Recently, the Australian Broadcasting Corporation broke the shocking news that the country's famous Perth mint was suspected of selling hundreds of tons of gold bars that did not meet the requirements of a Chinese transaction to China, and concealed this situation from the Chinese side.
Since 2018, the mint has used the practice of diluting gold bars with impurities in order to "save money". This incorporated impurity, mainly silver and copper, is expected to save $620,000 per year.
Gold doping is reportedly an accepted practice in the industry and is not illegal. Adding very small amounts of these metals is permitted by industry standards, but gold purity is maintained at 99.99%.
As early as 2021, the Chinese side found that the content of two gold bars and silver impurities exceeded the standard, and after complaining to the Perth Mint, the mint also found that there may be as many as 100 tons of problems. With the cost of the buyback amounting to $8.7 billion and the loss of credibility and market for the company, the "adulteration" was stopped on the day the complaint was received.
Source: Global Times
