SARB suspends management at SA Mint

[Jongleur 10]

Excellent many thanks for clearing up.

 

Just shows how the Media always comes with wrong info and makes a Mig Mess.

 

I call it Junk Media!

 

Cleared up?

The Reserve Bank, a State institution, holds a clandestine meeting with dealers.

Fortunately for the taxpayer someone informed the press. (Who have the wrong

information?).

Perhaps if anyone has the correct information they should inform the press.

[Jedeye 10]

Cleared up?

Perhaps if anyone has the correct information they should inform the press.

 

There were no Confidentiality Agreements at all. The breakfast meeting was largely to debunk the accuracy of the Niton Gun, the instrument largely attributed to discovering the anomalies in the first place. The SARB did not disclose to the group exactly what the problem was, albeit that quite a few people inquired. They were just told that investigations were ongoing and they would be informed once the problems had been ironed out.

 

A number of people did get emails after the breakfast and that email was pretty specific about what to do in case anyone wanted information; Refer them to SARB.

[PBGold 10]

There were no Confidentiality Agreements at all. The breakfast meeting was largely to debunk the accuracy of the Niton Gun, the instrument largely attributed to discovering the anomalies in the first place. The SARB did not disclose to the group exactly what the problem was, albeit that quite a few people inquired. They were just told that investigations were ongoing and they would be informed once the problems had been ironed out.

 

A number of people did get emails after the breakfast and that email was pretty specific about what to do in case anyone wanted information; Refer them to SARB.

 

Breakfast meeting? The meeting was after 16:30 in the afternoon. And there was no food involved.

 

Are you sure that you have the right info?

[Jedeye 10]

Are you sure that you have the right info?

You obviously have no idea about this meeting. It was called for 9.00 am and lasted till past 11.30.

I was there. You were obviously not.

1st March 2012. The top 20 dealers in SA. Flown, at their expense from all over SA. Breakfast it was. Wanna know what was on the menu?

[PBGold 10]

The SARB meeting was in 2011. And, yes, I was there.

[Jongleur 10]

Seems as though the press have the right info after all. This, you see, is why

we need a free press.

As for the mint; well, they are the crowd that are entrusted to exhibit the highest

level of integrity as an industry because it produces our money. Anything less is

simply unacceptable.

[MsPlod 11]

The SARB meeting was in 2011. And, yes, I was there.

Meeting 1

You obviously have no idea about this meeting. It was called for 9.00 am and lasted till past 11.30.

I was there. You were obviously not.

1st March 2012. The top 20 dealers in SA. Flown, at their expense from all over SA. Breakfast it was. Wanna know what was on the menu?

Meeting 2 (or three or four...)

 

Maybe you guys went to different meetings?

Seems as though the press have the right info after all. This, you see, is why

we need a free press.

As for the mint; well, they are the crowd that are entrusted to exhibit the highest

level of integrity as an industry because it produces our money. Anything less is

simply unacceptable.

A b s o l u t e l y!!

[PBGold 10]

There was only one meeting.

 

The annual dealers breakfast is something that happens every year and was not called to discuss the Krugerrand issue. It was touched on, but the main idea behind the breakfast is to introduce the new issues for the year.

[Jedeye 10]

Meeting 1

 

Meeting 2 (or three or four...)

 

Maybe you guys went to different meetings?

 

Definitely different meetings. The meeting in 2011 was just to inform the industry that there was a problem. (Although the problem was not specified, they just alluded to "technical issues") The breakfast meeting in March was to cast doubt on the accuracy of the Niton Gun and to convey the message that the anomalous coins were kept to a minimum during the 1500 run in 2011.

 

In exhaustive tests done by the German manufacturers later in March, filmed by independant observers, the gun has proven to be accurate to within .0001 in nearly every single benchmark undertaken.

Edited April 17, 2012 by Jedeye

[PBGold 10]

The problem was specified.

 

They told us exactly what the 'technical issues' were. It was the day before the announcement of the suspension of the Mint's MD and GM.

[Jedeye 10]

They did not know what the technical issues were. They said that some coins were purportedly under-spec due to "technical issues". The problem was not specified.

 

Obviously you did not attend the March meeting, which is the issue here... is it not?

[PBGold 10]

I was at the dealers breakfast on March 1 yes.

 

But to be honest, when the Mint started talking about how R 1 million in purchases from a dealer is basically 'nothing' to them and R 5 million is 'insert shaking head here with look of disgust' I switched off and sat around waiting for my memory stick so I could get back to the office.

 

So, you are right in a certain sense Jedeye. :cool:

[Jedeye 10]

I have never seen a more bored group of people, wondering why they bothered to come at all.

I am putting up the CNBC story onto Utube right now. It may take a while, but it will be up in an hour or so. All this talk of underweight coins, as reported by those bastions of justice, TimesLive, is bollocks. The weight is perfect, the gold content, not.

Edited April 17, 2012 by Jedeye

[Jedeye 10]

Here's the true story, not the underweight bollocks.

 

South African Mint Sells Under-Spec Krugers - YouTube

[Cold Sea 6]

Crikey, better not bury these - they might just end up rusting away and look like they have measles with all the red spots :bigsmile:

[ATA STAMP CENTRE 80]

Was this error due to incompetence or dishonesty?5% of an ounce is only around R600 so you would have to do a lot of coins to make it worthwhile and of course the chances of the discrepancy being discovered would be that much higher then.Surely they are not that stupid.Must be easier ways to make a fast buck!!!

neil

[Jongleur 10]

Was this error due to incompetence or dishonesty?5% of an ounce is only around R600 so you would have to do a lot of coins to make it worthwhile and of course the chances of the discrepancy being discovered would be that much higher then.Surely they are not that stupid.Must be easier ways to make a fast buck!!!

neil

 

It never fails to surprise me how so many government functionaries are seemingly

so incompetent, lack "capacity" (what an incredibly stupid term) or are somehow

not fit to hold public office but show huge capability and enthusiasm for looting

the countries resources. They should be jailed for high treason.

[alloway65 10]

As a retired Mechanical Engineer in my view it would be extremely difficult to reset the coin minting dies so that the upper and lower dies are about 0.2mm closer together in the closed position thus to reduce coin thickness and hence the gold content of the Kruger Rand by 5%!!!

 

This resetting of the dies could only be done by a Minting Press setter, not by management. I am sure "management" would not know how to do this...I do not even think their thought process in this regard would be so highly tuned.

[Timeless Value 10]

Another scandal?

 

Politicsweb - Some Krugerrands under specification - SARB - DOCUMENTS

Statement issued by Hlengani Mathebula, Head: Group Strategy and

Communications, South

African Reserve Bank, April 13 2012

 

Apparantly there was a theft of R5 circulation coins by employees in collusion with third parties as well.

 

What is going on???

[kyle2 10]

Here's the true story, not the underweight bollocks.

 

South African Mint Sells Under-Spec Krugers - YouTube

 

Well done!

 

 

Politicsweb - Some Krugerrands under specification - SARB - DOCUMENTS

Statement issued by Hlengani Mathebula, Head: Group Strategy and

Communications, South

African Reserve Bank, April 13 2012

 

Apparantly there was a theft of R5 circulation coins by employees in collusion with third parties as well.

 

What is going on???

 

It seems the Ivory tower is tilting to one side! LOL

Good riddance, their elitist attitude will be their downfall.

[Jongleur 10]

As a retired Mechanical Engineer in my view it would be extremely difficult to reset the coin minting dies so that the upper and lower dies are about 0.2mm closer together in the closed position thus to reduce coin thickness and hence the gold content of the Kruger Rand by 5%!!!

 

This resetting of the dies could only be done by a Minting Press setter, not by management. I am sure "management" would not know how to do this...I do not even think their thought process in this regard would be so highly tuned.

 

Perhaps they were minted in China. Using leading edge, state of the art, continuous improvement Chinese technology.

With the resultant breathtaking results.

[Jedeye 10]

Some dude just offered me 30 grand for one of the coins. I told him to stop smoking his socks.

[coinoisseur 11]

I heard of a blackmail story going around...... Someone wanted lots of dosh to keep their mouths shut if not they would go to the press.

[kyle2 10]

Some dude just offered me 30 grand for one of the coins. I told him to stop smoking his socks.

 

You probably have 5 of the rarest coins in the world! 5 0f 5 made! I would ask 7 figures for each! (settle on 6)

 

congrats, you just won a lottery!:bigsmile:

[Jedeye 10]

I am taking the coins this week to NGC in the States to have them graded as Mint Errors. They tell me they will give them a top grading.