Government Mint Faces International Crisis After Gold-Diluting Ruse Is Discovered: Report

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Perth Mint, one of the largest gold mints in the world, is facing an international crisis after a report that the company had been diluting gold bars with cheaper metals to increase profits sparked outrage among investors and governments around the world.

The news was first reported in an investigative report by the Australian news program “Four Corners.”

The report claimed that Perth Mint had been using a gold-diluting ruse for years, in which the company would mix cheaper metals into its gold bars to increase their weight and value.

The company would then sell the bars at a higher price, without disclosing their true composition.

The report also alleged that the company had covered up the scandal and tried to silence whistleblowers. According to the report, the diluted gold may have included “up to 100 tonnes of gold sent to Shanghai Gold Exchange” in China.

On Tuesday, the Perth Mint denied the report, affirming that the gold bars sold to customers in China possessed the stated value and purity, according to CNA.

The company had earlier promised to investigate the allegations and take appropriate action, and has pledged to cooperate fully with any government inquiries or investigations.

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