❓ Hon James Hayward questions the Minister for Mines and Petroleum regarding the gold purity of Perth Mint gold bars delivered to the Shanghai Gold Exchange (SGE) and whether the Mint is unnecessarily exceeding purity requirements. The Minister confirms some details but clarifies the SGE's requirements and the Mint's standards.
AnsweredQoN 292Legislative Council
QuestionView source ↗
GOLD CORPORATION —
GOLD BAR CONTENT
292. Hon JAMES HAYWARD to the parliamentary secretary
representing the Minister for Mines and Petroleum:
I refer to the answer provided to
question 279.
(1) Can the
minister confirm that for the period between 2018 and 2021, the Perth Mint
delivered gold to the Shanghai Gold Exchange that had an average minimum gold
content of less than 99.996 per cent; and, if so, what was the minimum average
gold content during that period?
(2) Can the
minister confirm that the SGE requires a silver content of less than 50 parts
per million of silver in bullion, and, by extension, requires a gold purity of
above 99.995 per cent in bullion?
(3) Does the SGE
allow bullion to be delivered if it is 99.990 per cent gold, 0.004 per cent
silver and 0.006 per cent other elements?
(4) Why will the
minister not direct Gold Corporation to reduce the gold purity of its bullion
to avoid giving away gold to customers if they have no expectation of the gold
content being higher than 99.990 per cent?
GOLD BAR CONTENT
292. Hon JAMES HAYWARD to the parliamentary secretary
representing the Minister for Mines and Petroleum:
I refer to the answer provided to
question 279.
(1) Can the
minister confirm that for the period between 2018 and 2021, the Perth Mint
delivered gold to the Shanghai Gold Exchange that had an average minimum gold
content of less than 99.996 per cent; and, if so, what was the minimum average
gold content during that period?
(2) Can the
minister confirm that the SGE requires a silver content of less than 50 parts
per million of silver in bullion, and, by extension, requires a gold purity of
above 99.995 per cent in bullion?
(3) Does the SGE
allow bullion to be delivered if it is 99.990 per cent gold, 0.004 per cent
silver and 0.006 per cent other elements?
(4) Why will the
minister not direct Gold Corporation to reduce the gold purity of its bullion
to avoid giving away gold to customers if they have no expectation of the gold
content being higher than 99.990 per cent?
AnswerView source ↗
The following answer has been
provided to me by the Minister for Mines and Petroleum.
(1) Yes. Perth Mint gold bars meet
the minimum standard of 99.99 per cent gold.
(2) No. The SGE requires 99.99 per
cent gold.
(3) Yes.
(4) The average
Gold Corporation gold kilobar contains at least 99.99 per cent gold, which is
the standard for gold bars.
provided to me by the Minister for Mines and Petroleum.
(1) Yes. Perth Mint gold bars meet
the minimum standard of 99.99 per cent gold.
(2) No. The SGE requires 99.99 per
cent gold.
(3) Yes.
(4) The average
Gold Corporation gold kilobar contains at least 99.99 per cent gold, which is
the standard for gold bars.
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