.
It happens in the best of families, but it shouldn't. The Perth Mint sold diluted gold bars to China.
Gold bars worth nine billion dollars must now probably be recalled by the Perth Mint. The well-known Australian mint is said to have doped the gold since 2018 for cost reasons and tried to cover this up. The Perth Mint is the world's largest processor of newly mined gold and is known for its commemorative coins. Up to 100 tons of gold reportedly did not meet Shanghai's strict purity standards for silver content. Yet the mint is the only one in the world to have a government guarantee. And this is not the first scandal to rock the 124-year-old institution. Stretching gold is not illegal, but it lowers the quality of gold bars by adding silver or copper. 99.99 percent gold content is the industry standard, and while that was met, there was too much silver. Concerns arose back in 2018 that the silver and copper levels were above the allowed levels.
Gold bars have been around since about 4500 BC. It was soon recognized that gold is a perfect store of value and a sought-after commodity. Even today they serve as a hedge for crises, and they have an important function as a means of money, while currencies arose and disappeared again. The fact that up to 100 tons of gold that has been stretched is now being recalled could have a negative impact on the Perth Mint's business and reputation, and it will be very expensive. Investors can also secure a stake in gold companies through shares instead of or in addition to physical gold.
There is Condor Gold - https://www.commodity-tv.com/ondemand/companies/profil/condor-gold-plc/ -, for example. In Nicaragua, the company owns three projects. Currently, Condor Gold is in sales negotiations for its assets.
Chesapeake Gold - https://www.commodity-tv.com/play/mining-newsflash-with-chesapeake-gold-us-critical-metals-and-tinone-resources/ - is working in Mexico on its 100 percent owned Metates property.
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be accepted for any damage arising from the use of this blog. I would like to point out that shares and especially warrant investments are always associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make errors, especially with regard to figures and prices. The information contained herein is taken from sources believed to be reliable, but in no way claims to be accurate or complete. Due to court decisions, the contents of linked external sites are also co-responsible (e.g. Landgericht Hamburg, in the decision of 12.05.1998 - 312 O 85/98), as long as there is no explicit dissociation from them. Despite careful control of the content, I do not assume liability for the content of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: https://www.resource-capital.ch/en/disclaimer/
It happens in the best of families, but it shouldn't. The Perth Mint sold diluted gold bars to China.
Gold bars worth nine billion dollars must now probably be recalled by the Perth Mint. The well-known Australian mint is said to have doped the gold since 2018 for cost reasons and tried to cover this up. The Perth Mint is the world's largest processor of newly mined gold and is known for its commemorative coins. Up to 100 tons of gold reportedly did not meet Shanghai's strict purity standards for silver content. Yet the mint is the only one in the world to have a government guarantee. And this is not the first scandal to rock the 124-year-old institution. Stretching gold is not illegal, but it lowers the quality of gold bars by adding silver or copper. 99.99 percent gold content is the industry standard, and while that was met, there was too much silver. Concerns arose back in 2018 that the silver and copper levels were above the allowed levels.
Gold bars have been around since about 4500 BC. It was soon recognized that gold is a perfect store of value and a sought-after commodity. Even today they serve as a hedge for crises, and they have an important function as a means of money, while currencies arose and disappeared again. The fact that up to 100 tons of gold that has been stretched is now being recalled could have a negative impact on the Perth Mint's business and reputation, and it will be very expensive. Investors can also secure a stake in gold companies through shares instead of or in addition to physical gold.
There is Condor Gold - https://www.commodity-tv.com/ondemand/companies/profil/condor-gold-plc/ -, for example. In Nicaragua, the company owns three projects. Currently, Condor Gold is in sales negotiations for its assets.
Chesapeake Gold - https://www.commodity-tv.com/play/mining-newsflash-with-chesapeake-gold-us-critical-metals-and-tinone-resources/ - is working in Mexico on its 100 percent owned Metates property.
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
Disclaimer: The information provided does not represent any form of recommendation or advice. Express reference is made to the risks in securities trading. No liability can be accepted for any damage arising from the use of this blog. I would like to point out that shares and especially warrant investments are always associated with risk. The total loss of the invested capital cannot be excluded. All information and sources are carefully researched. However, no guarantee is given for the correctness of all contents. Despite the greatest care, I expressly reserve the right to make errors, especially with regard to figures and prices. The information contained herein is taken from sources believed to be reliable, but in no way claims to be accurate or complete. Due to court decisions, the contents of linked external sites are also co-responsible (e.g. Landgericht Hamburg, in the decision of 12.05.1998 - 312 O 85/98), as long as there is no explicit dissociation from them. Despite careful control of the content, I do not assume liability for the content of linked external pages. The respective operators are exclusively responsible for their content. The disclaimer of Swiss Resource Capital AG also applies: https://www.resource-capital.ch/en/disclaimer/
