This just came in!
The Perth Mint has been exposed for having diluted or 'doped' gold bullion it then sold to China through the Shanghai Gold Exchange (SGE) and then trying to cover it up, apparently...
The SGE has strict refinery rules requiring .99% purity along with no more than 50 parts per million silver for the remaining .01%. It turns out, the bars sold to SGE had 100 ppm silver or higher. The mint began doping in 2018 and was made aware of the issue in September 2021 but continued doping and didn't report the issue to SGE.
While all the gold still has excellent purity at .99% purity, the SGE says the bars do not meet their requirements. Up to 100 tonnes of gold is involved and could result in a $9 Billion recall.
Up to this point, the Perth Mint has had a stellar reputation. Gold diluting is not uncommon and not illegal but when you're selling gold bars to an exchange and claiming said purity when it's not, the fault falls on you and in this case, the executives at the Perth Mint. They've got some explaining to do.
Also this morning, FED Chair Jay Powell made some 'hawkish' remarks in front of the Senate Banking Committee, causing some market mayhem and sending rate hike odds soaring.
Now, I'm not so sure if it was Powell or the Perth Mint that caused this...
The USD is rallying to 105.613 today from a low of 101.173 on January 31. This also is playing with gold right now.
Hold fast. Hold steady. Don't let this shake you out of your position. This is just noise to me.
Peace and love to everyone.
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