Perth Mint under investigation over ethical sourcing of gold

[Bumble]

This report appeared in the Australian Financial Review that HSBC and JP Morgan have stopped buying gold bars from the Perth Mint because of allegations of unethical sourcing of gold from Papua New Guinea which could lead to the Perth Mint losing its LBMA accreditation.

[Robjw]

Think they got the all clear not long ago.

[dicker]

One of those things that I don’t lose sleep over.  Having been to the PM, seen the operation and also spoken to some of the management I just wouldn’t worry. 

Best

Dicker

[Tn21]

I don't think any gold is ethically sourced tbh. 

[Prophecy]

Especially Chinese gold. Uighurs mining with forced labour. I will never buy Pandas.

[BSquared]

I remember reading an article not too long ago, that made the claim that MUCH(not all of course) of the modern US Gold eagle,  Roos,  Phils., Brits, etc. were(are) minted from recovered Nazi gold after the war.  If true,  maybe Pre-WWII gold sovereigns, francs, lire, etc. should solve that problem.

[xthomasx]

1 hour ago, BSquared said:

I remember reading an article not too long ago, that made the claim that MUCH(not all of course) of the modern US Gold eagle,  Roos,  Phils., Brits, etc. were(are) minted from recovered Nazi gold after the war.  If true,  maybe Pre-WWII gold sovereigns, francs, lire, etc. should solve that problem.

You (or the author) mean that gold was stolen by the Nazis, then taken over by the US/UK forces, then not reclaimed by, and returned to, the rightful owners or their heirs, and then used for all kinds of coins? Quite far-fetched, I'd say.

I don't know how much gold the Nazis confiscated from their victims, both private and banks of occupied countries, nor how much was in turn confiscated by the US/UK but I don't think it is sufficient for 75 years worth of bullion coinage, or for 'much' of it for that matter. 

[BSquared]

58 minutes ago, xthomasx said:

You (or the author) mean that gold was stolen by the Nazis, then taken over by the US/UK forces, then not reclaimed by, and returned to, the rightful owners or their heirs, and then used for all kinds of coins? Quite far-fetched, I'd say.

I don't know how much gold the Nazis confiscated from their victims, both private and banks of occupied countries, nor how much was in turn confiscated by the US/UK but I don't think it is sufficient for 75 years worth of bullion coinage, or for 'much' of it for that matter. 

Yep, that's the reference I was thinking of.  Since I don't know what US dollar base was used to determine the original almost $8billion value,  who knows now many oz. it actually was. 

 

"Newsweek(November 4, 1996): 47-48.
Note: Newsweek's probe discloses that after 50 years of financial sifting, there is no huge stash of Nazi gold in Switzerland - it has been scattered worldwide. The probe also indicates that many other parties, besides the Swiss, and including the Bank for International Settlements (BIS), were involved in laundering Nazi money during the war or hoarding stolen assets after the war. What little remains of the estimated $7.8 billion U.S. dollars in gold confiscated by the Nazis may only come to $65 million, the amount held by the Tripartite Gold Commission, set up after the war to return stolen gold to national treasuries."

[xthomasx]

Thanks for the source! 

[Minimalist]

Im not surprised. I once posted on here an account of a former British intelligence officer expose a British institution of where they are sourcing their gold - it came from the ivory coast.

[Martlet]

5 hours ago, Minimalist said:

Im not surprised. I once posted on here an account of a former British intelligence officer expose a British institution of where they are sourcing their gold - it came from the ivory coast.

What are the implications of this source?  It's no revelation gold coming from this region of Africa, its where we got the word guinea.

[FoolzGold]

19 hours ago, BSquared said:

[...] If true,  maybe Pre-WWII gold sovereigns, francs, lire, etc. should solve that problem.

Because we all know the British, French and Italian Empires were a model for the ethical sourcing of gold. 😄

[BSquared]

6 hours ago, FoolzGold said:

Because we all know the British, French and Italian Empires were a model for the ethical sourcing of gold. 😄

Add USA Goldrush/Chinese,  all of South America, Aztecs, Incas, Mexico, Persians, Romans, Egyptians, and on and on.  This recent idea of "ethical" mining of gold, carried out logically, would prevent one from owning any gold.   

[Minimalist]

On 14/08/2020 at 07:22, Martlet said:

What are the implications of this source?  It's no revelation gold coming from this region of Africa, its where we got the word guinea.

Found it. Gordon Bowden is his name, nothing came out of it, a few hearings here there with a few people but it never got any publicity or attention due to being directed, corrupted and censored by the British government.

[Prophecy]

5 minutes ago, Minimalist said:

Found it. Gordon Bowden is his name, nothing came out of it, a few hearings here there with a few people but it never got any publicity or attention due to being directed, corrupted and censored by the British government.

You've got to love websites like that. Ultra nuts

[Martlet]

50 minutes ago, Minimalist said:

Found it. Gordon Bowden is his name, nothing came out of it, a few hearings here there with a few people but it never got any publicity or attention due to being directed, corrupted and censored by the British government.

You misunderstood the question, not the source of information. What is the significance of sourcing gold from Ivory Coast. 

[Minimalist]

1 minute ago, Martlet said:

You misunderstood the question, not the source of information. What is the significance of sourcing gold from Ivory Coast. 

The point is about "ethical" sourcing. The fact that the Banks mentioned are shocked about the allegations of unethical sourcing is comical given that their own people are complicit in the process of "unethical" sourcing of gold.

[Martlet]

50 minutes ago, Minimalist said:

The point is about "ethical" sourcing. The fact that the Banks mentioned are shocked about the allegations of unethical sourcing is comical given that their own people are complicit in the process of "unethical" sourcing of gold.

I see. So which institution is sourcing unethical gold from Ivory Coast?

[Prophecy]

7 minutes ago, Martlet said:

I see. So which institution is sourcing unethical gold from Ivory Coast?

Any would... Just go to IC and buy a bag of nugs and then sell them to any dealer anywhere.