PMGOLD - Perth Mint Gold ETF

[frugal.rock]

And a revisit,... local exposure holding on nicely since mid Feb. (This'll jinx it)

Maybe these will too... 🙀

The $9 billion dirty secret of an Australian gold icon

In a bid to save money, the world's largest processor of newly mined gold started "doping" its bullion. Then its customers started asking questions.

www.abc.net.au

A former bikie walked into a government-owned mint to buy gold. Officials didn't ask any questions

A Four Corners investigation uncovers major holes in the money laundering defences of Australia's biggest mint — failings that could cost taxpayers billions of dollars.

www.abc.net.au

 

[qldfrog]

Maybe these will too... 🙀

The $9 billion dirty secret of an Australian gold icon

In a bid to save money, the world's largest processor of newly mined gold started "doping" its bullion. Then its customers started asking questions.

www.abc.net.au

A former bikie walked into a government-owned mint to buy gold. Officials didn't ask any questions

A Four Corners investigation uncovers major holes in the money laundering defences of Australia's biggest mint — failings that could cost taxpayers billions of dollars.

www.abc.net.au

after the covid scam, do you not find it weird and a so convenient well timed way to discredit Gold..
From their ABC so direct state propaganda
That will not prevent central banks to buy obviously but remember how cryptos were for rapist pedophiles and mafia in the news until "official" versions appear in testing, inc here in Oz

 

[Sean K]

I'm hoping 1oz coins bought in the past year are OK. Looks like it's just larger bars sent to SGE a few years ago. Not good for their reputation though. It's a little confusing though. PM completed tests on the bars and found they were still over the 99.99 percent purity mark, so I'm not sure where the issue is anyway.

 

[qldfrog]

I'm hoping 1oz coins bought in the past year are OK. Looks like it's just larger bars sent to SGE a few years ago. Not good for their reputation though. It's a little confusing though. PM completed tests on the bars and found they were still over the 99.99 percent purity mark, so I'm not sure where the issue is anyway.

Shanghai requires more than 99.99%-> I think 99.9999%
That was part of the Chinese requirement and P.M. did not bother.
They used to be compliant but recently moved to "lower" grade as the 0.0099% difference can make a bit of cash on the amount they move, selling copper or silver at gold rate.
That is from what I can read so may not be acurate
It is a non issues for us or for most, but they tried to hide it.That part is bad
As I wrote, probably more an ABC try to put PM under disrepute for the uninformed.

 

[Garpal Gumnut]

It is all a bit of a kerfuffle but serious nonetheless.

I was listening to the ABC while digging near Charters and in amongst all the rubbish about gender and rights without responsibilities what should pop up from a dulcet toned person of indeterminant anything but Perth Mint.

Shanghai according to this joker demands higher purity than the rest of the world, and an ex-CEO of Perth Mind as told by the ABC when given 2 assays, one above the Chinese cousins’ requirement and one below was asked " Which one should I send ?" said “ Ah f*** em, send the higher “ or words to that effect, as is spoken in Perthian English which now resembles a cross between Boer and Pom.

Anyways the Chinese cousins were none too pleased to find out that the Gold had a tad more silver than they liked.

It was only some hundreds of millions of ounces, I am told, so it is not the end of the world.

Not a good sign though and their coins internationally may be affected. I haven't looked in to the "Harvey Norman Your Problem" of PMGOLD but I doubt if it will be affected.

I mean, it's not as if the Perth cousins were trying to f*** the Shanghai cousins over, or was it?

gg

 

[JohnDe]

Maybe these will too... 🙀

The $9 billion dirty secret of an Australian gold icon

In a bid to save money, the world's largest processor of newly mined gold started "doping" its bullion. Then its customers started asking questions.

www.abc.net.au

A former bikie walked into a government-owned mint to buy gold. Officials didn't ask any questions

A Four Corners investigation uncovers major holes in the money laundering defences of Australia's biggest mint — failings that could cost taxpayers billions of dollars.

www.abc.net.au

Talk of recalling all the affected gold, WA taxpayers may have to foot the bill.

 

[Garpal Gumnut]

Shanghai requires more than 99.99%-> I think 99.9999%
That was part of the Chinese requirement and P.M. did not bother.
They used to be compliant but recently moved to "lower" grade as the 0.0099% difference can make a bit of cash on the amount they move, selling copper or silver at gold rate.
That is from what I can read so may not be acurate
It is a non issues for us or for most, but they tried to hide it.That part is bad
As I wrote, probably more an ABC try to put PM under disrepute for the uninformed.

From what I heard on the ABC yesterday morning Shanghai pride themselves on having a higher level of purity for their Gold than other mints/bullion holders and Perth Mint knew this.

Some time ago Shanghai asked Perth Mint to do assays on their bar. They did two assays, one assay was to Shanghai standard and the second even though to world standard, was not to Shanghai standard.

Shanghai requested the result (s) and Perth Mint elected to state that their bar met Shanghai's requirements and sent Shanghai the first assay report.

End of story until Perth Mint were caught out and Shanghai demanded that Perth Mint accept the Gold back. And yes, the WA taxpayers will pay for it.

You couldn't make it up.

gg

 

[Sean K]

Looks nice on the five year weekly, even better on the long term monthly close.

But, punching through ATHs is always a difficult task... might find out by the end of the month.

 

[Garpal Gumnut]

Talk of recalling all the affected gold, WA taxpayers may have to foot the bill.

So is it safe to buy PMGOLD.

Have the Perth cousins stopped putting

“Fillet of a fenny snake, In the cauldron boil and bake; Eye of newt and toe of frog, Wool of bat and tongue of dog, Adder’s fork and blind-worm’s sting, Lizard’s leg and owlet’s wing, For a charm of powerful trouble, Like a hell-broth boil and bubble.”

Into the bar.

I should qualify "safe" by saying safe at the right price.

gg

 

[Sean K]

So is it safe to buy PMGOLD.

Have the Perth cousins stopped putting



Into the bar.

I should qualify "safe" by saying safe at the right price.

gg

This looks pretty safe to me gg.

 

[Sean K]

Time to change my avatar back to a kangaroo.