A massive gold counterfeiting operation?

Discussion in 'Gold' started by Shaddam IV, Jun 30, 2020 at 11:03 AM.

  1. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    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.
     
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  2. leo25

    leo25 Well-Known Member Silver Stacker

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  3. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    Oops, didn’t catch that!
     
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  4. whay

    whay Well-Known Member

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    That's exactly why I have no love for paper gold in any form.
     
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  5. dozerz

    dozerz Well-Known Member Silver Stacker

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    these also passed on a sigma.
     
  6. jultorsk

    jultorsk Well-Known Member Silver Stacker

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  7. leo25

    leo25 Well-Known Member Silver Stacker

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    you’re not alone.

     
  8. madaw1

    madaw1 Well-Known Member

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    If you can't trust anyone these days who can you trust?....83 tons of fake gold???...:eek:
     
  9. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    This maybe the reason why the Chinese aren’t buying gold nowadays?

    if it’s inside China, the gold ain’t yours.
     
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  10. alor

    alor Well-Known Member Silver Stacker

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    more like someone swap gilded alloy for the actual gold and managed to get away with the act
     
  11. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Technically they're still gold... gold plated :D
     

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