83 TONS of Fake Gold Bars -- Gold Plated Copper

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tincup
tincup Posts: 5,481 ✭✭✭✭✭
edited June 29, 2020 9:55AM in Precious Metals

"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??

https://www.zerohedge.com/markets/83-tons-fake-gold-bars-gold-market-rocked-massive-china-counterfeiting-scandal

----- kj

Comments

  • taxmad
    taxmad Posts: 1,198 ✭✭✭✭
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    Wow

  • AUandAG
    AUandAG Posts: 25,050 ✭✭✭✭✭
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    Karma????

    lol

    bob :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • blitzdude
    blitzdude Posts: 7,723 ✭✭✭✭✭
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    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? :sunglasses:

  • derryb
    derryb Posts: 38,608 ✭✭✭✭✭
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    @blitzdude said:
    Rumor has it Fort Knox has similar problems. Semper Fi!

    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

  • Timbuk3
    Timbuk3 Posts: 11,658 ✭✭✭✭✭
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    Unbelievable !!! :'(

    Timbuk3
  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    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

  • LukeMarshall
    LukeMarshall Posts: 2,212 ✭✭✭✭✭
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    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...

  • johnny9434
    johnny9434 Posts: 34,068 ✭✭✭✭✭
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    My heart breaks for them 🖕

  • dpoole
    dpoole Posts: 5,940 ✭✭✭✭✭
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    https://www.youtube.com/watch?v=kdOPBP9vuZA


    Here's a warning parable for coin collectors...



  • meluaufeet
    meluaufeet Posts: 768 ✭✭✭
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    NASDAQ listed: KGJI

  • BLUEJAYWAY
    BLUEJAYWAY Posts: 11,796 ✭✭✭✭✭
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    Always pays to:Trust, but verify.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • CaptHenway
    CaptHenway Posts: 34,168 ✭✭✭✭✭
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    Bump

    Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
  • ballistic_kennedy
    ballistic_kennedy Posts: 70 ✭✭✭
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    Yea, this should get interesting fast.

    Excellent transaction with: ffcoins, Proofmorgan, fivecents, MorganMan94

  • mapleman
    mapleman Posts: 1,052 ✭✭✭✭✭
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    Hard to believe the CCP had no prior knowledge of this. From the wonderful people lwho gave us their virus.

  • Smudge
    Smudge Posts: 10,001 ✭✭✭✭✭
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    Why am I not surprised?

  • ShadyDave
    ShadyDave Posts: 2,218 ✭✭✭✭✭
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    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...

  • ReadyFireAim
    ReadyFireAim Posts: 1,860 ✭✭✭✭✭
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    Near the end of the article, the author uses this term...."China's kleptoculture"
    :D:D:D

    My Saint Set

  • roadrunner
    roadrunner Posts: 28,374 ✭✭✭✭✭
    edited July 17, 2020 12:37PM
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    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.

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • goldrealmoney79
    goldrealmoney79 Posts: 417 ✭✭✭
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    Hahahaha the fakers got hit by their own product!

  • jrt103
    jrt103 Posts: 419 ✭✭✭
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    fake chinese gold? shocking! :D

  • Jimnight
    Jimnight Posts: 10,846 ✭✭✭✭✭
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    No

  • metalmeister
    metalmeister Posts: 4,633 ✭✭✭✭✭
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    hehe

    email: ccacollectibles@yahoo.com

    100% Positive BST transactions

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