- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Gold Market Rocked By Massive China Counterfeiting Scandal
Posted on 6/30/20 at 9:46 am
Posted on 6/30/20 at 9:46 am
quote:
83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal
Over the years, we have periodically reported of the occasional gold bar discovered as counterfeit in Manhattan's Diamond District which instead of containing the yellow precious metal would be filled with gold-plated tungsten or in some cases copper. The news would spark a brief wave of outrage, prompting physical gold holders to run ultrasound spot checks of their inventory, at which point interest would wane and why not: buyer, after all, beware in gold as in every other market, and if someone is spending thousands to buy fake gold, well that's Darwinism in action.
Yet one market which seemed stubbornly immune to any counterfeiting was that of physical gold in China, which was odd considering that over the past decade China had emerged as the world's biggest counterfeiter of various, mostly industrial metals used to secure bank loans, better known as "ghost collateral", and which adding insult to injury, would frequently be rehypothecated meaning often several banks would have claims to the same (fake) asset.
All that is about to change with the discovery of what may be one of the biggest gold counterfeiting scandal in recent history. And yes, not only does it involve China, but it emerges from a city that has become synonymous for all that is scandalous about China: Wuhan itself.
Zerohedge
Other sources
The fake gold bars is equivalent to 22 per cent of China's annual gold production and 4.2 per cent of the China's gold reserve as of 2019
Chinese dump 83 tons of fake gold onto market
China's biggest gold fraud, 4% of its reserves may be fake
Posted on 6/30/20 at 9:47 am to goofball
Do not trust China. China is asshoe.
Posted on 6/30/20 at 9:48 am to goofball
I don’t know exactly what needs to happen but something needs to happen to China
Posted on 6/30/20 at 9:48 am to Centinel
quote:
Do not trust China. China is asshoe.
True.
Posted on 6/30/20 at 9:48 am to goofball
quote:
All that is about to change with the discovery of what may be one of the biggest gold counterfeiting scandal in recent history. And yes, not only does it involve China, but it emerges from a city that has become synonymous for all that is scandalous about China: Wuhan itself.
False Flag
- Poli
Posted on 6/30/20 at 9:50 am to Sao
We love China don't we liberals.
Posted on 6/30/20 at 9:51 am to LSUJML
quote:
I don’t know exactly what needs to happen but something needs to happen to China
I'd like to see trade sanctions after we get our supply chains less less dependent on China. There are so many better places to manufacture things.
India, Mexico, Taiwan, and maybe a little bit in the US.
This post was edited on 6/30/20 at 9:52 am
Posted on 6/30/20 at 9:52 am to Sao
quote:
False Flag
- Poli
Counterfeit gold to compliment counterfeit virus?
Posted on 6/30/20 at 9:52 am to goofball
What does China do that is actually above water? Anything?
Posted on 6/30/20 at 9:52 am to goofball
William Devane is on suicide watch.
Posted on 6/30/20 at 9:52 am to LSUJML
It's insane the carnage they have created and so far it appears they are going to get out without any penalty.
Posted on 6/30/20 at 9:52 am to Centinel
quote:
Counterfeit gold to compliment counterfeit virus?
Oh the virus is real. Nothing out of China about it is true, but the virus is real.
Posted on 6/30/20 at 9:52 am to idlewatcher
quote:
What does China do that is actually above water? Anything?
Make people disappear very efficiently?
Posted on 6/30/20 at 9:54 am to goofball
quote:
Oh the virus is real. Nothing out of China about it is true, but the virus is real.
Oh I know, that was more to Sao's poliboard comment. There are some good folks there, but the tards that think this virus is a hoax is even a bit much for me.
Posted on 6/30/20 at 9:55 am to idlewatcher
quote:
What does China do that is actually above water? Anything?
It's a culture of deception....
Posted on 6/30/20 at 9:56 am to goofball
Dude, I hate China so fricking much.
Posted on 6/30/20 at 9:57 am to TheFonz
quote:
William Devane is on suicide watch.
Underrated post
Posted on 6/30/20 at 9:58 am to goofball
China does nothing honestly.
As bad as counterfeiting is...the bigger problem is intellectual property theft. They don't believe anyone owns an idea. It's only there for the collective to exploit.
As bad as counterfeiting is...the bigger problem is intellectual property theft. They don't believe anyone owns an idea. It's only there for the collective to exploit.
Posted on 6/30/20 at 9:59 am to goofball
Heavy sanctions need to be placed on China including significant tariffs on all of their exported goods. Manufacturers need to relocate their facilities out of China. I feel for the Chinese people but they need to overthrow their corrupt Communist government.
This post was edited on 6/30/20 at 10:01 am
Popular
Back to top
Follow TigerDroppings for LSU Football News