‘Taxpayers likely to take responsibility for fines’: Perth Mint sells diluted gold to China

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‘Taxpayers likely to take responsibility for fines’: Perth Mint sells diluted gold to China

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Күн бұрын

Sky News Reporter Crystal Wu says the state government-owned Perth Mint potentially faces a $9 billion recall after selling diluted gold to China.
She said taxpayers may likely take responsibility for fines.
Ms Wu added the Perth Mint had begun diluting its gold in 2018 to save “hundreds of thousands of dollars”.

Пікірлер: 123

@HellHound.933 Жыл бұрын

Being a Taxpayer before I pay my share of the Fine I want my share of Perth Mints Profits for the Last 50 years. 😆

@bign1667 Жыл бұрын

Agreed if we gotta pickup the tab for their criminal behaviour we deserve a share in the WA government backed mints

@jimmycook872 Жыл бұрын

So how many tons of that diluted gold was sold to the general Australian public. No mention of that. Hmmm

@MrDogsledder Жыл бұрын

But how did they determine that it was diluted? The CCP loves it's grievance politics. There may be.morr to this.

@DanielSMatthews Жыл бұрын

@@MrDogsledder If the Chinese simply assume that the gold was more pure than advertised, because in the past it had been, then that is just them tripping over their own greed.

@MrDogsledder Жыл бұрын

@@DanielSMatthews Look, we aren't West Taiwan and should be selling them what they pay for. I want to know how they decided it wasn't pure. Did they test it? Or is this just part of the economic war West Taiwan started already?

@DanielSMatthews Жыл бұрын

@@MrDogsledder No way of knowing, all I can do is give you that parametric statement of logic. You would need to resolve the "if" parts to know the final score.

@MrDogsledder Жыл бұрын

@@DanielSMatthews Agreed. I'm just putting my suspicions out there. Unless you're typing this from Perth or Beijing I don't expect you to know any more than me.

@deanhunter1753 Жыл бұрын

Isn't that fraud ? So who gets charged and jail time

@DanielSMatthews Жыл бұрын

If they sold what they said they were selling, in terms of actual purity, then no fraud has been committed. However if they in any way misrepresented the amount of gold they were selling then it is a clearcut case of fraud. If the Chinese simply assume that the gold was more pure than advertised, because in the past it had been, then that is just them tripping over their own greed.

@daveo3122 Жыл бұрын

@@DanielSMatthews At least they didn't just gold plate copper bars like the CCP run gold company did. The problem was, _they got caught._ Now,, if a government run business is lying and cheating internationally, who is to say they don't do it domestically?

@DanielSMatthews Жыл бұрын

@@daveo3122 Copper? Nah I think you mean tungsten, they coat that with gold as you can get the overall density the same as pure gold. Some of them showed up in vaults in the UK.

@daveo3122 Жыл бұрын

@@DanielSMatthews Nah mate. It was reported. KinGold used copper bars plated with gold as security, described as being 99.9999 pure..

@DanielSMatthews Жыл бұрын

@@daveo3122 Well then their clients must be morons then because a given weight of gold will displace a set volume of water so fakes that don't have the right density are very easy to spot. You know that Archimedes story?

@peterschmidt1453 Жыл бұрын

Their pure gold is 99.999% , so they sold 99.99% according to this story. Saving 0.009% gold vs the mint's reputation, not money well spent.

@DanielSMatthews Жыл бұрын

But what were they advertising? 99.99% or better?

@peterschmidt1453 Жыл бұрын

@@earthangel1010 Cowards who use fake names aren't worth s**t.

@Koala63211 Жыл бұрын

If the Gold Mint in Perth is owned by the West Australian Government, then I think Mr McGowan and some of his friends need to start looking for new jobs. Preferably sweeping corridors and cleaning toilets in a prison cell.

@franciscojaviergarciasanch2921 Жыл бұрын

🤣🤣🤣🤣

@nathantudor5763 Жыл бұрын

Their plan to save “hundreds and thousands of dollars” worked out real well there didn’t it

@Caleb-vk9xm Жыл бұрын

Yup went to plan the tax payer will pick the bill up. And we will just go to work tomorrow like nothing happened.

@crowsfan691 Жыл бұрын

You know things are bad when even buying gold doesn't work out.

@buildmotosykletist1987 Жыл бұрын

Buying gold bullion never works out for individuals.

@gonebamboo4116 Жыл бұрын

Central banks will do anything to make CBDC attractive

@ilguitaro Жыл бұрын

The same thing happened a few years ago with the wine export thing. I got it from someone in the industry.....Aussies disguising and palming off cheap wine for good stuff...and got busted. Then you wonder why the Chinese are pissed off at us!!

@ronicarbine8723 Жыл бұрын

Lol China is stealing hundreds of billions of intellectual property every year. The gold was still 99.99% pure.

@vivrowe2763 Жыл бұрын

Don't care less about the Chinese!

@EroticOnion23 Жыл бұрын

@@vivrowe2763 Yea maybe you can sell your coal and cheap wine to the Somalis...😆

@vincecalabro5189 Жыл бұрын

Why does tax payers have to pay

@BlackStump172 Жыл бұрын

Tax payers are responsible for decisions made by the Government that they elected and the corrupt staff that they employed.

@brianmurphy9877 Жыл бұрын

I’m getting a bit miffed at covering the bills for mistakes made by politicians and their mates .

@annp4077 Жыл бұрын

A huge blow to their once world renowned reputation. Once trust is shattered , it takes years to recover

@stevendilnott4399 Жыл бұрын

dirty dogs, what about all the locals who got gold from these dogs

@bign1667 Жыл бұрын

Honestly it's best that a bullion dealer asks their customers to get it tested and sues perth mint.

@mikespike2099 Жыл бұрын

Wait Perth Mints doing dodgy gold dealing … haha it’s not just the black market players … Perth Mint board should be sacked

@marcusbrown198 Жыл бұрын

I like the way this report tried to point the light in the other direction toward the guy purchasing gold in order to throw the light on him and take it off of them . So if your big money pay a fine if you’re a little man go to jail 🤥

@nataliesalvestrin Жыл бұрын

As Sheldon would say " For Shame Perth Mint , For Shame.

@grandiora Жыл бұрын

Its amazing the Chinese found the diluted gold issue but still helped the Perth mint keep it covered up. Basically working against their own interest. What a strange customer... But also downright stupid of our own media to uncover this when the Chinese were even willing to keep the secret hidden for us. Now a lot of people are gonna be in trouble.

@theolich4384 Жыл бұрын

Oh, so you’re basically advocating for a cover up.

@grandiora Жыл бұрын

@@theolich4384 You really think this needed to be exposed? Them diluting gold in secret was only saving millions in cost, now the fines are in the billions. Which government in this country has this amount readily available? There are hundreds of people employed by the government at the mint, you don't think their jobs are in greater danger now? The taxpaying public needed anymore burden at this moment?

@ScottOrr95 Жыл бұрын

kzfaq.info/get/bejne/psiHhsh4rMCZoYU.html

@ronbernardi Жыл бұрын

There's no Cover Up the gold was sold for its purity. The honk Kong exchange has higher and lower limits the Perth gold was at the lower end. That's all.

@mikeleonard8031 Жыл бұрын

Why would the Chinese cover up for a country that is against them. What a load of crap. The Oz government got caught out. Why would the Chinese buy low grade gold for the same price of pure gold.😡

@trippyvortex Жыл бұрын

Makes me question the opal coins

@DanielSMatthews Жыл бұрын

@haydnmclennan4739 Жыл бұрын

they sold what was advertised, one bar was below Shanghai gold exchanges standard out of many tons of gold (as said in the ABC report). they didn't bother sending it back and continue to do business with The Perth Mint

@EroticOnion23 Жыл бұрын

Problem is that there is VERY little room for error when working with such low quantities of debasement. Say if you got the gold from the bottom of the crucible, it could perhaps be 9995 (or lower) instead...sure the whole "batch" might average out to be 99992, but there will be higher and lower depending on the concentration at any certain location...

@juliagodfree2241 Жыл бұрын

Well that just sums up the government full stopz

@kaml.7341 Жыл бұрын

Now, I wonder if China should start importing Australian coals again in April 2023? The reason why China stopped importing coals from Australia previously was because they were determined substandard or dirty by the Chinese labs.

@gonebamboo4116 Жыл бұрын

Central banks will do everything possible to make CBDC attractive

@youdnarrymaryanne Жыл бұрын

Trouble is WESTERN AUSTRALIA sells Iron Ore to China over 50 years plus. Of course China wants a perfect gifts yes 100 ton of gold is a perfect gift Cheers

@Mortimus1000 Жыл бұрын

99.9% Sounds about right.!!

@kateyanjames9040 Жыл бұрын

Nice try

@matthewvu1088 Жыл бұрын

Government does it, it fine you do it you go to jail

@gonebamboo4116 Жыл бұрын

And everyone believes the story. 🤔 CBDC must be the "final solution" How did that happen?

@Egbard Жыл бұрын

Let's put it into some perspective the gold that was sold was still 99.99% gold (world standard) what the "problem" is that China demands the remaining 0.01% to be 50% silver with the remaining to be copper and lead, What was supplied was 30%silver in the last 0.01% So in 1000kg (1 tonne) they got 30 grams of silver instead of 50 grams of silver I do not see that this is a real big issue, perhaps it was just a small calibration error on the mixer when combining the gold, and the miniscule amounts of silver, lead and copper

@andrzejd5301 Жыл бұрын

any normal person would have gone to jail. And the Perth Mint can dig into there piggy bank and pay there fine

@ozyrob1 Жыл бұрын

Gone to jail for what? On the strength of a second rate news story? Thank god you aren't a magistrate.

@blobfishking9143 Жыл бұрын

Are all my coins and bars worth nothing now? Who is going buy them now?

@robertcampbell6521 Жыл бұрын

I say to people all the time if the government has its grubby little mits in something or is spruiking something run in the opposite direction

@DayneBrajkovich-vl3gz Жыл бұрын

McGowan chopping up his own gear! Even I know u don’t do that!

@bign1667 Жыл бұрын

Agreed if we gotta pickup the tab for their criminal behaviour we deserve a share in the WA government backed mints

@trippyvortex Жыл бұрын

Time to overthrow

@ozyrob1 Жыл бұрын

You clowns need to look into this more before you report. A complete storm in a teacup. The Four Corners story heavy on innuendo and light in facts.

@thekrutchinator Жыл бұрын

As usual!

@ronbernardi Жыл бұрын

It's a media beat up. The gold was up to standard's. Really folks let's stop assuming the media cares about TRUTH. The anti money laundering is not carried out by the gold seller. The bikey buyer supplied his driver's licence and credit card these details are all that's needed to buy gold, as the seller can't investigate each buyer. That's the banks duty.

@zhexuanz7751 Жыл бұрын

wtf?

@grandsonofskyblueeyes Жыл бұрын

Which ones of course And well.... A pattern long ago of lists of who avoids what No escape from that

@haydnmclennan4739 Жыл бұрын

The diluting is a non issue. The Shanghai gold exchange accepts bars 99.5% pure up to 12.5kg in size. If The Perth Mint sends them a 99.99% bar, they may be payed the 99.5% rate, meaning they are giving away 61 grams of gold per bar worth something like $5000. Multiply that by 100 tons bought by them, that's a lot of money. It seems 1 bar was below the standard (as per the news report). SGE didn't even send it back and continue to do business with the Perth Mint. edit It takes 8000 12.5kg bars to make the 100 odd tons bought. $5000x8000 bars=40 million dollars of gold that would be given to china for free if The Perth Mint sold them 99.99% bars at the rate of 99.5% pure bars. You are watching sky news, I assume you would rather that didn't happen haha.

@EroticOnion23 Жыл бұрын

@countpushkin7360 Жыл бұрын

In short, did I receive what I paid for when buying bullion at the Perth Mint? If I paid for 99.999% gold, did I get 99.999% gold? If I did not receive what I paid for, have I not been scammed by the Perth Mint and it’s owner, the Government of Western Australia?

@EroticOnion23 Жыл бұрын

Problem is that there is VERY little room for error when working with such low quantities of debasement. Say if you got the gold from the bottom of the crucible, it could perhaps be 9995 (or lower) instead...sure the whole "batch" might be 99992, but there will be higher and lower depending on the concentration at any certain location...

@tonyvu2011 Жыл бұрын

It's obvious that you have never bought 4-9s fine gold before. International Standard defines fine gold as 99.99% pure gold, that's why we call it 4-9s. The gold Perth Mint sent to Shanghai was 99.992% pure gold with about 0.004% silver that they added. SGE requires silver content to be less than 0.004% and Perth Mint could have added cheaper metals like copper to meet SGE, but they were nice enough to add more expensive silver while still exceeding 4-9s fine standard. People who knows a thing or 2 about gold are laughing at the rest of the ignorant who have never bought gold, even worst if you had bought gold but still have no clues about basic definition of fine gold.