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Big gold fraud busted in China! Gold market spooked by massive counterfeiting scandal


Over the past decade, China has emerged as the world's biggest counterfeiter of various, mostly industrial metals used to secure bank loans, infamously called "ghost collateral", and often several banks would have claims to the same (fake) asset. In a recent development, which would spark a brief wave of outrage among physical gold holders, China's Wuhan-based Kingold Jewelry Inc has been accused of depositing fake gold bars as collateral to obtain loan worth 20 billion yuan ($2.8 billion) from 14 Chinese financial institutions, mostly trust companies (also known as shadow banks), over the past five years, as per a report in Zero Hedge.

Considered to be one of the biggest gold counterfeiting scandals in recent history, the scam not only involves China, but it emerges from Wuhan city, the capital of Hubei Province, that has become synonymous for all that is scandalous about the country.

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https://www.businesstoday.in/current/world/biggest-gold-fraud-busted-in-china-83-tons-of-fake-gold-bars-used-as-loan-collateral/story/408497.html

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this is gonna hurt...

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I had a cousin, who as a kid, could open these, eat the chocolate and reassemble them to look, as though they were untouched.

Maybe we could be fed and get rich?

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Normally I'd be sceptical of q story from the Fox stable of news, but the following looks like a real story.

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China wields coronavirus to nationalize American-owned carmaker

Police and private security forces raided the headquarters on June 29

read atย https://www.foxbusiness.com/markets/china-coronavirus-nationalize-america-owned-car-company

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I think his assertions seem credible. That said, he represents a far right, sometimes extremist publication regarding US issues. I do think he is right about China for the most part though.ย 

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