MeisterEckhart wrote on May 18
th, 2025 at 9:58am:
Bobby. wrote on May 18
th, 2025 at 9:51am:
MeisterEckhart wrote on May 18
th, 2025 at 9:14am:
Ai_Took_Our_Jobs wrote on May 18
th, 2025 at 9:06am:
Perth Mint sold diluted gold to China, got caught, and tried to cover it up
The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report.
abc
No, it didn't.
It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery.
The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold,
they could cream off Bismuth which they could sell to Chinese industrial manufacturers.The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much.
Bismuth is dirt cheap -
why would they be bothered?
Sounds like bullshit.
Don't take my word for it... Do your own research on it.
No one, not even the ABC (surprise, surprise), nor the SGE - the buyer, questioned that the gold quality sold by the Perth Mint was 99.99% pure.
Chinese importers often reprocess imported products that have trace elements of rare earths and other rare chemicals... They're buying these extra chemicals and elements present in the main products for free anyway, so there's profit to be made reharvesting them from purchased goods and reselling them due to economies of scale.
My guess is that it was a poor decision on the part of the refining division to meet demand from the SGE in time.
The Chinese have a rapacious demand for gold, and their demand for it often exceeds supply worldwide.
I'd bet what happened is that the special refining requirements for the SGE meant that delivery would be delayed, so someone in that division hit on the 'bright' idea of meeting demand by using some of their standard 99.99% gold bars with 0.01% silver and no Bismuth.
This was detected by the SGE in
some of the 99.99% gold bars purchased from the Mint, and the SGE questioned it.
The issue was resolved by the Mint to the satisfaction of the SGE.
Later, it seems someone who had a beef with the Mint decided to throw a grenade and leak the issue to the ABC, which hit on the 'bright' idea of smearing the Mint with implications of fraud.
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