Perth Mint allegedly buying conflict gold

Discussion in 'General Precious Metals Discussion' started by SteelHand, Jun 11, 2020.

  1. SteelHand

    SteelHand Well-Known Member Silver Stacker

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  2. silverhair

    silverhair Well-Known Member

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    very sad news indeed. I buy from them because they are, well were, known to be a clean supplier. Guess profits got in the way of that.

    What a shame.
     
  3. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    It's all about profits!
    This Cash Converters of third world conflict gold probably pays less than 70% of spot for the dore bars they source.
     
  4. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Yikes! Sad story bro
     
  5. LiverBird

    LiverBird Well-Known Member Silver Stacker

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    Didn't see any specific dates mentioned. Were these very recent purchases when they were bailing out the COMEX or has this been ongoing for a number of months/years?
     
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  6. Karoi

    Karoi Active Member

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    Rather disappointing, especially if PM had indeed ignored concerns raised by its own staff!
     
  7. madaw1

    madaw1 Well-Known Member

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    Nobody cares about anybody these days anymore...only money,money,money--Very sad indeed!!!
    Thanks @SteelHand for the link...
     
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  8. hardyakkagold

    hardyakkagold Active Member

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    Sad indeed if true,
    but, I will let the person on here who has never purchased anything in their life,
    that may have from a country that has child, or forced, or exploited labour, cast the first stone!
     
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  9. Ag bullet

    Ag bullet Well-Known Member

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    ^^^anyone ever bought diamond jewelry?

    buying conflict goods unwittingly is one thing, knowingly doing so is another.
    no perth mint stuff for me thanks.

    are they doing it to make large profits or do they have to do it to make a profit????
     
  10. OneDay

    OneDay Active Member Silver Stacker

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    Source = Main Stream Media.
     
  11. Markco2

    Markco2 Active Member Silver Stacker

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  12. Tin Can

    Tin Can Member

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    Monnaie de Paris uses the “Fairmined Standard” for some of its gold coins.
    Perhaps the Perth Mint should adopt a similar gold supply standard certification.
     
  13. dross

    dross Active Member

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    IMHO, any association with Riotinto is likely to have the same effect as the WHO association with the CCP, no wonder this "slipped through the cracks".
     
  14. tongkat

    tongkat Active Member Silver Stacker

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    Good read. Thanks for the links.
     
  15. Holdfast

    Holdfast Well-Known Member Silver Stacker

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    Do you think the mines in that area have been squeaky clean since gold was discovered in the 1890's?

    People are quick to point the finger.

    Much of the food comes from places like Africa, where the people working the farms
    can't afford the produce they grow.

    The pollution caused in China because of the Iron Ore and Coking coal sent from Australia.

    Or the poor wages foreign workers receive to pick produce here in Australia because you ant to pay $4
    a kilo for spuds which has been the same price for ten years.

    Or perhaps those goods you buy from China, that lovely dress made in the sweat shops.

    Everything comes at a price, lives, economies etc.

    I do not condone, slavery, child abuse, poor working conditions but unfortunately these things happen and the goods
    and services you take for granted are often tainted with the realities of life.

    Often the broader picture can be obscured, that area where the gold is in Golden Valley has competition.
    Competition brings about cost cutting, slurring other businesses and slurring supply chains so that someone else
    can make a buck.

    Having said that, I think these allegations are gathering world-wide news, the LBMA are on the front-foot, the WA
    Premier is informed and the Perth Mint Board of Directors could be in for a flushing just as we saw 8 years ago.

    What's more importantly is, why have the Perth Mint Board of Directors allowed this to "allegedly" happen?
    Are there monetary kick-backs, is there pressure from overseas?

    Are the Chinese influencing sales pressure on Perth for gold products?
     
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  16. 66rounds

    66rounds Well-Known Member Silver Stacker

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    $4 a kilo for spuds? They've been $6 for a 5kg bag past five years down my way. Scratch my head wondering how anyone benefits from that except the consumer
     
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  17. Davros10

    Davros10 Well-Known Member Silver Stacker

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    Could they have picked a better time to bring poor work practices to the attention of an oh so forgiving world?
     
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  18. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Isn’t that the point?
     
  19. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Isn't the point that we don't have to have farmers relying on subsidies to stay afloat by them receiving a more appropriate price for their product?
     
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  20. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    No. If they need subsidies then they shouldn’t be in business.
     

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