❓ Mr. Love questions the Premier about the potential recall of $8.7 billion of gold sold to the Shanghai Gold Exchange by the Gold Corporation. The Premier responds, deeming a recall unlikely and explains the gold's composition.
AnsweredQoN 111Legislative Assembly
QuestionView source ↗
GOLD CORPORATION — GOLD BAR CONTENT
111. Mr R.S. LOVE to the Premier:
I have a supplementary question.
Can the Premier guarantee that Gold Corporation will not have to recall some of
that nearly $8.7 billion of gold that was sold to the Shanghai Gold Exchange in
the period 2018 to 2021?
111. Mr R.S. LOVE to the Premier:
I have a supplementary question.
Can the Premier guarantee that Gold Corporation will not have to recall some of
that nearly $8.7 billion of gold that was sold to the Shanghai Gold Exchange in
the period 2018 to 2021?
AnswerView source ↗
I
am advised it is extremely unlikely that that would occur. Just so members are
aware, most of the gold that is sold to the Chinese market, the Shanghai
Gold Exchange, is used. It is used in jewellery, industrial purposes and so forth. The gold itself met international
standards. It was 99.99 per cent gold. In fact, it was above that. The Perth
Mint had two parts per 100 000 too much silver in the remaining 0.01 per
cent. It was 0.002 per cent silver above what the Shanghai Gold Exchange would
like, which in any other market would be acceptable. That is the issue.
am advised it is extremely unlikely that that would occur. Just so members are
aware, most of the gold that is sold to the Chinese market, the Shanghai
Gold Exchange, is used. It is used in jewellery, industrial purposes and so forth. The gold itself met international
standards. It was 99.99 per cent gold. In fact, it was above that. The Perth
Mint had two parts per 100 000 too much silver in the remaining 0.01 per
cent. It was 0.002 per cent silver above what the Shanghai Gold Exchange would
like, which in any other market would be acceptable. That is the issue.
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