LBMA investigating Perth Mint allegations after 100 tonnes of 'doped' gold shipped to China over three years LBMA PerthMint dopedgold
- The Perth Mint's reputation for its gold purity is at risk after the London Bullion Market Association announced Thursday that it would conduct an investigation regarding allegations that it doped bullion shipped to China.""Failure to meet the standards required has serious implications for GDL refiners, and members alike.
The Perth Mint refines its gold to 99.99% purity, meeting industry standards; however, the accusations claim that there is still too much silver in the gold bars according to standards set by the Shanghai Gold Exchange. The Perth Mint could have potentially shipped 100 tonnes of""doped" gold to China. In September 2021, The Shanghai Gold Exchange raised concerns about two gold bars they had found that were non-compliant with its standards. The Perth Mint addressed the SGE's concerns regarding the two bars but didn't disclose the broader issue.
""The Perth Mint emphasizes that there is no question about the gold purity and value of the gold bars The Perth Mint has sold to customers in China. At all times the one-kilogram bars The Perth Mint produced and sold contained at least 99.99% gold, as per their specifications. This has never been in dispute," the mint said in a statement.
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