Share
News

Government Mint Faces International Crisis After Gold-Diluting Ruse Is Discovered: Report

Share

Perth Mint, one of the largest gold mints in the world, is facing an international crisis after a report that the company had been diluting gold bars with cheaper metals to increase profits sparked outrage among investors and governments around the world.

The news was first reported in an investigative report by the Australian news program “Four Corners.”

The report claimed that Perth Mint had been using a gold-diluting ruse for years, in which the company would mix cheaper metals into its gold bars to increase their weight and value.

The company would then sell the bars at a higher price, without disclosing their true composition.

The report also alleged that the company had covered up the scandal and tried to silence whistleblowers. According to the report, the diluted gold may have included “up to 100 tonnes of gold sent to Shanghai Gold Exchange” in China.

Trending:
Costco Customers Enraged After Chain Offers New Deal Americans Can't Have, Rivaling $1.50 Hot Dog

On Tuesday, the Perth Mint denied the report, affirming that the gold bars sold to customers in China possessed the stated value and purity, according to CNA.

The company had earlier promised to investigate the allegations and take appropriate action, and has pledged to cooperate fully with any government inquiries or investigations.

Nonetheless, an unnamed insider told “Four Corners” the situation amounted to a “scandal of the highest level.”

The Perth Mint is owned by the Western Australian government, and the scandal has led to calls for a government inquiry into the company’s practices. The Australian government has also expressed concern about the impact of the scandal on the country’s reputation as a reliable supplier of gold.

Do you invest in gold and silver?

The scandal has also further raised concerns about the international gold market overall, and whether other companies could be engaging in similar practices.

Doubts about the purity of gold supplies, as a highly prized and valuable commodity, could have serious consequences for investors and financial markets.

Investors and governments around the world are closely monitoring the situation, and some have already taken action.

The Chinese government, for example, has reportedly suspended imports of gold bars from the Perth Mint, pending the outcome of the investigation.

The scandal has also led to calls for greater transparency and accountability in the global gold market.

Related:
Joe Biden Speaks Out After Hunter's Guilty Verdict: 'We Are So Proud'

Some experts have called for a more robust regulatory framework to prevent similar scandals from happening in the future.

The Perth Mint has been a major player in the global gold market for over a century, with a reputation for producing high-quality gold bars. These claims have potentially undermined that reputation.

The scandal is likely to have far-reaching consequences for the Perth Mint and the wider gold market. In the meantime, the company and the industry as a whole are likely to face increased scrutiny.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , , , , ,
Share
George Upper is the former Editor-in-Chief of The Western Journal and was a weekly co-host of "WJ Live," powered by The Western Journal. He is currently a contributing editor in the areas of faith, politics and culture. A former U.S. Army special operator, teacher and consultant, he is a lifetime member of the NRA and an active volunteer leader in his church. Born in Foxborough, Massachusetts, he has lived most of his life in central North Carolina.
George Upper, is the former editor-in-chief of The Western Journal and is now a contributing editor in the areas of faith, politics and culture. He currently serves as the connections pastor at Awestruck Church in Greensboro, North Carolina. He is a former U.S. Army special operator, teacher, manager and consultant. Born in Massachusetts, he graduated from Foxborough High School before joining the Army and spending most of the next three years at Fort Bragg. He holds bachelor's and master's degrees in English as well as a Master's in Business Administration, all from the University of North Carolina at Greensboro. He and his wife life only a short drive from his three children, their spouses and his grandchildren. He is a lifetime member of the NRA and in his spare time he shoots, reads a lot of Lawrence Block and John D. MacDonald, and watches Bruce Campbell movies. He is a fan of individual freedom, Tommy Bahama, fine-point G-2 pens and the Oxford comma.
Birthplace
Foxborough, Massachusetts
Nationality
American
Honors/Awards
Beta Gamma Sigma
Education
B.A., English, UNCG; M.A., English, UNCG; MBA, UNCG
Location
North Carolina
Languages Spoken
English
Topics of Expertise
Faith, Business, Leadership and Management, Military, Politics




Conversation