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83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest
lop guest
User ID: 551895
06-30-2020 04:17 AM

 




Post: #31
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
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SkeptiSchism  Wrote: (06-30-2020 03:17 AM)
LoP Guest  Wrote: (06-30-2020 02:28 AM)
They sell fake silver coins on eBay too.

When the going rate of pure silver per 1oz is about $25+ they sell it for $17-$20

check it out here is an example
https://www.ebay.com/itm/USA-Commemorati...K&LH_BIN=1

At first I was like no way they don't counterfeit silver bars or coins but then I saw the price, $6.99/oz so sadly, I have to agree with you.

look at how many people purchased them!
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Dr. Woo

User ID: 53145
06-30-2020 05:17 AM

Posts: 1,270




Post: #32
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 04:17 AM)
SkeptiSchism  Wrote: (06-30-2020 03:17 AM)
At first I was like no way they don't counterfeit silver bars or coins but then I saw the price, $6.99/oz so sadly, I have to agree with you.

look at how many people purchased them!
Here is the description for that listing chuckle

It also states 'plated' in the item specifics

Condition: 100% Brand New High Quality
Material: Iron
Style: Souvenir Bar
Theme: Prospector
Coin Size: 50 mm x 28 mm (1.97 in x 1.1 in)
Coin Weight: About 28 g / 1 OZ
Packing: 1 Pcs With Clear Capsule
Product Usage: Home Office Decoration, Business And Holiday Gifts, Commemorating Natural Crafts Collection
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LoP Guest
lop guest
User ID: 551212
06-30-2020 05:25 AM

 




Post: #33
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 01:34 AM)
so easy to find fake gold. Gold is non-ferrous and magnets don't work on it.

Maybe they can't tell gold from a forgery by sticking a magnet on it... but you would think that they can tell by the weight of the bars of bullion? Or at least cut some open to dbl-check.... It would only be reasonable considering a few years ago, it is known that tungsten-filled / gold-plated bullion was passed along in the market.

It's just insane that this can slip by - in this day and age. Just goes to show how dumb ppl can be.

2 Billion although it's huge... will probably not break the bank... I don't think that we have heard the whole story about the fakes yet....

Stay tuned.... I have a hunch that more gold fakery will be found out in the next days / weeks / months....

eeek
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LopDude
⛔ Warning level 800% ⛔
User ID: 521441
06-30-2020 05:30 AM

Posts: 16,941




Post: #34
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
The one country for all things of fakery, china.

[Image: ftlol.gif]
[Image: candle.gif]Chuckles
Disclaimer: I may or may not support the articles that i post
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SkeptiSchism
Registered User
User ID: 450243
06-30-2020 05:30 AM

Posts: 19,382




Post: #35
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
Dr. Woo  Wrote: (06-30-2020 05:17 AM)
LoP Guest  Wrote: (06-30-2020 04:17 AM)
look at how many people purchased them!
Here is the description for that listing chuckle

It also states 'plated' in the item specifics

Condition: 100% Brand New High Quality
Material: Iron
Style: Souvenir Bar
Theme: Prospector
Coin Size: 50 mm x 28 mm (1.97 in x 1.1 in)
Coin Weight: About 28 g / 1 OZ
Packing: 1 Pcs With Clear Capsule
Product Usage: Home Office Decoration, Business And Holiday Gifts, Commemorating Natural Crafts Collection

But the bar says it's 1 ounce of fine silver

[Image: s-l500.jpg]

Today, Kitco has spot silver at $17.95. So either someone is giving silver away or it's a scam.

I'm going with scam on this one.

autarky -

1. The condition of self-sufficiency, especially economic, as applied to a nation.
2. A national policy of economic independence.


https://www.dictionary.com/browse/autarkic
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LoP Guest
lop guest
User ID: 446450
06-30-2020 05:37 AM

 




Post: #36
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
Haha!

This cracks me up. Shady little buggers!



I love when fuckery like this is exposed.. Popcorn
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LoP Guest
lop guest
User ID: 446450
06-30-2020 05:40 AM

 




Post: #37
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
And I will say this..

Between the fake gold and the other fake gold known as paper gold; when big players eventually decide they want the real thing, there will not be nearly enough to go around, which will lead to an incredible situation for physical gold;)

Popcorn
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LoP Guest
lop guest
User ID: 453015
06-30-2020 05:53 AM

 




Post: #38
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
The Chinese are scum sucking cur dogs !
Yes I called you a "cur dog" - I triple dog dare you to send your so called secret police to silence me !
Better bring 90-100 thugs because anything less is an offense to me ..........
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LoP Guest
lop guest
User ID: 548780
06-30-2020 05:59 AM

 




Post: #39
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LopDude  Wrote: (06-30-2020 05:30 AM)
The one country for all things of fakery, china.

BOOM... nailed it.

post of the day
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LoP Guest
lop guest
User ID: 551908
06-30-2020 06:00 AM

 




Post: #40
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
SkeptiSchism  Wrote: (06-30-2020 05:30 AM)
Dr. Woo  Wrote: (06-30-2020 05:17 AM)
Here is the description for that listing chuckle

It also states 'plated' in the item specifics

Condition: 100% Brand New High Quality
Material: Iron
Style: Souvenir Bar
Theme: Prospector
Coin Size: 50 mm x 28 mm (1.97 in x 1.1 in)
Coin Weight: About 28 g / 1 OZ
Packing: 1 Pcs With Clear Capsule
Product Usage: Home Office Decoration, Business And Holiday Gifts, Commemorating Natural Crafts Collection

But the bar says it's 1 ounce of fine silver

link to image: https://i.ebayimg.com/images/g/MzcAAOSwA...s-l500.jpg

Today, Kitco has spot silver at $17.95. So either someone is giving silver away or it's a scam.

I'm going with scam on this one.

They where and may still be selling Fake US Currency too on eBay! You could get something like $500 in $20's for $15
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LoP Guest
lop guest
User ID: 548780
06-30-2020 06:06 AM

 




Post: #41
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 05:53 AM)
The Chinese are scum sucking cur dogs !
Yes I called you a "cur dog" - I triple dog dare you to send your so called secret police to silence me !
Better bring 90-100 thugs because anything less is an offense to me ..........

I would stand right next to you and have your back fighting the chinese scum.

They are killing the planet, and I will not go without a fight.

Cowards.
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JIF
I know what's across the water
User ID: 455396
06-30-2020 06:37 AM

Posts: 1,842




Post: #42
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 01:34 AM)
so easy to find fake gold. Gold is non-ferrous and magnets don't work on it.

Someone obviously failed Chemistry and Earth Science.

All the substances other than iron, nickel, and Cobalt are non magnetic. Even RARE EARTH MAGNETS are made from Alloys. Neodymium magnets are a type of rare-earth magnet comprised of an alloy of neodymium, iron and boron.

I used to doubt psychology until I met so many of you suffering from Apophenia and Pareidolia.
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The Ghost Of LOP
Registered User
User ID: 539565
06-30-2020 08:04 AM

Posts: 28,489




Post: #43
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
meanwhile on deep space nine...




https://www.youtube.com/watch?v=S6QdY6YDfj0

chuckle
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LoP Guest
lop guest
User ID: 524463
06-30-2020 08:05 AM

 




Post: #44
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 12:53 AM)
83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal

Mon, 06/29/2020 - 12:15

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.

With that preamble in mind, we introduce readers to Wuhan Kingold Jewelry Inc., a company which as the name implies was founded and operates out of Wuhan, and which describes itself on its website as "A Company with a Golden future."

In retrospect, it probably meant "copper" future, because as a remarkable expose by Caixin has found, more than a dozen Chinese financial institutions, mainly trust companies (i.e., shadow banks) loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses. There was just one problem: the "gold" turned out to be gold-plated copper.

Some more background: Kingold - whose name was probably stolen from Kinross Gold, one of the world's largest gold miners - is the largest privately owned gold processor in central China’s Hubei province. Its shares are listed on the Nasdaq stock exchange in New York (although its current market cap of just $10MM is a far cry from its all time highs hit when the company IPOed on the Nasdaq around 2010) . The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder.

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.

The fake gold came to light in February when Dongguan Trust (one of those infamous Chinese shadow banks) set out to liquidate Kingold collateral to cover defaulted debts. As the report continues, in late 2019 Kingold failed to repay investors in several trust products. To its shock, Dongguan Trust said it discovered that the gleaming gold bars were actually gilded copper alloy.

The news sent shockwaves through Kingold’s creditors. China Minsheng Trust - another shadow banking company and one of Kingold’s largest creditors - obtained a court order to test collateral before Kingold’s debts came due. On May 22, the test result returned saying the bars sealed in Minsheng Trust’s coffers are also copper alloy.

https://www.zerohedge.com/markets/83-ton...ng-scandal

Nothing that comes from China is of quality or even real, it’s all sh*t !
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cannawizard
Anomaly
User ID: 551301
06-30-2020 12:30 PM

Posts: 827




Post: #45
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 12:53 AM)
83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal

Mon, 06/29/2020 - 12:15

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.

With that preamble in mind, we introduce readers to Wuhan Kingold Jewelry Inc., a company which as the name implies was founded and operates out of Wuhan, and which describes itself on its website as "A Company with a Golden future."

In retrospect, it probably meant "copper" future, because as a remarkable expose by Caixin has found, more than a dozen Chinese financial institutions, mainly trust companies (i.e., shadow banks) loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses. There was just one problem: the "gold" turned out to be gold-plated copper.

Some more background: Kingold - whose name was probably stolen from Kinross Gold, one of the world's largest gold miners - is the largest privately owned gold processor in central China’s Hubei province. Its shares are listed on the Nasdaq stock exchange in New York (although its current market cap of just $10MM is a far cry from its all time highs hit when the company IPOed on the Nasdaq around 2010) . The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder.

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.

The fake gold came to light in February when Dongguan Trust (one of those infamous Chinese shadow banks) set out to liquidate Kingold collateral to cover defaulted debts. As the report continues, in late 2019 Kingold failed to repay investors in several trust products. To its shock, Dongguan Trust said it discovered that the gleaming gold bars were actually gilded copper alloy.

The news sent shockwaves through Kingold’s creditors. China Minsheng Trust - another shadow banking company and one of Kingold’s largest creditors - obtained a court order to test collateral before Kingold’s debts came due. On May 22, the test result returned saying the bars sealed in Minsheng Trust’s coffers are also copper alloy.

https://www.zerohedge.com/markets/83-ton...ng-scandal

nelson

[Image: 1n91bMaO_o.jpg]

..."the pahana was told to head east.."...
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