Perth mint10/3/2023 ![]() “But in practice, it seems to be falling down and that culture of secrecy is not playing out in good business conduct. ![]() “The Perth Mint website has a beautiful set of words and codes of conduct (and) even states that they pride themselves on being trusted for the purity of their gold,” transparency advocate Serena Lillywhite told the program. It immediately stopped the gold doping program but kept the quality issues under wraps. “If SGE – Gold Corporation’s pre-eminent exchange client – had made public that they had issues with Gold Corporation bars, the impact of negative public statements on the business could be very significant,” an internal document stated. Molten gold poured into an ingot mould at the Perth Mint. It replaced one of the bars but left the Chinese firm to prove that the other bars were similarly tainted. ![]() The gold would have to be transported back to WA, melted down and recast without the impurities before it could be sold again. The Mint estimated that if it had to recall all 100 tons of gold it had shipped to Shanghai it could be on the nose for $8.7 billion. And it raised the possibility that all the gold bars sent to SGE had similar defects. The accusation checked out, Perth Mint discovered, when it looked into its records regarding the batch sent to China. In 2021, the Shanghai Gold Exchange (SGE), a key buyer of Perth produced gold, told the Mint a number of the bars it had received contained too much silver and not enough gold. However, a few months after the doping began there were internal concerns, the ABC found, about how rigorous the 99.9 per cent gold total was being adhered too. Teh Perth Mint has admitted to “doping” gold. ![]()
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