Gold, sensational scandal: the Perth mint must replace gold bars for 9 billion USD because they are below standard
$9 billion in gold that the Perth Mint sold to China could be withdrawn and replaced after some bars were found to be excessively diluted with other metals and therefore not of the required standard, the Daily Mail reported.
The Western Australian government-owned mint, the largest refiner of newly mined gold in the world, reportedly began "diluting" gold in 2018 – a process that involves mixing silver or copper into the precious metal while maintaining the purity above 99.99% world standard.
Too bad the Perth Mint sold the gold to the Chinese Shanghai Gold Exchange, SGE, which requires different and more stringent standards of purity, so some bars were found to have an excessive silver content for the Chinese. Not only that: at first the mint tried to ignore it and then admitted that the downward correction of the gold standard has been a voluntary practice since 2018.
Beyond the economic damage we are facing enormous image damage for the Perth Mint which will have to fight for a long time to restore its fame.
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The article Gold, sensational scandal: the Perth mint has to replace gold bars for 9 billion Usd because it comes below standard from Scenari Economics .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/oro-scandalo-clamoroso-la-zecca-di-perth-deve-sostituire-lingotti-doro-per-9-miliardi-usd-perche-sotto-standard/ on Tue, 07 Mar 2023 09:34:07 +0000.