Clip Of The Day ⬆️
The Perth Mint In Big Trouble!
(Clip from latest No Agenda Podcast)
My Take/Thoughts ⬇️
5AM PriceChecks ⬇️
Edit (Bonus Mix) ⬇️
⬆️ MASHUP - Tear You Apart + Bela Lugosi's Dead - DJ ALANT Mix - She wants revenge / Bauhaus
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That's going to be a big blow, or a head fake.
My primary gold (VCBE) retailer assured me that every gold coin is tested for purity the day it's received. I'll be sticking to Canadian gold.
I wonder what's gonna happen, like have the gold shipped back and re-refined to spec? Who gets fired?
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It's a disaster and I wonder just how coordinated this was. Cost saving measures are not bad but when you are committing fraud, it's crazy. I don't think this will do well for them and it will take years for them to even recover part of the trust they lost with this.
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Thats a real desaster for the Perth Mint. Even if its just a tiny deviation from the claimed purity, this is all about reputation and trust and all that. So it could even be a false claim by someone who wants to damage their business.
So I dont believe the actually diluted the purity. Thats not even neccessary if you purify gold. That fourth 9 is extremely difficult to achieve, and there is always a bit of silver left. Thats why the cant get to a 100% purity. But if they messed up and sold gold that has not the purity which is stated, it will be a pretty bad blow for them, and it will get expensive to rectify the mistake.
However, I would be surprised if something similar has happened before with other gold producers. I mean, who really checks the purity, if you buy stuff from the US mint, or the Bank of England, or some other big name? and such small discrepancies you cannot even detect by the simple standard tests.
Btw., I dont think this is a probelm with silver. Silver is not expensive enough to make it worth fiddling with it. Of course there are some con men who try to sell you silver plated fake maple leafs on ebay and so on. But the silver producers wont try such stunts, I guess.
Wow that is horrible... Diluting gold is just a real jackass move. A shame that such a respectable institution would do this. Hopefully it's just a false claim but even if it is the damage is already done.
!CTP
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