OK here's the valgrind output, not sure if it's going to help.
** Attachment added: "valgrind.log"
http://launchpadlibrarian.net/13911254/valgrind.log
** Changed in: gnome-keyring (Ubuntu)
Status: Incomplete => Confirmed
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gnome-keyring-daemon crashed with SIGSEGV
https://bugs.launchpad.net/bugs/218434
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