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goofball
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Member since Mar 2015
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Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
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


gsvar2004
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Member since Nov 2007
5071 posts
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re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
but yea lets vote biden in so we can go back to being fully dependent on China for everything. frick China


teke184
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Zachary, LA
Member since Jan 2007
47795 posts
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re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Couldn’t happen to a nicer country.


member12
Marquette Fan
Bob's Country Bunker
Member since May 2008
25848 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
frick China


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member12
Marquette Fan
Bob's Country Bunker
Member since May 2008
25848 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
quote:

but yea lets vote biden in so we can go back to being fully dependent on China for everything. frick China


I don't even think Biden will roll back anything on China.

No one trusts those a-holes.


TigerCoon
LSU Fan
Member since Nov 2005
6607 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Many of their gold bars actually have chocolate centers. They are said to be delicious.


teke184
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Zachary, LA
Member since Jan 2007
47795 posts
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re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
But probably tainted with lead.


KLSU
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Baton Rouge
Member since Sep 2003
8070 posts
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re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
And again nothing will happen to them!


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TigerCoon
LSU Fan
Member since Nov 2005
6607 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
quote:

But probably tainted with lead.


Guaranteed to be less than 2% lead or bat turds.


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GumboPot
USA Fan
tigerdroppings.com Elite Member
Member since Mar 2009
79350 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
quote:

Many of their gold bars actually have chocolate centers. They are said to be delicious.



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TD SponsorTD Fan
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GurleyGirl
Georgia Fan
Georgia
Member since Nov 2015
10682 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
China = asshoe


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30
ShoeBang
New Orleans Pelicans Fan
Member since May 2012
11752 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
quote:

Wuhan itself.






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Zarkinletch416
Tennessee Fan
Deep in the Heart of Texas
Member since Jan 2020
492 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Frick those dog eating, Coronavirus spreading, snake and rodent eating, ChiCom maggots. That goes for their allies in the democrat party and in the Vatican as well.

This post was edited on 6/30 at 10:16 am


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BugAC
USA Fan
Baton Rouge
Member since Oct 2007
37319 posts
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re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
quote:

Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal


Not looking good for IBChinamen.


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60
Bwmdx
Member since Dec 2018
908 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Let’s be honest, is anyone surprised by this?


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teebro
LSU Fan
laf
Member since Jul 2009
592 posts
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re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
I'm sure glad I bought and built my n gold coin collection years ago, no way I could afford to collect Roman Emperors now.


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BestBanker
LSU Fan
Around here.
Member since Nov 2011
13539 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Me play joke!

HAHAHAHA!


Communists lie. Period. Communism is a lie. Period.

Never
Trust
A
Communist.

Period.




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50
Wtodd
Missouri Fan
Tampa, FL
Member since Oct 2013
52520 posts

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
quote:

Up to 4% of China's gold reserve is entirely fake

And 99% of their currency too


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DownHome
LSU Fan
Below the Equator
Member since Jan 2012
811 posts
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re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Kind of reminds me of Willie Wonka and the Chocolate Factory. Opening the wrapper to find the golden ticket instead you have to peel back the gold wrapping to get the Wuhan flu.



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DeusVultMachina
USA Fan
Member since Jul 2017
3310 posts
 Online 

re: Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Once we get our own house in order, we will need to deal with China.

And I mean complete economic isolation, trade embargoes, blockades of South China Sea, and destruction of their domestic currency market.

It may come to war.


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