News
news New biometric database can identify people through scars, tattoos and even their voice
news Cattle Are Being Mutilated And Killed In Eastern Oregon
news Insider Interview on Skinwalker Ranch History
news Squirrels Can Speak Bird
news US Navy pilot says mystery ‘dark mass’ emerged from ocean and swallowed torpedo
news Cognitive scientist says we see things as we need to, rather than as they are.
news A Movie You Control With Your Mind
news Radioactive Cloud That Blanketed Europe Traced to Russian Nuclear Facility
news Organization Says It’s Obtained ‘Exotic’ Metals Unknown to Science
news The frightening supernatural story of the Black Bird of Chernobyl
news Recent UFO Encounters With Navy Pilots Occurred Constantly Across Multiple Squadrons


Username:
Password: or Register
 
Thread Rating:
  • 5 Vote(s) - 4.2 Average
  • 1
  • 2
  • 3
  • 4
  • 5

83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest
lop guest
User ID: 548331
06-30-2020 12:53 AM

 




Post: #1
shocked1 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
Advertisement
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
Quote this message in a reply
LoP Guest
lop guest
User ID: 551859
06-30-2020 01:00 AM

 




Post: #2
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
Fake gold don't exist. It can exist as an alloy.
Quote this message in a reply
LoP Guest
lop guest
User ID: 542111
06-30-2020 01:01 AM

 




Post: #3
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
What is good for the goose is good for the gander. The US slipped China Tungsten filled gold bars a few years ago.
Quote this message in a reply
Starsnli pin request
lop guest
User ID: 551857
06-30-2020 01:02 AM

 




Post: #4
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
Quote this message in a reply
LoP Guest
lop guest
User ID: 412093
06-30-2020 01:03 AM

 




Post: #5
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
China has become the anus of the world.
Quote this message in a reply
LoP Guest
lop guest
User ID: 551857
06-30-2020 01:04 AM

 




Post: #6
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 01:01 AM)
What is good for the goose is good for the gander. The US slipped China Tungsten filled gold bars a few years ago.

Same ones??
Quote this message in a reply
Bao2
Registered User
User ID: 541963
06-30-2020 01:05 AM

Posts: 9,606




Post: #7
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LOL

Dems friends are having troubles!
Quote this message in a reply
LoP Guest
lop guest
User ID: 551859
06-30-2020 01:05 AM

 




Post: #8
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
Alloyed gold does not wear out and lose weight.
Quote this message in a reply
Bao2
Registered User
User ID: 541963
06-30-2020 01:06 AM

Posts: 9,606




Post: #9
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 01:03 AM)
China has become the anus of the world.

Anusnnakis
Quote this message in a reply
LoP Guest
lop guest
User ID: 551857
06-30-2020 01:06 AM

 




Post: #10
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 01:03 AM)
China has become the anus of the world.

In the late 70s China had todays tech wonder how far behind china we all are?
Quote this message in a reply
LoP Guest
lop guest
User ID: 542111
06-30-2020 01:06 AM

 




Post: #11
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 01:04 AM)
LoP Guest  Wrote: (06-30-2020 01:01 AM)
What is good for the goose is good for the gander. The US slipped China Tungsten filled gold bars a few years ago.

Same ones??

Who knows,. I just remember the news stories where China complained about it.

Of course nothing happened, just like nothing happened when the NSA got caught loading the entire data streams of several countries. Because, the US has nukes and having used them, no other country will do anything about it.
Quote this message in a reply
LoP Guest
lop guest
User ID: 551859
06-30-2020 01:06 AM

 




Post: #12
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
If you need pure you make it from an alloy.
Quote this message in a reply
LoP Guest
lop guest
User ID: 551857
06-30-2020 01:08 AM

 




Post: #13
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
Bao2  Wrote: (06-30-2020 01:06 AM)
LoP Guest  Wrote: (06-30-2020 01:03 AM)
China has become the anus of the world.

Anusnnakis
Rofl
Side
Quote this message in a reply
LoP Guest
lop guest
User ID: 551857
06-30-2020 01:12 AM

 




Post: #14
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
LoP Guest  Wrote: (06-30-2020 01:06 AM)
LoP Guest  Wrote: (06-30-2020 01:04 AM)
Same ones??

Who knows,. I just remember the news stories where China complained about it.

Of course nothing happened, just like nothing happened when the NSA got caught loading the entire data streams of several countries. Because, the US has nukes and having used them, no other country will do anything about it.
Media blackout on global issues such as this on all my tv news
Quote this message in a reply
LoP Guest
lop guest
User ID: 551877
06-30-2020 01:34 AM

 




Post: #15
RE: 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Sc
so easy to find fake gold. Gold is non-ferrous and magnets don't work on it.
Quote this message in a reply
Advertisement









Contact UsConspiracy Forum. No reg. required! Return to TopReturn to ContentRSS Syndication