- 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
Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Posted on 6/30/20 at 9:54 am
Posted on 6/30/20 at 9:54 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 9:57 am to goofball
but yea lets vote biden in so we can go back to being fully dependent on China for everything. frick China
Posted on 6/30/20 at 9:57 am to goofball
Couldn’t happen to a nicer country.
Posted on 6/30/20 at 9:59 am to gsvar2004
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 assholes.
Posted on 6/30/20 at 9:59 am to goofball
Many of their gold bars actually have chocolate centers. They are said to be delicious.
Posted on 6/30/20 at 10:00 am to TigerCoon
But probably tainted with lead.
Posted on 6/30/20 at 10:00 am to teke184
And again nothing will happen to them!
Posted on 6/30/20 at 10:01 am to teke184
quote:
But probably tainted with lead.
Guaranteed to be less than 2% lead or bat turds.
Posted on 6/30/20 at 10:03 am to TigerCoon
quote:
Many of their gold bars actually have chocolate centers. They are said to be delicious.
Posted on 6/30/20 at 10:13 am to gsvar2004
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 6/30/20 at 10:16 am
Posted on 6/30/20 at 10:17 am to goofball
quote:
Up to 4% of China's gold reserve is entirely fake - massive counterfeit scandal
Not looking good for IBChinamen.
Posted on 6/30/20 at 10:20 am to goofball
Let’s be honest, is anyone surprised by this?
Posted on 6/30/20 at 10:29 am to goofball
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.
Posted on 6/30/20 at 10:32 am to goofball
Me play joke!
HAHAHAHA!
Communists lie. Period. Communism is a lie. Period.
Never
Trust
A
Communist.
Period.
HAHAHAHA!
Communists lie. Period. Communism is a lie. Period.
Never
Trust
A
Communist.
Period.
Posted on 6/30/20 at 10:33 am to goofball
quote:
Up to 4% of China's gold reserve is entirely fake
And 99% of their currency too
Posted on 6/30/20 at 10:39 am to goofball
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.
Posted on 6/30/20 at 10:41 am to goofball
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.
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.
Popular
Back to top
Follow TigerDroppings for LSU Football News