Australia is reeling from a gold-related scandal at Perth Mint
Australia's official Mint, located in the city of Perth, is being accused of a large-scale scheme and its reputation is under threat, as reported by ABC News and The West Australia.
Perth Mint is the world's largest processing facility for the newly mined Australian gold. In 2022 alone, it sold $20.3 billion worth of gold.
According to a leaked internal report, the Mint may face a recall of gold bullion previously exported to China and worth $9 billion. The reason is low quality of the bullion, with information about it having been purposely withheld.
Australian investigative TV show Four Corners discovered some documents supposedly proving that in 2018, Perth Mint decided to start «diluting» its gold. The Mint hid this fact from its largest client to protect its reputation.
The report says that up to 100 tons of gold sent to the Shanghai Gold Exchange (SGE) didn't correspond to Shanghai's strict purity standards: it contained too much silver.
An anonymous employee of the Perth Mint, who could risk jail if his name became known, called the incident a scandal of the highest order.
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