https://thewest.com.au/business/gol...st-over-the-counter-trading-market-c-18075768
The Perth Mint selected as gold and silver referee at the world’s biggest over-the-counter trading market
Adrian RausoThe West Australian
Tue, 18 March 2025 12:16PM
Adrian Rauso
The Perth Mint is Australia’s main mint and one of the largest in the world, selling more than $25 billion worth of gold annually. Credit: Supplied
The Perth Mint has been picked as a global refinery referee for precious metals less than four years after being caught doping the purity of its own gold.
The London Bullion Market Association, which oversees the world’s largest over-the-counter market for gold and silver, tapped the Perth Mint to be one of its seven umpires scrutinising the standard of bullion traded on the London market.
“The Perth Mint will work with the LBMA to support applications from refiners around the world for Good Delivery List accreditation, undertake assaying of samples provided by GDL refiners as part of proactive monitoring, and provide gold and silver reference samples,” the Mint stated on Tuesday.
The Good Delivery List covers a gold or silver bar’s purity, weight and appearance. Only bars that meet Good Delivery standards are acceptable in the physical settlement of a gold or silver transaction on the London bullion market, according to the LBMA.
Paul Graham, chief executive of the Perth Mint, said the appointment underscored the Mint’s “positive standing in the industry” and its “reputation for continuous improvement in the pursuit of excellence”.
“The successful LBMA appointment process has validated the high quality and integrity of the goods and services that the Mint provides our customers,” Mr Graham said.
“We have become a benchmark for other refiners, which is the result of hard and dedicated efforts by our team and a willingness to continuously improve the way we do our work.
“It has also further enhanced our reputation as a partner of choice in the precious metals sector.”
The reputation of the WA government-owned Perth Mint was tarnished after gold bars sold by the Mint on the Shanghai Gold Exchange were found to have been adjusted through “doping”.
The Mint was caught excessively diluting its gold bars with silver before selling to China in September 2021, but the scandal only first came to light publicly in March 2023.
The reputational woes deepened when a Federal Senate inquiry into the Mint was triggered by serious anti-money laundering breaches.
A report tabled in Federal Parliament during 2024, following the Senate probe, took aim at former WA premier Mark McGowan and the organisation’s board for failing to explain a series of major governance failures.
The Perth Mint is Australia’s main mint and one of the largest in the world, selling more than $25 billion worth of gold annually.
The LBMA has 174 members spread across 27 countries, including gold-holding central banks, large private sector investors, mining companies, gold producers, refiners and fabricators.
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