document that revealed Perth Mint had been adding impure ore like silver to its gold bullion in an attempt to cut costs and lower the quality of gold. The practice of doping gold is illegal and violates the standards set by the Shanghai Gold Exchange (SGE).
According to the report, Perth Mint started diluting the gold it issues in 2018. Some refinery staff identified more impure ores being added than what’s allowed by the SGE. The report also alleges that Perth Mint attempted to cover up the practice by falsifying documents and misleading auditors.
The consequences of these actions could be severe for Perth Mint, as China has reportedly issued a $9 billion recall of the allegedly doped bullion. This could have a significant impact on Australia’s economy, as China is one of the largest buyers of Australian gold.
Perth Mint has denied the allegations, stating that it has always complied with the SGE’s standards and that its gold is of the highest quality. The mint has also stated that it will cooperate fully with any investigations into the matter.
The Australian government has yet to comment on the allegations, but the report has sparked concern among investors and industry experts. The incident highlights the importance of maintaining transparency and adhering to industry standards in the bullion market.
