From Zero Hedge so take it as you will.... 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.
This has been discussed over here https://www.silverstackers.com/foru...wuhan-kingold-jewelry-inc.96668/#post-1153400 though probably more suited here in the gold topic area.
Thanks @leo25 - I pondered long and hard about the topic where to post, and decided against contaminating the gold topic with filthy forgered bars
This maybe the reason why the Chinese aren’t buying gold nowadays? if it’s inside China, the gold ain’t yours.
China will tell them they took it fair and square. The bars could have been real when they left china. Or a way to discredit.
Plenty of gold bars on JD.com. You can buy half a ton online. https://so.m.jd.com/ware/search.act...9496997&sceneval=2&jxsid=15939695077740542421