Latest news with #PerthMint
ABC News
2 days ago
- Business
- ABC News
London gold executive says Perth Mint 'well regarded', two years after damaging reports
A high-ranking executive from the London-based World Gold Council says the Perth Mint remains "well regarded" internationally, two years after its reputation as a refiner was questioned over the "doping" of gold bars. An investigation by the ABC's Four Corners revealed the mint sold gold to China that met broader industry standards of 99.99 per cent pure gold, but not stricter standards for silver content at the Shanghai Gold Exchange. It also uncovered governance failures by the WA government-owned Gold Corporation relating to anti-money laundering laws, which prompted a federal parliamentary inquiry of the 126-year-old mint, resulting in 10 recommendations last year. Perth Mint chairman Sam Walsh took responsibility for "historical shortcomings" when the mint's annual report was tabled in state parliament in September, noting 60,000 customer records had been remediated as part of a $34 million government program to improve anti-money laundering processes. In light of the mint's recent history, the ABC asked the World Gold Council's chief strategy officer, Terry Heymann, who visited Kalgoorlie and Perth this week for the premiere of a new documentary about WA gold mining, if its international reputation had been damaged. "I'm not going to comment specifically on the details, but the Perth Mint is very well regarded, as indeed is ABC Refinery (in Sydney)," he said. "Australia has two leading refineries and that really gives confidence to the market that the gold coming out of those refineries is to the expected standard, both in terms of the quality, the purity of the gold and responsible sourcing." Mr Heymann said the responsible sourcing of gold remained a focus of the World Gold Council, adding that "there is always room for continuous improvement". The Perth Mint's reputation was restored somewhat in March when it was appointed by the London Bullion Market Association (LBMA) as a refinery referee — one of just seven across the globe responsible for quality control of the world's precious metals. The accreditation process took several years and will make the mint responsible for assessing the standards of third-party refiners. "It speaks to the quality of our products," Perth Mint CEO Paul Graham told the ABC in March. "It's something we're very proud of and it places us among the most trusted refiners globally. "We're the only ones in the southern hemisphere who have achieved the referee appointment." Mr Graham replaced Jason Waters in November 2023 after his predecessor acknowledged issues around the diluted gold it supplied to China were "damaging and unacceptable". But Mr Graham denied gold bars had intentionally been diluted or "doped", claiming the media had "misrepresented what the Perth Mint has been doing historically". "The bars are never 100 per cent pure," he said. "I think what was reported around doping, which is a very unfortunate term, isn't necessarily correct." Mr Graham said it was common practice to top up bars with silver or base metals, such as copper. "What we try and do at the Perth Mint is get as close as we can to that 100 per cent," he said. "We believe today that our bars are as pure as any, if not the purest in the market, where we're currently getting bars out at to the tune of 99.996 purity. "The bars that were in question previously were around the 99.992 or 99.993 mark, so we have improved through technology and our focus, but we never believed we were intentionally doping the bars under the standards." Meanwhile, the Perth Mint has reported strong demand for its product as the Australian dollar gold price continues to trade at record highs. It soared above $5,000 an ounce for the first time in April — the same week US President Donald Trump announced his "Liberation Day" tariffs. The Perth Mint sold 43,714 ounces of gold and 723,641oz of silver in April, up from 40,537oz of gold and 713,306oz of silver in March. Demand softened in May when the mint sold 28,244oz of gold and 496,707oz of silver. The mint's depository held 308,899oz of gold at the end of May — equivalent to 9.61 tonnes — worth more than $1.5 billion at current prices. Mr Heymann described gold as an "economic safe harbour", saying the metal had "proven security and resilience". He said US economic policies were only one factor in a perfect storm that also included conflicts in Ukraine and the Middle East. "You look at the sustained demand that there is for gold, so much of that being underpinned by central banks around the world, who have had unprecedented levels of buying," he said. "Why are they buying gold? It gives them confidence in helping to manage the financial security of the countries they're responsible for. "Of course, government policies, including the US, play into that but there's no one specific indicator that drives the gold price. "It is a reflection of what's going on around the world."
7NEWS
27-04-2025
- Business
- 7NEWS
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.
Perth Now
27-04-2025
- Business
- Perth Now
Fraud warning from 'gold squad' as price hits new high
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.
West Australian
26-04-2025
- Business
- West Australian
Perth Mint issues warning after West Australians caught buying fake gold from scammers amid surging prices
West Australians have gold fever, with surging prices for the precious commodity leading to a rise in people trying to cash in. But for some, the lure is backfiring and they have been caught up in elaborate scams where they're tricked into thinking they're buying the real deal but in fact have snapped up fakes. Police, the State Government and the Perth Mint have issued fresh warnings to prospective buyers to do their research before online purchases on sites like eBay, Facebook Marketplace or even buying from shonky dealers. Record numbers of people are approaching the Mint to cash in on high prices — the Mint buying at $5150 per ounce this week — but just this week, three got a nasty surprise. Trying to sell what they thought were gold cast bars, the three were stunned to be told they were fake — worth nothing. All are believed to have bought, at what they believed to be bargain prices, one-ounce and 20gram bars online. The fake bars were made to look like they had originally been bought at the Mint, and apparently stamped with its insignia. 'If a deal is too good to be true, it probably is,' Perth Mint chief operating officer Dion Paunich told The Sunday Times. 'We are seeing cases where people, mums and dads, are in good faith making purchases that down the track have proved to be fake.' Mr Paunich said the Perth Mint had never seen so many people wanting to sell gold, driven by its ever-rising price. Gold is seen as a safe bet during uncertain times and has been driven higher in recent months given US trade sanctions imposed by Donald Trump, ongoing tensions in the Middle East and the Russia-Ukraine war. 'It's unprecedented levels in terms of interest in bullion sales,' Mr Paunich said, adding anything that glittered, including jewellery, bars and coins, was coming in for sale. 'Over the past year we have seen a real spike in gold, and it continues to go up. That has brought about a strong interest in people wanting to sell gold that they have had for a period of time and, understandably, take some profit in that.' He urged anyone who suspects they have been sold fake gold to contact police and consumer protection. 'We take counterfeiting seriously and are committed to protecting our customers,' Mr Paunich said. 'The best way to ensure you are buying real gold is to purchase it through official channels from trusted and reputable dealers such as the Perth Mint or one of our approved distributors.' Mines and Petroleum Minister David Michael said being stuck with fool's gold was devastating. 'These fakes are often highly sophisticated, and the result can be devastating for customers when they realise, they've been scammed,' Mr Michael said. 'That's why we're urging customers to do their due diligence and only purchase gold and silver precious metal products from reputable and trusted dealers like The Perth Mint which is owned by the people of WA.' Police Minister Reece Whitby warned scammers police were on to their crimes — but prevention was just as important. 'That's why it's critical we work together with trusted organisations like The Perth Mint to raise public awareness,' he said. 'If something doesn't feel right, report it. Your vigilance could prevent others from being scammed.' Report suspicious sellers and scams: reportcounterfeits@
Perth Now
26-04-2025
- Business
- Perth Now
Alarming surge in West Aussies buying fool's gold
West Australians have gold fever, with surging prices for the precious commodity leading to a rise in people trying to cash in. But for some, the lure is backfiring and they have been caught up in elaborate scams where they're tricked into thinking they're buying the real deal but in fact have snapped up fakes. Police, the State Government and the Perth Mint have issued fresh warnings to prospective buyers to do their research before online purchases on sites like eBay, Facebook Marketplace or even buying from shonky dealers. Record numbers of people are approaching the Mint to cash in on high prices — the Mint buying at $5150 per ounce this week — but just this week, three got a nasty surprise. Trying to sell what they thought were gold cast bars, the three were stunned to be told they were fake — worth nothing. All are believed to have bought, at what they believed to be bargain prices, one-ounce and 20gram bars online. The fake bars were made to look like they had originally been bought at the Mint, and apparently stamped with its insignia. 'If a deal is too good to be true, it probably is,' Perth Mint chief operating officer Dion Paunich told The Sunday Times. These fakes are often highly sophisticated, and the result can be devastating for customers when they realise 'We are seeing cases where people, mums and dads, are in good faith making purchases that down the track have proved to be fake.' Mr Paunich said the Perth Mint had never seen so many people wanting to sell gold, driven by its ever-rising price. Gold is seen as a safe bet during uncertain times and has been driven higher in recent months given US trade sanctions imposed by Donald Trump, ongoing tensions in the Middle East and the Russia-Ukraine war. 'It's unprecedented levels in terms of interest in bullion sales,' Mr Paunich said, adding anything that glittered, including jewellery, bars and coins, was coming in for sale. 'Over the past year we have seen a real spike in gold, and it continues to go up. That has brought about a strong interest in people wanting to sell gold that they have had for a period of time and, understandably, take some profit in that.' He urged anyone who suspects they have been sold fake gold to contact police and consumer protection. 'We take counterfeiting seriously and are committed to protecting our customers,' Mr Paunich said. 'The best way to ensure you are buying real gold is to purchase it through official channels from trusted and reputable dealers such as the Perth Mint or one of our approved distributors.' Mines and Petroleum Minister David Michael said being stuck with fool's gold was devastating. 'These fakes are often highly sophisticated, and the result can be devastating for customers when they realise, they've been scammed,' Mr Michael said. 'That's why we're urging customers to do their due diligence and only purchase gold and silver precious metal products from reputable and trusted dealers like The Perth Mint which is owned by the people of WA.' Police Minister Reece Whitby warned scammers police were on to their crimes — but prevention was just as important. 'That's why it's critical we work together with trusted organisations like The Perth Mint to raise public awareness,' he said. 'If something doesn't feel right, report it. Your vigilance could prevent others from being scammed.' Report suspicious sellers and scams: reportcounterfeits@
