83 TONS of Fake Gold Bars -- Gold Plated Copper
tincup
Posts: 5,479 ✭✭✭✭✭
"Meanwhile, Kingold defaulted on 1.8 billion yuan of loans from Dongguan Trust with an additional 1.6 billion yuan due in July.
The 83 tons of purportedly pure gold stored in creditors’ coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.
In short, more than 4% of China's official gold reserves may be fake. And this assume that no other Chinese gold producers and jewelry makers are engaging in similar fraud (spoiler alert: they are.)
Founded in 2002 by Jia, Kingold was previously a gold factory in Hubei affiliated with the People’s Bank of China that was split off from the central bank during a restructuring. With businesses ranging from gold jewelry design, manufacturing and trading, Kingold is one of China’s largest gold jewelry manufacturers, according to the company website.
The company debuted on Nasdaq in 2010. The stock currently trades around $1 apiece, giving Kingold a market value of $12 million, down 70% from a year ago. A company financial report showed that Kingold had $3.3 billion of total assets as of the end of September 2019, with liabilities of $2.4 billion."
---This is in China... in Wuhan of all places... but if that much fake gold has been made, surely some has found it's way to the U.S. markets??
Comments
Wow
It's a real shame that the Chinese were scammed with counterfeit gold. :'(
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I just feel terrible for the Chinese.
Karma????
lol
bob
Rumor has it Fort Knox has similar problems. Semper Fi!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Ironically, one such claim came from the Chinese government stating that they received a shipment of gold from the US that ended up being tungsten.
Fort Knox was built in 1933 to house the growing supply of gold being confiscated from US citizens. Over 500 trains transported gold from Philly and NY when the Fort was completed.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Unbelievable !!! :'(
Wow... I think some heads will roll over that one....If they have not already fled the country and living in luxury (and fake credentials) somewhere....Cheers, RickO
Remember the story recently of a high ranking Chinese official found with 13 tonnes of gold hidden in his house... I wonder how much Kingold kickbacks were part of his stash
It's all about what the people want...
My heart breaks for them 🖕
Here's a warning parable for coin collectors...
NASDAQ listed: KGJI
Always pays to:Trust, but verify.
Bump
Yea, this should get interesting fast.
Excellent transaction with: ffcoins, Proofmorgan, fivecents, MorganMan94
Hard to believe the CCP had no prior knowledge of this. From the wonderful people lwho gave us their virus.
Why am I not surprised?
Exactly why I will never buy gold bars. Way too easy to fake, especially if they're something like PAMP where they are in blister packs.
Buy Pre-33 gold or modern AGE's where you can test the specific dimensions, weight and other diagnostics (surfaces, strike etc) to help determine whether a coin is made from gold or not. Yes, not 100% full-proof, but a whole lot better than buying random gold bars.
China is a scourge on Earth, but I'll leave it at that...
Near the end of the article, the author uses this term...."China's kleptoculture"
My Saint Set
I even traded some shares of King Gold several years back. For a while there, the KG trading chart often gave clues as to where gold was headed. But apparently someone couldn't keep from dipping their hands in the till. And this explains why the company's share price has been very "spotty" the past couple of years. I finally gave up watching them.
Hahahaha the fakers got hit by their own product!
fake chinese gold? shocking!
No
hehe
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