ZeroHedge | Wednesday, Mar 08, 2023 - 03:22 AM
Perth Mint Sold Billions In Diluted Gold To China, Tried To Cover It Up; Report:
https://www.zerohedge.com/markets/pe...over-it-report
Quote:
The mint began doping its gold as a cost-saving measure in 2018, expecting to save up to $620,000 a year - a tiny fraction of its annual sales.
Quote:
“At all times the gold bars the Perth Mint produced and sold contained at least 99.99 per cent gold, as per their specifications. This has never been in dispute,” the mint claimed in a statement after the news broke.
“These purity specifications are aligned with industry standards and akin with those set by the international market authority, the London Bullion Market Association.
“In September 2021, the Perth Mint was made aware that some of its one-kilogram bars may not have met the non-gold specifications of the Shanghai Gold Exchange (SGE). The SGE specifications demand that the non-gold component – that is, 0.01 per cent of the bar or 100 parts per million (ppm) – contains no more than 50 ppm silver.”
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However, as ABC reports, just months after the doping began, the leaked internal report says refinery staff identified concerns that silver and copper levels may have exceeded those allowed by the SGE.
Despite this, refinery staff continued doping the gold.
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Was this behind the (Imo sharper than expected) selloff in gold, silver, and related mining stocks over the past few days?
If so, the ripple effect in financial markets may turn out to be a temporary blip in the grand scheme of things.
But if you can't trust an actual mint to do the right thing:
Who can you trust?
-jp
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