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83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal

oldgaranddad

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#1
Why am I not surprised? ...and from Wuhan, China of all places! So why is gold down today on this news?

83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal
https://www.zerohedge.com/markets/8...t-rocked-massive-china-counterfeiting-scandal

What could go wrong?

Well, apparently everything as at least some of 83 tons of gold bars used as loan collateral turned out to be nothing but gilded copper. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars. And as Caixin adds, the loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty and various other smaller insurers.
 
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#2
The mainlander Chinese are the worst people to do business with as they feel justified in trying to cheat you. Communism corrupts the soul. I think that is why China is damned to collapse at some point. If your civilization isn't built on virtue then it sucks to live there.
 

Voodoo

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#3
Beat me to it. 83 TONS.... well that ain't good. How did I know China was involved. That is 2.6 million ounces of gold.
 

Goldhedge

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oldgaranddad

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Beat me to it. 83 TONS.... well that ain't good. How did I know China was involved. That is 2.6 million ounces of gold.
You don't just fake 2.6 million ounces of gold and not expect people to talk. How much you want to bet there are lots of company employees buried under the floor boards of that company? If, as suspected the insurance company was in on it you can bet your last dumpling that there is a lot more fake gold running around there too. This is only the tip of the iceberg.
 

Fatrat

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Greed is universal...
 

Buck

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#11
leveraged lies with a bag-holder...and to think: The Communists Did It!, that's nearly the same thing as JP Morgan Did It!...we won't execute our cheaters, the Chinese do...
 

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arminius

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#13
Consider that decreasing faith (fear porn) in purchasing/saving gold as money is a major goal.
 

foolsgold

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#14
Fake gold imagine that. The CBOT would never be involved with any corruption like that. /sarc
 

the_shootist

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#15
When is the world going to destroy China? How much damage will they half to cause before the world has had enough?
 

oldgaranddad

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#16
Density of copper =8.96
Density of gold = 19.3
anybody would notice this
I think they did. As the article states none of the local banks or financial organizations loaned the guy's company any money. All out-of-towners who were taken for a ride.

What is more chilling is that everyone seemed to know but was afraid to speak up because of the guy's People's Liberation Army (PLA) connections. Sort of a Emperor's new clothes in reverse.

Just like that corrupt mayor who had a couple of tons of gold hidden in a sub basement of his house, how many more of these situations are there in China that have yet to come to light? Anyone with an IQ higher than single digits knows there are plenty more.

Imagine if someone found out that there was 83 tons of fake gold in a western central bank's vault? The ramifications would be devastating. Then again, we all know China's financial system and economy is one big lie.
 

Cigarlover

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#18
When is the world going to destroy China? How much damage will they half to cause before the world has had enough?
Much of the rest of the world is saying the same thing about the US. The US rolls into country after country murdering the leaders and destroying everything in their path.
The US prints dollars like toilet paper and exports the inflation to other countries leaving them holding the bag.
They evil and corruption that permeates our government spreads that evil to the rest of the planet.
Meanwhile the rest of the world looks on saying WTF is wrong with Americans. They have guns and still do nothing to stop this.
So the main question is, if we destroy China does the evil and corruption go away in the US?
 

the_shootist

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#19
Much of the rest of the world is saying the same thing about the US. The US rolls into country after country murdering the leaders and destroying everything in their path.
The US prints dollars like toilet paper and exports the inflation to other countries leaving them holding the bag.
They evil and corruption that permeates our government spreads that evil to the rest of the planet.
Meanwhile the rest of the world looks on saying WTF is wrong with Americans. They have guns and still do nothing to stop this.
So the main question is, if we destroy China does the evil and corruption go away in the US?
Yaya, well, we've removed the shrub and the Kenyan and we now have someone in power who's not about war and destruction. If Trump fails we'll use the guns my friend....let give peace one more chance before the blood letting, shall we? If it don't work this one last time the world will see just how fed up Americans are

1593482993140.png
 

GOLDBRIX

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#21
Yaya, well, we've removed the shrub and the Kenyan and we now have someone in power who's not about war and destruction. If Trump fails we'll use the guns my friend....let give peace one more chance before the blood letting, shall we? If it don't work this one last time the world will see just how fed up Americans are

View attachment 171058
At least "Pinky" knows to keep his finger off the trigger. Can't say the same for stripes. She is an accident ready to happen.
I heard that ANTIFA got into a gated & locked community where these two live. My guess is the "protest" did not go much further.
 

D-FENZ

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#22
You would think gold would be doing a moon shot
It's really hard to say how markets react to news like this. About half of the time it's counterintuitive. Just like when the Dow rallies 1000 points or more with news of a monthly total of another 16 million filing for first time unemployment benefits. But there are always lots of moving parts.

From where I sit, I would think that the gold price would take a hit on 'news' of fake gold bars, figuring that the real possibility of fakes would decrease buying demand because of an expected loss of confidence. But who knows. Of coarse it could just be fake news too.
 

keef

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#23
This is why Russia/China re-smelts EVERY gold bar they receive before adding it to their official inventory.
 

chieftain

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#24
Density of copper =8.96
Density of gold = 19.3
anybody would notice this
This is the bit that me scratching my head. Blind Freddie would have known in an instant that said bars felt light by quite a margin.

It might be fake news.
This is my thinking too, but I also don't underestimate the stupidity of some...
 

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#25
yep D,

how many times have we seen this over the years?
gold gets a little randy, then here comes the articles of one type or another to clip its wings
 

CrimsonGuardJay

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#27
Density of copper =8.96
Density of gold = 19.3
anybody would notice this
Yeah I once drove to hartford to buy a gold eagle for close to spot, this was like 5 years ago, and the kid gave me a gilded copper gold eagle copy. I took it in my hand and just gave him a "stare" before getting back into the car. It is terribly obvious if the gold isnt real.
 

Ebie

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#28
Yeah I once drove to hartford to buy a gold eagle for close to spot, this was like 5 years ago, and the kid gave me a gilded copper gold eagle copy. I took it in my hand and just gave him a "stare" before getting back into the car. It is terribly obvious if the gold isnt real.
I never heard of a fake 1 oz AGE.
Interesting.
I wonder if there are tungston AGE fakes?
 

Ebie

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Yeah I once drove to hartford to buy a gold eagle for close to spot, this was like 5 years ago, and the kid gave me a gilded copper gold eagle copy. I took it in my hand and just gave him a "stare" before getting back into the car. It is terribly obvious if the gold isnt real.
I you "want" fake buy the silver ETF.
They are supposedly selling silver at $1-2 below the actual price of physical.
If they are doing that openly, one must ask, what else is happening?