Gold buyers warned of rising scammers selling counterfeit gold online as prices soar above $5300 an ounce
If a gold deal sounds too good to be true, it almost certainly is.
As gold reaches the record price of more than $5300 an ounce, the Perth Mint and WA Police are warning buyers of an increase in counterfeit gold.
Fake gold bars and coins are being sold on a number of online platforms like eBay and Facebook Marketplace, falsely bearing the Perth Mint branding and packaging.
The scams include fake products made from copper and zinc that are then gold plated, and dodgy marketing schemes in which people bidding for gold find themselves unable to retrieve their funds.
Some of the schemes are so sophisticated that the Perth Mint has received dozens of inquiries seeking advice on whether the gold is legitimate.
The simplest way to ensure what's for sale is real gold is to buy from the mint or one of its reputable dealers.
Mines and Petroleum Minister David Michael said the Perth Mint played a valuable role in maintaining the integrity of the Australian gold industry and worked closely with the authority in the international precious metals market, the London Bullion Market Association.
'If you're planning to purchase gold, please be alert and ensure you buy it through credible channels,' Mr Michael told reporters on Sunday.
WA Police acting Commander Steve Post said a dedicated team of investigators, called the gold-stealing detection unit, or gold squad, were involved in all investigations probing the stealing, fraudulent use and processing of gold.
He warned that gold, in all its forms, could be part of organised criminal activity and pleaded with people to be 'very, very vigilant' when buying the precious metal.
'If it does seem to be too good to be true, then it probably is,' Mr Post said.
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The Advertiser
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Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "When it comes down to NVES, there's going to be a lot of brands that are going to start falling apart because they're burying their heads in the sand," said Mr Romano. "They're not doing the math, they're not looking at just how much this is going to cost them to stay in business in Australia. "I think you're going to see an exodus. You're going to see a number of brands that finally say 'I can't do it', unless the government that we just re-elected makes the decision to go in a different direction, which I think is unlikely given the election results." Hyundai has backed the NVES from early in the piece, expressing confidence in meeting the Australian Government's tightening CO2 targets between 2025 and 2029. 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What they're missing, not just in Australia but everywhere, is the fact that the gas [petroleum] companies aren't being pushed to put in the charging infrastructure. "If you were to do that, I think that resurgence would push even higher. Right now we're at 20 per cent BEVs in Europe, with a much more robust charging infrastructure. "Once you start doing that, then you start getting economies of scale, and then all the costs start to come down. At that point you're going to see all the advantages of BEVs, and they'll be less expensive ultimately than an ICE vehicle. "The only way to get there… is to have a more robust charging infrastructure that engenders a lot of confidence in buyers to buy." Less than one in 10 vehicles sold in Australia last year were EVs (91,292 of more than 1.22 million), although that number was up 4.7 per cent on the previous year. MORE: Everything Hyundai MORE: How Hyundai Australia's new boss plans to reverse Korean brand's sales slide Content originally sourced from: Australia's stringent new vehicle emissions regulations are set to send a host of auto brands running from these shores, according to local Hyundai chief Don Romano. The ink officially dried on the federal government's New Vehicle Efficiency Standard (NVES) at the start of this year, bringing with it legislation designed to reduce the carbon footprint of the Australian car market. While the NVES came into effect on January 1, 2025, penalties won't start being accrued until July 1. The recent federal election brought with it some uncertainty about the NVES, with former Liberal leader Peter Dutton promising to scrap the legislation. However, in the wake of Labor's win led by Anthony Albanese, there's no longer any doubt about whether it will be enforced. Speaking to CarExpert at the launch of the pint-size Hyundai Inster electric SUV, Mr Romano said that many automakers will be caught off guard by the punitive new regulations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "When it comes down to NVES, there's going to be a lot of brands that are going to start falling apart because they're burying their heads in the sand," said Mr Romano. "They're not doing the math, they're not looking at just how much this is going to cost them to stay in business in Australia. "I think you're going to see an exodus. You're going to see a number of brands that finally say 'I can't do it', unless the government that we just re-elected makes the decision to go in a different direction, which I think is unlikely given the election results." Hyundai has backed the NVES from early in the piece, expressing confidence in meeting the Australian Government's tightening CO2 targets between 2025 and 2029. However, some of its rivals have been less supportive and others including Toyota have indicated that fines would ultimately be passed onto consumers in the form of price hikes. Having taken over as Hyundai Australia CEO just a few months ago, Mr Romano will lead the brand in its response to NVES with a focus on electric vehicles (EVs) and other 'future energy' initiatives. "Let's do it like Europe, [where] they're just going, 'okay, we've got to live with it, let's deal with it'. And guess what we're seeing right now in Europe? A resurgence in EVs," he said. While Hyundai is prepared to tackle tightening emissions regulations, Mr Romano still sees significant room for improvement in how policy is used to accelerate the transition towards greener forms of transport. "What the government is doing is half-baked," he concluded. "They're pushing us to move to BEVs, only us. What they're missing, not just in Australia but everywhere, is the fact that the gas [petroleum] companies aren't being pushed to put in the charging infrastructure. "If you were to do that, I think that resurgence would push even higher. Right now we're at 20 per cent BEVs in Europe, with a much more robust charging infrastructure. "Once you start doing that, then you start getting economies of scale, and then all the costs start to come down. At that point you're going to see all the advantages of BEVs, and they'll be less expensive ultimately than an ICE vehicle. "The only way to get there… is to have a more robust charging infrastructure that engenders a lot of confidence in buyers to buy." Less than one in 10 vehicles sold in Australia last year were EVs (91,292 of more than 1.22 million), although that number was up 4.7 per cent on the previous year. MORE: Everything Hyundai MORE: How Hyundai Australia's new boss plans to reverse Korean brand's sales slide Content originally sourced from: Australia's stringent new vehicle emissions regulations are set to send a host of auto brands running from these shores, according to local Hyundai chief Don Romano. The ink officially dried on the federal government's New Vehicle Efficiency Standard (NVES) at the start of this year, bringing with it legislation designed to reduce the carbon footprint of the Australian car market. While the NVES came into effect on January 1, 2025, penalties won't start being accrued until July 1. The recent federal election brought with it some uncertainty about the NVES, with former Liberal leader Peter Dutton promising to scrap the legislation. However, in the wake of Labor's win led by Anthony Albanese, there's no longer any doubt about whether it will be enforced. Speaking to CarExpert at the launch of the pint-size Hyundai Inster electric SUV, Mr Romano said that many automakers will be caught off guard by the punitive new regulations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "When it comes down to NVES, there's going to be a lot of brands that are going to start falling apart because they're burying their heads in the sand," said Mr Romano. "They're not doing the math, they're not looking at just how much this is going to cost them to stay in business in Australia. "I think you're going to see an exodus. You're going to see a number of brands that finally say 'I can't do it', unless the government that we just re-elected makes the decision to go in a different direction, which I think is unlikely given the election results." Hyundai has backed the NVES from early in the piece, expressing confidence in meeting the Australian Government's tightening CO2 targets between 2025 and 2029. However, some of its rivals have been less supportive and others including Toyota have indicated that fines would ultimately be passed onto consumers in the form of price hikes. Having taken over as Hyundai Australia CEO just a few months ago, Mr Romano will lead the brand in its response to NVES with a focus on electric vehicles (EVs) and other 'future energy' initiatives. "Let's do it like Europe, [where] they're just going, 'okay, we've got to live with it, let's deal with it'. And guess what we're seeing right now in Europe? A resurgence in EVs," he said. While Hyundai is prepared to tackle tightening emissions regulations, Mr Romano still sees significant room for improvement in how policy is used to accelerate the transition towards greener forms of transport. "What the government is doing is half-baked," he concluded. "They're pushing us to move to BEVs, only us. What they're missing, not just in Australia but everywhere, is the fact that the gas [petroleum] companies aren't being pushed to put in the charging infrastructure. "If you were to do that, I think that resurgence would push even higher. Right now we're at 20 per cent BEVs in Europe, with a much more robust charging infrastructure. "Once you start doing that, then you start getting economies of scale, and then all the costs start to come down. At that point you're going to see all the advantages of BEVs, and they'll be less expensive ultimately than an ICE vehicle. "The only way to get there… is to have a more robust charging infrastructure that engenders a lot of confidence in buyers to buy." Less than one in 10 vehicles sold in Australia last year were EVs (91,292 of more than 1.22 million), although that number was up 4.7 per cent on the previous year. MORE: Everything Hyundai MORE: How Hyundai Australia's new boss plans to reverse Korean brand's sales slide Content originally sourced from: Australia's stringent new vehicle emissions regulations are set to send a host of auto brands running from these shores, according to local Hyundai chief Don Romano. The ink officially dried on the federal government's New Vehicle Efficiency Standard (NVES) at the start of this year, bringing with it legislation designed to reduce the carbon footprint of the Australian car market. While the NVES came into effect on January 1, 2025, penalties won't start being accrued until July 1. The recent federal election brought with it some uncertainty about the NVES, with former Liberal leader Peter Dutton promising to scrap the legislation. However, in the wake of Labor's win led by Anthony Albanese, there's no longer any doubt about whether it will be enforced. Speaking to CarExpert at the launch of the pint-size Hyundai Inster electric SUV, Mr Romano said that many automakers will be caught off guard by the punitive new regulations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "When it comes down to NVES, there's going to be a lot of brands that are going to start falling apart because they're burying their heads in the sand," said Mr Romano. "They're not doing the math, they're not looking at just how much this is going to cost them to stay in business in Australia. "I think you're going to see an exodus. You're going to see a number of brands that finally say 'I can't do it', unless the government that we just re-elected makes the decision to go in a different direction, which I think is unlikely given the election results." Hyundai has backed the NVES from early in the piece, expressing confidence in meeting the Australian Government's tightening CO2 targets between 2025 and 2029. However, some of its rivals have been less supportive and others including Toyota have indicated that fines would ultimately be passed onto consumers in the form of price hikes. Having taken over as Hyundai Australia CEO just a few months ago, Mr Romano will lead the brand in its response to NVES with a focus on electric vehicles (EVs) and other 'future energy' initiatives. "Let's do it like Europe, [where] they're just going, 'okay, we've got to live with it, let's deal with it'. And guess what we're seeing right now in Europe? A resurgence in EVs," he said. While Hyundai is prepared to tackle tightening emissions regulations, Mr Romano still sees significant room for improvement in how policy is used to accelerate the transition towards greener forms of transport. "What the government is doing is half-baked," he concluded. "They're pushing us to move to BEVs, only us. What they're missing, not just in Australia but everywhere, is the fact that the gas [petroleum] companies aren't being pushed to put in the charging infrastructure. "If you were to do that, I think that resurgence would push even higher. Right now we're at 20 per cent BEVs in Europe, with a much more robust charging infrastructure. "Once you start doing that, then you start getting economies of scale, and then all the costs start to come down. At that point you're going to see all the advantages of BEVs, and they'll be less expensive ultimately than an ICE vehicle. "The only way to get there… is to have a more robust charging infrastructure that engenders a lot of confidence in buyers to buy." Less than one in 10 vehicles sold in Australia last year were EVs (91,292 of more than 1.22 million), although that number was up 4.7 per cent on the previous year. MORE: Everything Hyundai MORE: How Hyundai Australia's new boss plans to reverse Korean brand's sales slide Content originally sourced from:
The Advertiser
8 hours ago
- The Advertiser
'No justification': minister seeks tariff breakthrough
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"We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. 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"I certainly haven't given up on the prospect of getting these tariffs removed, and every opportunity I get, I'll continue to pursue that argument with the United States," he told Sky News on Sunday. "There is no justification for the United States to impose tariffs on Australia ... we want all of the tariffs removed, not just some of them." Mr Trump recently signed off on doubling tariffs on exports on steel and aluminium from 25 to 50 per cent. All other Australian exports to the US have been slapped with a 10 per cent tariff. But opposition finance spokesman James Paterson said any meeting between the prime minister and US president should have happened sooner. He said an exemption on steel and aluminium secured by the UK showed it was possible Australia could receive a similar outcome. "Australia is at least as good an ally of the United States as the United Kingdom is and so there's no reason why the prime minister shouldn't at least be able to secure that exemption," Senator Paterson told ABC's Insiders program. Senator Farrell met with US trade representative Jamieson Greer last week and said he pushed the case for all of the economic measures to be removed. The minister was hopeful a similar approach that removed $20 billion worth of tariffs on Australian goods entering China could be used with America. "We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. "We are committed to the defence of this country, we are committed to a significant uplift in the amount of spending," Senator Farrell said. "(AUKUS) is going to be a project that's worth more than $360 billion, so I think we've talked the talk." Senator Paterson said the opposition was still committed to its election platform of increasing defence spending to three per cent. Australia will keep pressuring the US to remove tariffs imposed by Donald Trump, the trade minister says, ahead of a likely meeting between Anthony Albanese and the president. The two leaders could meet on the sidelines of the G7 summit in Canada next week, with the economic measures imposed by Mr Trump around the world set to dominate discussions. As Australia looks to negotiate for an exemption on tariffs, Trade Minister Don Farrrell was optimistic a deal could be reached. "I certainly haven't given up on the prospect of getting these tariffs removed, and every opportunity I get, I'll continue to pursue that argument with the United States," he told Sky News on Sunday. "There is no justification for the United States to impose tariffs on Australia ... we want all of the tariffs removed, not just some of them." Mr Trump recently signed off on doubling tariffs on exports on steel and aluminium from 25 to 50 per cent. All other Australian exports to the US have been slapped with a 10 per cent tariff. But opposition finance spokesman James Paterson said any meeting between the prime minister and US president should have happened sooner. He said an exemption on steel and aluminium secured by the UK showed it was possible Australia could receive a similar outcome. "Australia is at least as good an ally of the United States as the United Kingdom is and so there's no reason why the prime minister shouldn't at least be able to secure that exemption," Senator Paterson told ABC's Insiders program. Senator Farrell met with US trade representative Jamieson Greer last week and said he pushed the case for all of the economic measures to be removed. The minister was hopeful a similar approach that removed $20 billion worth of tariffs on Australian goods entering China could be used with America. "We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. "We are committed to the defence of this country, we are committed to a significant uplift in the amount of spending," Senator Farrell said. "(AUKUS) is going to be a project that's worth more than $360 billion, so I think we've talked the talk." Senator Paterson said the opposition was still committed to its election platform of increasing defence spending to three per cent. Australia will keep pressuring the US to remove tariffs imposed by Donald Trump, the trade minister says, ahead of a likely meeting between Anthony Albanese and the president. The two leaders could meet on the sidelines of the G7 summit in Canada next week, with the economic measures imposed by Mr Trump around the world set to dominate discussions. As Australia looks to negotiate for an exemption on tariffs, Trade Minister Don Farrrell was optimistic a deal could be reached. "I certainly haven't given up on the prospect of getting these tariffs removed, and every opportunity I get, I'll continue to pursue that argument with the United States," he told Sky News on Sunday. "There is no justification for the United States to impose tariffs on Australia ... we want all of the tariffs removed, not just some of them." Mr Trump recently signed off on doubling tariffs on exports on steel and aluminium from 25 to 50 per cent. All other Australian exports to the US have been slapped with a 10 per cent tariff. But opposition finance spokesman James Paterson said any meeting between the prime minister and US president should have happened sooner. He said an exemption on steel and aluminium secured by the UK showed it was possible Australia could receive a similar outcome. "Australia is at least as good an ally of the United States as the United Kingdom is and so there's no reason why the prime minister shouldn't at least be able to secure that exemption," Senator Paterson told ABC's Insiders program. Senator Farrell met with US trade representative Jamieson Greer last week and said he pushed the case for all of the economic measures to be removed. The minister was hopeful a similar approach that removed $20 billion worth of tariffs on Australian goods entering China could be used with America. "We didn't retaliate on that occasion, and bit by bit, we managed to get all of those tariffs that had been applied on Australia by China removed. I'd like to do the same with the United States," he said. "It's only by open discussion, honest discussion with out allies in the United States that I think we can do that." Senator Paterson said the coalition would be open to the idea of a critical minerals stockpile that could be used as a bargaining chip in any tariff negotiations. "It is something that Australia could do which would represent an economic opportunity and a strategic contribution," he said. As the US Defence Secretary Pete Hegseth urged Australia to increase its defence spending by billions of dollars to 3.5 per cent of GDP, Senator Farrell said the federal government had already proved its commitment through the AUKUS submarine deal. Australia is looking to up its total spent on defence to 2.3 per cent. "We are committed to the defence of this country, we are committed to a significant uplift in the amount of spending," Senator Farrell said. "(AUKUS) is going to be a project that's worth more than $360 billion, so I think we've talked the talk." Senator Paterson said the opposition was still committed to its election platform of increasing defence spending to three per cent.
