The Australian Mint, located in the city of Perth (The Perth Mint), recently published a message in which it announced its intention to make the world gold market transparent to all its participants. The technology company Security Matters Ltd will help him in this intention.
The goal of a new mint initiative called trueGold is to disseminate true gold information that investors buy. This means that all participants in the gold market, from the mining company to the dealers, will have to track the source of the origin of the yellow precious metal.
“The new technology will store and transmit information about the true origin of gold from the moment it is mined to the end consumer. Full transparency and understanding of where and by whom the gold was mined will increase confidence in this asset in conditions when there is an increased level of economic and political instability in the world, ”said Richard Hayes, Executive Director of the Australian Mint.
Currently, investors have no idea where and by whom the yellow precious metal was extracted, from which gold coins and ingots were made. The new program will allow you to track the entire chain of movement of gold in order to exclude the likelihood of its extraction in regions where military operations are conducted and illegal labor of children is used.
“Very often in the gold market you can find precious metals, which were mined in the regions of hostilities, where child labor is often used. Ordinary investors cannot find out about this. They will not be able to distinguish it from normal gold, which was mined in countries where the legal production of yellow precious metals takes place. The new program should help them with this, ”Hayes said in an official statement by the mint.