Perth Mint Scandal: How the Mint Restored Global Confidence

The Perth Mint remains well regarded internationally despite past issues, a senior executive at the World Gold Council has said. In 2023 an investigation found the mint had sold gold to China that measured 99.99% purity—acceptable by global standards but not compliant with China’s stricter limits on silver content.

The inquiry also identified shortcomings in the mint’s anti-money laundering (AML) processes. In response, the Perth Mint launched a comprehensive $34 million program to strengthen its AML systems, including an overhaul of some 60,000 customer records to improve compliance and monitoring.

Chairman Sam Walsh acknowledged those lapses and confirmed the organization is taking concrete steps to address them and rebuild trust.

Demand for Perth Mint products has remained strong as the local price of gold continues to hit record levels in Australian dollars. In April, the gold price rose above A$5,000 per ounce for the first time, coinciding with new U.S. tariff announcements that affected market sentiment.

Sales activity that month reflected heightened interest: the mint moved 43,714 ounces of gold and 723,641 ounces of silver, up from 40,537 ounces of gold and 713,306 ounces of silver in March. Activity eased in May, when sales were 28,244 ounces of gold and 496,707 ounces of silver.

At the end of May the Perth Mint’s depository held 308,899 ounces of gold—about 9.61 tonnes—valued at more than A$1.5 billion at current prices. Perth Mint executive Neil Heymann described gold as an “economic safe harbour,” citing its long-established security and resilience in turbulent markets.