Answering More Questions Surrounding The Perth Mint "Scandal"
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- čas přidán 6. 09. 2024
- Michael and Reuben go through a few more comments from the latest worries about The Perth Mint, following more of the media chiming in, and a release from the current CEO of the Perth Mint.
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You raise possibly the most important point towards the end there. Why list all of the reasons that 🤔 it would be a great idea to own 'real' money, then suggest they are reasons why it's a bad idea.? Reverse psychology. There is clearly a push back against the increase of those waking up to being robbed blind through inflation. But how do they stem the flow.? By smearing a mint that produces the product. Gold/Silver/Platinum have intrinsic value, cash has none. Its only value is in the belief that it has value. If enough people woke up to the fact it is worthless; that would be the day it realises its true fate and die. They do not want that. "Untraceable" translation: loss of control. The very reason the awake own it.
The spec is the spec. If you want to sell to a customer and they give you their spec then you need to follow it.
I suspect they did it so that Perth could not dilute the gold which is exactly what they did. Perth was able to save $600,000 which the purchaser could have pocketed if it were not diluted with silver. 99.996 to 99.992%
I can't believe they made such a huge issue over a person buying a few thousand dollars worth of gold. The same person could buy a $300,000.00 Ferrari and nobody would bat an eyelid, and they only would have had to show their licence to make that purchase too!
In America we love pert mint products and have never had a issue testing out.
It only involves wholesale refinery business of the Perth Mint. Their coin products have very high QC standards. I have a relative who is working there, their coin products go through many stages of QC inspection before being sent out.
According to the gold spot price (now) online, it is $88,386.39 per kilo or in this case is $1,060,425.36 for 12 kilo.
If you substituted gold for another metal for 0.004% of this weight (on the 12 kilo bar in question) the difference would be AUD $4,241.70 assuming the substituted metal had no value at all.
As there are 100,000 kilo in 100 tonne (the size of this order by China), the total shipment is worth approx AUD $8.366 billion. Let’s get real.
Thanks travis, yes the decimal place was in the wrong spot.
Ah I get it now. Those type of buyers are suppose to show their criminal or suspected criminal ID card. Bad move Perth Mint.
The question is why run this story? Whats the agenda? Is a new regulatory interest about to be announced?
they are trying to sway us against swapping their dying fiat paper crap into valuable metals, this is just the beginning. get as much as u can before either the CBDC's get here or the fiat dies.
Australian inflation is out of control, the QE-funded fixed rate mortgage cliff is approaching starting in April and China and Russia are launching the new BRICS trade currency backed by gold which is directly linked to the Shanghai Gold Exchange. That's the issue. BRICS and Belt and Road Initiative central banks are buying gold faster than at any time since World War II and the start of the Bretton Woods system. Certainly faster than since Nixon defaulted on Bretton Woods by ending the ability of countries to convert dollars into gold in 1971. Gold is going to back a lot of global trade in the BRICS currency which means 100+ foreign countries selling down no-longer needed reserves - hence a potential bond market crash and consequently interest rates exploding higher ... and the only real response - western central banks flooding the system with printed money.
Virtually nobody has any idea how serious this stuff is and the fact that precious metals are one of the very few ways people can be protected from financial armageddon; it has no counterparty risk.
4 nines is 4 nines!!!!!what’s their problem? Get over it🙆♂️. Love your passion, Michael 🎉. J
Problem is that there is VERY little room for error when working with such low quantities of debasement. Say if you got the gold from the bottom of the crucible, it could perhaps be 9995 (or lower) instead...sure the whole "batch" might be 99992, but there will be higher and lower depending on the concentration at any certain location...
Thanks guys ... Can Perth Mint start putting a bit of Gold in the Silver cast bars I buy? ... It only seems fair.
Lol
It’s just the fact that Perth mint knowingly did it when the customer requested higher purity, they saved up to $620,000 on the order by doing it.
Purity of what? Gold? There was the correct level of gold that was required in that bar. The problem wasn’t the level of gold whatsoever, it was the remaining purity and what that was made up of.
Too much silver … but if the remainder had a mixture of lead tin antimony all cheaper medals it would have been in spec
If they ordered 99.995% or better than they have a valid complaint. As far as we know the order was for 99.99% or better, they got 99.99% and better.
Not that it matters, but a Chinese company complaining about gold purity is ... an interesting stance.
@@ryack6355 hmmm I think your wrong, instead of the correct 99.996 per cent pure gold per bar there was 99.992, meaning there was .004 per cent less gold, I read somewhere that sge doesn’t mind what the last remaining purity is it could be silver/copper/lead just as long as the actual gold content is over 99.995 per cent, correct me if I’m wrong but that’s how I understand it.
@@melbournestacker its 24 carat and most gold contains silver or copper ..much ado about nothing.
Im just waiting for them to implicate the perth mint in the JFK assassination
Perth Mint defaulted on unallocated redemption requests during COVID......I could't care less for this Mint and take some glee in this negative media (which is hurting them badly)
No one should have bought paper gold anyway
Key word is unallocated.
@@timgibson3754 I agree.....my point is though they defaulted and defrauded and cheated customers.
Bloody hell 99.996% and 99.992% is still 99.99% !!! Geez!
I'll take their 99.992% or 99.996% gold if China don't want it 😆😆😆 fucking easy
Plus using silver in gold? Both are precious metals.
Gold Sovereigns are typically made up of gold and copper, but if you're lucky, the early Aussie ones were made up of Gold and Silver instead. If anyone has some of those with the undesirable silver in them I will gladly replace them with the more refined (pardon the pun) copper version.
Silver is cheap
@@markbainbridge5654 cool
Mountains out of mole hills, the Chinese will find anything to have a go at Australian companies. Just have a look at what they've done to other industries.
That’s the first thing that popped into my head when this blew up.
Come off it mate. Perth Mint knowingly and willfully engaged in underhanded tactics and somehow you're going to blame China? China are guilty of plenty of shit....Why blame them for the one thing they didn't do?
@@falsefreedom1713
Calm down big fella , why you being so vocal in the defence of China ? These tactics you talk of are .005 of a percent. False freedom sums you up pretty well China troll.
@@boonnathan9827 🤡
It’s reputation….. they promised they would sell on the Chinese standard and they didn’t that’s the crux of it. Ur biggest customer that u promised and the missed it. Now Gold is gold drama is overblown and in the end China didn’t switch the gold bars either so regarding the gold is not bid. But it’s the customer to seller relation that’s tainted.
I like how irritated Jason Waters looks. He's probably been fielding calls all day, from people that literally have the intellectual depth of small children, but somehow are let loose on society to shape public opinion.
The most annoying thing about this whole matter, is that Perth Mint staff are probably so busy dealing with the fake controversy nonsense, that they haven't been able to get around confirming the order I placed on Tuesday. If there only hadn't been a public holiday on Monday in Perth, I could have had my order confirmed instantly as per usual, because it would have been made on the Monday before all this kicked off. (don't worry, I get things from BN too, looking forward to rectangular dragons and other goodies in the coming months).
I dont think it will affect it as much as you fear. Most staff in that area will still be going about their duties, while management deal with these nontroversys.
Perhaps it will be delayed a day or 2, but that's about it i would say. Be more concerned about the courier, particularly if it is Aust Post.
@@Knightyme Startrack have been brilliantly efficient so far. Overnight cross country, BAM it's there. Night and day compared to Toll.
@@Knightyme They still haven't approved the order, but they've shipped it, lol.
@@dleetr Well, maybe the staff are a bit more concerned than I thought.
Hope your order gets to you safely.
@@Knightyme It'll be fine. It's in Startrack's hands. hahah. It's a tiny order anyway. My main worry this week was how long I was going to have to deal waiting for customs to post me a letter for another order. And amazingly since I last did an order over $1000, the process has been super streamlined. Well maybe it's just this carrier and the fact that it's all bullion with no numismatics and that the package came with a pre-declaration signed by me already in it.
I don't thinking you are getting it. The customer requested a specific standard, and the mint not only didn't meet the standard but knowing covered it up. Once trust is lost it is done. Defending them doesn't make you look good at all.
If I request a dozen doughnuts from the Baker and he gives me 13, is trust lost?! I dont think u r getting it tbh
Problem is that there is VERY little room for error when working with such low quantities of debasement. Say if you got the gold from the bottom of the crucible, it could perhaps be 9995 (or lower) instead...sure the whole "batch" might be 99992, but there will be higher and lower depending on the concentration at any certain location...🤔
That's not even true u just made that up
and if a contracts states the minimum is 99.9996 and you agreed to it, you better only give them the top part and the parts that are lower than the contracts states better not be sent to that contract.
If my mechanical fitting/machining workshop breached the tolerances under contract by the australian military we would recieve huge fines and punishments/ Why should the perth mint be allowed just because they are owned by the government?
Regardless of this news, I would still continue buying and collecting perth mint products. 99992 level of purity delivered by Perth mint to Shang Hai is considered a still high and corresponds to 24k gold standard purity. When you Compare Chinese gold Pandas, they only have the purity of 3 nines(999). I love gold Pandas too. Regardless whether 3 nines or 4 nines stamp, when you sell its still recognize as 24k gold.
Imagine producing 100% gold..... the price would go very high and people would buy 99.99% instead....
I thought it was due to the fact the sales contract stated they wanted 99.9996 and receives 99.9992.
That is a breach of contract the same.
Thats like if I had a mechanical fitter/machinist contract that stated a part must be no shorter than 99.9999mm long and made it so it was 99.9990mm long.
Sure it may only be 0.0001mm out, but I breached the contract we agreed to.
But we all know The autherised resellers of the government owned company selling gold to its people for a profit will not agree as if their wholeseller looses trust, their investment and business product also looses its demand.
Cant have losses so tell your customers there is nothing to worry about.
Meanwhile., I wait over a week for a click and collect order. Cclick and collect. The same thing every other store provides in the hour. Perth mint instead needs to ship your click and colect order in from a different location befor sorting it and then you can collect so it takes longer than simply picking to have it shipped to you
I would be curious to know if Perth Mint sales went up or down this week
Thank you Michael for clarifying👍
Just send them 0.01 gram of gold that'll fix it.
When this first broke, I thought, "Oh, no! I have Perth Mint products!" Then I found out what a tempest in a teapot it really is! It's still more than four-nines-fine! 99.99 percent is 99.99 percent! This will blow over quickly, and I still have complete faith in all my Perth products. I have gold Kangaroos and a quantity of silver ones, as well as Kookaburras. As you all would say, I have "no worries"! Gold Krugerrands contain a full oz of pure gold, and they are only 91.7% gold, with the remainder being copper. I like them for their hardness and color. American Silver Eagles also contain an oz of pure gold, and are 91.67% gold, 3% silver, and 5.33% copper. I like them for their hardness, but I don't have any, because of their high premium. And I'm an American! Something stinks about this "scandal." Take heart, fellas!
I think the point everyone is missing is it doesn't matter if a 1oz piece of gold is 999 or 9999 or 99999 as they all contain a minimum of 1oz of gold. The extra weight is additional to the gold content. Thats why a 1oz piece always measure slightly more than 1 troy oz.
That's not how it works.
Poor Ita didn't get a 2023 1oz silver wedgetail eagle!
It's the milk/permeate debate rehashed as a precious metal "controversy".
Most milk wholesalers use permeate in production so that their final product complies with nutritional and consistency constraints under the current laws. Yet permeate, which is derived FROM MILK, is the bad guy according to the media and should be banned! 🙄
I reckon If you breath on a one ounce Gold coin, you add far more weight in the form of H2O than that LOL.
😂
But we are talking about billions of dollars worth of gold sales, that bees dick from each bar added up to $620,000
At what point do you ask for ID. I have purchased 1 oz silver and 1/10 gold coins and I do not think you asked for my ID
Usually $5000 or more
I want my 0.0000001% gold back.
It's about going after McGowan through embarrassing Perth mint.
Did I understood correctly!
The purity dropped from .9996 to .9992
If I'm right the PM in the big mess but do I stop by PM product? The answer is BIG NO
What r u even saying.
I am more concerned with the counterfeit gold ...!
A question to ponder.
Was the 99.992 bar from a different batch to the 99.996 bars?
I wonder if it was a purposeful excercise to reduce the public from making a run on gold at the perth mint.
I want my 0.00001% gold bat lol 😂
This story is so yesterday
team bullion now knocking it out of the park. 4 corners delivered the worst fluff report ever on the national broadcaster.
As a former filmmaker the abc is an embarassment to the my old profession. Worse still our taxes are paying for this timewasting fluff.
I think you might have it wrong also, it's not .01 but .001.
Storm in a tin cup. A Current affairs were getting low on material.
Thanks Michael for your insight!
What is stunning is thé benefits of Perth Mint from this opération : only 600 000 autralians dollars savings...just for manipulation beyond 9999...ridiculous
True, but who cares? 99.992% fine is still greater than 99.99% fine. It was an Federal government hit job on gold, simple as that.
For me 999fine, or 9999 fine does not matter the last 1 percent is not an issue.
When will your PayPal payment option be back online?
Scandalous!
If I be personally perth mint would not sell it to China and would ask them to buy from somewhere else. Not being rude or racist just putting bad name on Australian gold around the world and still buying from us.
I don't actually think China are raising it as an issue. Perhaps it was Putin?
@Mark Bainbridge could be who knows. I just don't understand with our politicians or ceo of any mineral resources in Australia is so dumb or unfair to fellow Australians, we as Australians are very rich country other countries should be begging us to sell them goods instead of being under pressure. As I said if I have stuff, I will be selling to other countries in my terms and conditions.
8:13 they are excellent reasons why gold is bad... if you want to crack down on it or something similar
How can it have saved them 600K per year if it was only 1 x 1kg bar?
I think they mentioned it was 100 tonnes worth of orders. even .05 gram saved per kg over 100 tonnes ads up to 5kg of gold saved
If they don’t want it, I’ll have it
Someone bought gold with their ID what else do they want blood? Ridiculous
this whole thing is simply not an issue.
Yep an overreaction. It's to slow demand and keep metals manipulated
China is at Fault not Perth Mint 99.992 or 99.996 doesn't makes a difference it's over 99.99 that's fair enough...
The perth mint accepted the spec from china and said that the product would match the spec. If they did not want to match the spec they should have told china that we only accept that it will be 99.99% gold and not specify the other 0.01% Perth mint saved $600,00 in gold by diluting it with silver. Another way to put it is that china lost $600,000 in gold. You would also bring it up as an issue.
Now it will be necessery you sell spectrum...
Today was the first time ive ever seen the leader of the opposition in WA.
Percent n one bike eeeee is the smokescreen, the real story is the , Mint and our nation's gambling industry has been found to be laundering money for crime ,so it matters every time someone s shit gets stolen or people get hurt for drug money , casino getting 1oo million dollars in fines ,but keeping their licences ,is an insult to every Australian victim of crime , think about the taxes on all of it ,not shutting that down are they just taking their cut
Sloppy Perth mint processes? Spec should be spec, no? How do Perth mint feel about it now? Did it cost them business? They’re the last mint that need any attention right now……
Much ado about nothing ❤. 999 or 9999 is pure gold to the majority of consumers.
I suspect its political
Of course it's political. Episode released on the day before an RBA interest rate decision just when inflation is still far, far too hot. The Federal government is stuffed. They spent way too much money on stimulus and the RBA is technically if not practically insolvent. They need to keep the supply of credit growing but the property bubble is in HUGE trouble as QE-funded 3 year 2% fixed rate mortgages are reverting to variable as of April. The last thing they want is people dumping property causing a crash and running into gold, right when massive stimulus will be needed in the case of a crash.
Add to that the problem of the new BRICS gold and commodities backed trade currency which will be literally backed by that very Shanghai Gold Exchange gold. It undermines the entire western US dollar global currency reserve system. It's extreme danger for western countries if the BRICS decide to dump their US Treasury bonds which seems obvious now that central bank gold buying is at a 70 year record high ... higher than at any time since Nixon closed the gold window in 1971.
Girlfriend, please!! it's not good anyway!!
Some good deals coming out of PM soon?😂🤣🤦♂️
It's worth it on 12kgs bars when selling 50tns per year. were not drug dealers
This whole thing is pathetic and an overreaction enough
Michael, you are .001 % heavier with the beard :)
I'll never buy anything from Australia.
🤣
Should I get my Perth mint gold 1 ounce bars checked? I also bought a bunch of 1 ounce silver rounds from the Perth mint. I guess I should stick with the USA and Canadian mints from now on.
No, did you watch the video.
@@BDK86 strong accents are hard to understand
@1000silver maybe that's why we didn't understand your question.
China is at Fault not Perth Mint 99.992 or 99.996 doesn't makes a difference it's over 99.99 that's fair enough...
@@spankeyham USA and Canada mints are honest. 4-9’s fine means exactly that. I like my gold buffalos and maples. You can keep your kangaroos.
First
You have along way to go to beat my 137 firsts in a 12 month period , cause I’m the king whooooooo baby yeah 🎉
@@kaynefryday6637 they just need to put out that many videos 👍😂
Give me your 99.992 of gold if you dont want it 😆
The abc have gone stupid I don’t watch them anymore sky news for me now ❤😊
Perth Mint was trying to get China back for the light weight pandas 😂
After this, I'm probably gonna buy more from the perth mint. I boycott chinese products when I can.
I bet if they were to examine some of the chinese gold, they'd come across worse purity 😈
Exactly, Chinese gold products have a history of scams and dilution. The funny thing is the Chinese aren’t even that upset about this development as it’s still gold of an extraordinary high purity. It’s the media that have made this fuss
"I am going to get scammed by Perth Mint to own the Chinese". 🤣
1 first
why you standing up for these people, they did wronge, simple, save it!!!!
Because the entire show was nothing but innuendo and baseless bullshit.