❓ Mr. Love questions the Minister about gold purity concerns raised by the Shanghai Gold Exchange and why the Treasurer wasn't notified. The Minister assures that all gold met the required 99.99% purity standard and that purchasers received the correct quantity of gold.
AnsweredQoN 160Legislative Assembly
QuestionView source ↗
GOLD CORPORATION — GOLD BAR CONTENT
160. Mr R.S. LOVE to the Minister for Mines and Petroleum:
I refer to gold doping concerns
held by the Shanghai Gold Exchange that the minister was made aware of in
January 2022, some four months after the Gold Corporation board was made aware.
(1) Noting that
gold sent to the Shanghai Gold Exchange was red-flagged by Gold Corp, why was
it sent?
(2) Why was the Treasurer, as
guarantor of the gold, not notified of this red flag?
160. Mr R.S. LOVE to the Minister for Mines and Petroleum:
I refer to gold doping concerns
held by the Shanghai Gold Exchange that the minister was made aware of in
January 2022, some four months after the Gold Corporation board was made aware.
(1) Noting that
gold sent to the Shanghai Gold Exchange was red-flagged by Gold Corp, why was
it sent?
(2) Why was the Treasurer, as
guarantor of the gold, not notified of this red flag?
AnswerView source ↗
(1)–(2) Again,
I want to emphasise that Gold Corporation gold, at all times, has met the
standard that Gold Corporation sets. Gold Corporation gold is at least 99.99 per
cent pure, and, at all times, Gold Corporation gold has met that standard. All
gold sent to China during the entire period of this government has met the measure of 99.99 per cent purity. There seems to
be some confusion that there was a short delivery of gold to the
Shanghai Gold Exchange. At no time did the gold that was sent to Shanghai not
meet the guarantees and requirements of the gold content that was being
purchased. Every purchaser of gold,
including those who use the Shanghai Gold Exchange, received the quantity of
gold that they paid for, and at no time was there any risk about the
guarantee. Again, I want to emphasise what the guarantee is. This is not a secret.
If the Leader of the Opposition goes to the website of Gold Corporation, he can
see the specifications.
Mr R.S. Love interjected.
Mr W.J. JOHNSTON : If you
just listen instead of talk and work instead of not work, go to the website,
look at the website and see what it says
about a one-kilogram bar of gold. A one-kilogram bar of gold contains one
kilogram of gold! Every bar of gold
sold by the Perth Mint for the entire time we have been in government has had
one kilogram of gold in it.
I want to emphasise that Gold Corporation gold, at all times, has met the
standard that Gold Corporation sets. Gold Corporation gold is at least 99.99 per
cent pure, and, at all times, Gold Corporation gold has met that standard. All
gold sent to China during the entire period of this government has met the measure of 99.99 per cent purity. There seems to
be some confusion that there was a short delivery of gold to the
Shanghai Gold Exchange. At no time did the gold that was sent to Shanghai not
meet the guarantees and requirements of the gold content that was being
purchased. Every purchaser of gold,
including those who use the Shanghai Gold Exchange, received the quantity of
gold that they paid for, and at no time was there any risk about the
guarantee. Again, I want to emphasise what the guarantee is. This is not a secret.
If the Leader of the Opposition goes to the website of Gold Corporation, he can
see the specifications.
Mr R.S. Love interjected.
Mr W.J. JOHNSTON : If you
just listen instead of talk and work instead of not work, go to the website,
look at the website and see what it says
about a one-kilogram bar of gold. A one-kilogram bar of gold contains one
kilogram of gold! Every bar of gold
sold by the Perth Mint for the entire time we have been in government has had
one kilogram of gold in it.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.