Do you care about conflict free gold?

Load of Bullion said:
The Perth Mint claims the program provides "further customer assurance". I would not state that it is simply a gimmick, whilst I don't deny that it might be. Perhaps you know something about the Conflict-Free Smelter Program that backs your claim.
Click to expand...

From http://www.conflictfreesmelter.org/documents/EICC_GeSIAuditStandardandInstructions_Au.pdf

A gold refiner's internal management system should collect and maintain documentation regarding its sources of recyclable materials, in order to ensure that these sources and recyclable materials have not financed conflict at any point in the recyclable material supply chain.
...
A gold refiner's internal management system should require the same four (4) levels of documentation described above or below in section B for recyclable material to ensure conflict gold is excluded in the recyclable material supply chain.
Click to expand...

The whole thing is about not buying stuff from the Democratic Republic of the Congo, so obviously they're not going to focus on pre-1992 Perth Mint products or pre-1994 Krugerrands, or 1918 Sovereigns with the "I" mint mark, or anything made by Degussa before 1945 or old European coins that funded any of a dozen wars (including Belgian francs made from gold mined in the Congo region back when Belgium controlled it) or basically any existing gold that has been melted and re-melted over and over again in the last 5000 years.

"Don't buy stuff from the DRC" pretty much covers everything they're trying to achieve with this program, but seriously, we're talking about gold here - people have spent thousands of years fighting and killing each other it.

When is an ethical approach not a warm-and-fuzzy gimmick?
Click to expand...

When it means doing something differently, like actually turning away business.
 
Never been a day with war out never will ,bring back national sevice sort these gen ys out .they would shit them selfs
and cry for mummy. as for gold who cares ,man with the biggest gun wins like its alway been
 
Sorry, gold is gold, it's impossible to determine whether or not it's "conflict" or peaceful gold. Besides it'll enter the gold market one way or another.

Most of the gold ever mined is stored somewhere. That includes Nazi gold, gold from dictators, and gold from all sorts of evil. Yet, for the most part, there's no way to determine exactly where it came from.
 
Some interesting points have already been made, e.g. the ... rather philosophical ones, about what "conflict-free" exactly means, and how much confict-gold is required to impurify a conflict-free bar into a non-conflict free one.

On the one hand: If gold is bought from a source that definitely leads to suffering in one form or the other (obvious: Trading gold for weapons), one could question this, indeed. But of course it's hard to tell where an ounce of gold as mined, and even harder to tell through whose hands it went during its lifetime.

The lifetime... of gold... another interesting point: What should happen to the non-conflict-free gold? It's hard to destroy it, that's for sure...
 
As a marketing point of difference 'conflict free' coins versus 'steeped in the blood of the oppressed' would win me over at the store, but that's just because I'm a softie. I know that it would realistically have no difference to the ways of the world, nor the actual value of the gold.

If PM wants to differentiate itself, I'd be pursuing the continuing excellence of products and work hard at avoiding price gouging, which can be hard to resist I know, given the list of 'dragon' coins currently available.
 
Considering the amount of conflict that went on during this year's Dragon issue, the PM might have to rethink it's marketing strategy. HAHAHA...of course I'm being flippant. I know it's a serious topic.

However, if the Perth Mint were to certify gold as being 'Dolphin friendly'... well.. that's another story
 
As others have said, does it effect the value, it will prehaps only make it higher, I will be going to the cheaper stuff if that comes from the congo, so be it
 
Couldn't hurt though if it somehow clamps down on the average Joe gold seller with red tape and hoops etc it would suck.
 
Thanks for the feedback. Overall response seems cynical, which is not surprising for PM investors.

FYI, this is not a cynical Perth Mint marketing stunt, but driven by the "Dodd Frank Wall Street Reform and Consumer Protection Act, Section 1502. The law declares that ores of tin, tantalum, tungsten and gold, and their derivative products, are 'conflict minerals' for which countries of origin must be investigated." Quote from http://www.lbma.org.uk/assets/Bullock.pdf which has more background on this issue for those interested.
 
bron suchecki said:
FYI, this is not a cynical Perth Mint marketing stunt, but driven by the "Dodd Frank Wall Street Reform and Consumer Protection Act, Section 1502.
Click to expand...

So when the DRC digs up gold to fund war, that's bad.

When the U.S. prints money to fund war, that's fine.


Sorry, but I'm still calling bullsh*t on the whole thing.

The hypocrisy is sickening.

The fact that the U.S. (and Australia) could send some real military power into the DRC to knock off the violence but choose to send those forces to pacify Afghanistan and Iraq instead means this program is just tinkering around the edges.

And telling people on one hand that you can accurately identify the origin of a particular lump of gold and on the other hand telling people it is a great asset because its a virtually anonymous and universally accepted store of wealth is, at best disingenuous and, at worst, an outright lie.

Nobody really has a clue where the atoms of gold in their bullion have been.
 
Can't do much about past conflict, but future conflict shouldn't be supported.

That said, I agree with others that the definition of conflict and who decides is highly contentious.

I also believe that unfortunately, due to gold's elemental and pure nature, proving origin would be hard, and the significant arbitrage opportunities to be had for others buying conflict gold would make this venture somewhat pointless?

I can imagine some goldman person salivating at the arbitrage opportunity right now.
 
Clawhammer said:
Considering the amount of conflict that went on during this year's Dragon issue, the PM might have to rethink it's marketing strategy. HAHAHA...of course I'm being flippant. I know it's a serious topic.

However, if the Perth Mint were to certify gold as being 'Dolphin friendly'... well.. that's another story
Click to expand...
I love dolphins .....with fries & salad :D
 
hotel 46 said:
well at least reno supports ya :)

meant for gp before ^ beat me to getting the post written up :)
Click to expand...
Never bought anything from the big bird all of my buying was before goldstackers was around . Im full atm & havent bought for over a year now .ive been on holidays for over a year so its a bit hard to buy when i have nowhere safe to keep it & ive been havin a spend on my little retreat so im Just sittin & waiting ..

It doesnt surprise me to hear tradies buying most i know that dont drink their profits spend it wisely . Most have plenty of disposable income for a bunch of uneducated workers. . .Theres a truckload of money to be made in the building industry if your good at what you do .
 
well that's an interesting reason. But why just pick on Africa and conflict. Why not human rights abuse generally. Using trade sanctions to effect change. There's a long list of countries and products that could be segregated. It might give us a reason to avoid Chinese rare earth extracts and inspire the USA to re-open their deposits, so we could buy 'clean' rare earth for industry. (assuming they don't extract it from Texas that is - executions of the mentally handicapped and all).

You're right Bron. We're cynical here.
 
I don't support any scheme whereby when it comes time to sell my gold I'll have to supply a certificate to stop some bleeding heart sissy from crying.

Don't laugh...that's what this'll come to.

Particularly when it comes from;
a) America the most warmongering nation on earth
and
b) Wall street the most crooked SOB's Satan ever sent forth

Big AD is right..."this hypocrisy is sickening"

I just wanna kick Obama so hard in the crotch his nutsack pops!
 
A bit off-topic - has anyone noticed that Obama has potentially started another Vietnam by sending in 'advisors' to Uganda to assist in the war against child-soldier recruiter Kony. Interesting too that he is having a hard time getting finance for his campaign to match Romney's.

Lindsey Williams said about 6 months ago that Obama had upset the powers that be by stepping on their plans for the Keystone oil pipeline and they were working to get him out of power. Poor lad, doing all they ask and being booted so quickly.
 
So i take it no one has seen the movie Blood Diamond

But yeah to be honest i have never once thought about if my silver or gold is conflict free
 
You must log in or register to reply here.
Back
Top