❓ Mr. Love questions why a gold bar was red-flagged despite meeting standards and asks about other ignored red-flag issues at the Gold Corporation. The Minister emphasises that all gold bars sold contain the advertised amount of gold, addressing concerns about the Mint's risk.
AnsweredQoN 161Legislative Assembly
QuestionView source ↗
GOLD CORPORATION — GOLD BAR CONTENT
161. Mr R.S. LOVE to the Minister for Mines and Petroleum:
I have a supplementary question. If
the gold was to standard, why was it red flagged in the system, and what other
red-flag issues has Gold Corporation ignored on the minister's watch?
The SPEAKER : That was two
questions.
161. Mr R.S. LOVE to the Minister for Mines and Petroleum:
I have a supplementary question. If
the gold was to standard, why was it red flagged in the system, and what other
red-flag issues has Gold Corporation ignored on the minister's watch?
The SPEAKER : That was two
questions.
AnswerView source ↗
Again, I want to emphasise
something, and I do not understand why the Leader of the Opposition needs to
have this explained four times in one
question time. When someone orders a gold bar from the Perth Mint, they buy one kilogram of gold. Every gold bar sold by the Mint contains one kilogram
of gold, and that is what is paid for. Of course, occasionally there is a manufacturing
fault; that is why there is a guarantee. Believe it or not, the gold bars are
the lowest margin part of the business; it is not the bit that makes money.
Sometimes the gold bars, for manufacturing reasons, are not one kilo, so we
take them back and swap them. But, other than that, all gold bars sold by the
Mint have one kilo of gold in them, and that is what we guarantee; it is a minimum
of 99.99 per cent gold. In fact, all the gold bars contain more than 99.99 per
cent gold. It is absolutely misunderstanding what has happened. All the gold
bars sold contained the amount of gold that was advertised; therefore, there
was not a risk to the Mint.
something, and I do not understand why the Leader of the Opposition needs to
have this explained four times in one
question time. When someone orders a gold bar from the Perth Mint, they buy one kilogram of gold. Every gold bar sold by the Mint contains one kilogram
of gold, and that is what is paid for. Of course, occasionally there is a manufacturing
fault; that is why there is a guarantee. Believe it or not, the gold bars are
the lowest margin part of the business; it is not the bit that makes money.
Sometimes the gold bars, for manufacturing reasons, are not one kilo, so we
take them back and swap them. But, other than that, all gold bars sold by the
Mint have one kilo of gold in them, and that is what we guarantee; it is a minimum
of 99.99 per cent gold. In fact, all the gold bars contain more than 99.99 per
cent gold. It is absolutely misunderstanding what has happened. All the gold
bars sold contained the amount of gold that was advertised; therefore, there
was not a risk to the Mint.
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.