognised bullion refinery and depository owned by the Government of Western Australia. You can buy and store gold, silver and platinum with them under different storage types. (Perth Mint)
Allocated vs Unallocated Metal
When SMSFs buy precious metals from the Perth Mint, they can choose from three storage categories:
- Allocated Storage
- Your bullion is held in the Mint’s vaults as specific bars owned by the SMSF.
- You pay ongoing storage fees.
- Pool Allocated Storage
- Available for silver
- Bullion is grouped in a pool but still backed by specific physical bars.
- Storage costs are generally lower than strictly allocated products.
- Unallocated Storage
- A cost-effective option where you own a claim on a quantity of bullion rather than specific bars.
- There are no storage fees.
- Unallocated is not segregated to your specific account but represented by a claim on the bullion backed by a WA Government guarantee.
How it works in practice: you open a Perth Mint Depository Online, select the metal (gold, silver, platinum), choose the storage type and place your order. You can convert unallocated holdings to allocated at any time, subject to fees and metal availability.
Storage and Security: bullion held through Perth Mint is stored in secure vaults with government backing. You can also store your bullion offsite – it is not required to be stored at the Perth Mint. However, it should be stored safely and securely. The best option is a safety deposit box that includes insurance.
SMSFs and Physical Products: Bars and Coins
Bullion held via the Perth Mint typically comes in cast bar or minted bars in various sizes. These can be held long-term in an SMSF’s storage account.
Gold and Silver and other bullion does not have to be purchased from the Perth Mint. There are other bullion dealers. Where bullion is purchased from a dealer the same investment rules apply. The bullion should also be stored safely and securely and insured, preferably in a safety deposit box.
Investing in Gold Through ETFs
Not all SMSFs choose to buy physical bullion. Some trustees prefer exchange-traded funds (ETFs) or similar listed products that provide exposure to gold prices without holding the bullion themselves.
Gold ETFs
A gold ETF is a fund that trades on a stock exchange (like the Australian Securities Exchange) and generally aims to track the price of gold. Units in the ETF can be bought and sold just like shares.
Examples include:
- Physically backed gold ETFs – these hold bullion in secure vaults and aim to mirror the gold spot price.
- Gold mining ETFs – these own shares in gold mining companies, offering an indirect exposure to gold with potential dividend income. (VanEck ETFs)
Gold ETFs tend to be more liquid and lower cost to enter and exit than physical bullion, but trustees should consider:
- ETF expense and management fees.
- Whether the ETF holds physical bullion or derivatives.
- SMSF brokerage fees and rules around disposal of assets
Gold, silver and other bullion is an allowable investment in an SMSF, however there are important considerations when investing in any asset in an SMSF to make sure that the investment is compliant and does not contravene the legislation and is compliant for ATO and audit purposes.
The following must be considered when investing in any asset in an SMSF:
- Compliance with governing rules
- Ownership and separation of assets
- Valuation
- Storage
- Insurance
- Any Investment in an SMSF must satisfy the sole purpose test which is to provide retirement benefits to members.
Subject to complying with the Trust Deed, the Investment Strategy and the SIS Act an SMSF can invest in Bullion.
Investment strategy and a fund’s governing rules
An SMSF’s investment strategy outlines its investment objectives and specifies the types of investments it can make. Before investing in Bullion SMSF trustees and members should consider the level of risk of the investment. Trustees and members may then review and if necessary, update their fund’s investment strategy to ensure the investment being considered is permitted.
Trustees and members also need to ensure that Bullion is allowed under the SMSF’s deed.
Collectables
Bullion is not considered a collectable as long as its value is only derived from its metal weight. If there are other factors such as rarity, age or numismatic interest such as in the case of collectable coins the collectable rules will apply.
As such, under the superannuation legislation bullion does have specific storage and insurance requirements however bullion should still be stored and insured appropriately as per the guidance from the ATO.
Ownership and Separation of Assets
Bullion must be owned in the SMSF name. This should include clearly identifying the gold or silver on any purchase documentation and ensuring the bullion is purchased in the SMSF name using SMSF funds. Storage documents should also clearly identify the bullion being stored and should match the original purchase documentation.
Valuation
In accordance with Superannuation legislation, SMSF Trustees are required to value super fund assets at market value at 30th June each year. Gold and silver may be valued using observable market prices such as published spot prices from reputable bullion dealers including the Perth Mint.
Storage and Insurance
Trustees are responsible for the safeguarding of fund assets and as such should ensure appropriate storage and insurance of Gold and Silver. If you are not storing on-site at the Perth Mint the best solution is the store your bullion in a safety deposit box which includes insurance.
Related Parties
Bullion is not an allowable asset that can be acquired from a related party.
Gold and Silver Bullion could be sold by the SMSF to a related party as long as it is sold at market valuation and at arm’s length. The related party could be a member of the SMSF. If the member meets a condition of release this could be withdrawn as a lump sum payment or commutation of a pension, including in-specie.
As an SMSF expert we have set out the rules for investing in Gold and Silver in an SMSF. We are not recommending investing in Bullion and we are not licensed to give investment advice. Please do your own research, consider the risks and obtain investment advice from a licensed professional before proceeding. We are providing general information only. We have not taken into account your personal circumstances or objectives.
We do not endorse or recommend any specific bullion provider, including the Perth Mint. This information is general in nature only.
This information is current as at 18 February 2026.
