Posted on 09/16/2011 5:50:39 PM PDT by TigerLikesRooster
China sets national standards for 'high pure gold'
Xinhua | September 16, 2011 16:57
Authorities have released the first national standards on "high pure gold," a move that is likely to boost the country's gold consumption.
"High pure gold," as it is called in the standards, refers to the gold with purity of 99.999 percent, or "five nines," and is also the highest purity so far, a spokesman with the National Gold Standardization Technical Committee said Friday.
Generally speaking, a gold ornament with an amount of metal reaching 99 percent is called "pure gold," and more than 99 percent is called "thousand pure gold."
Currently in the Chinese market, the highest purity level of a gold ornament usually reaches 99.99 percent, or "four nines."
With the purity of 99.999 percent, the "high pure gold" used to be used in high-tech industry, such as aerospace. It requires a higher quality of the raw material and a more complicated technological craft.
"With the adoption of new national standards, the technology of manufacturing high pure gold will be gradually introduced into the consumers' market, which is expected to promote the development of the country's gold industry and bring new changes to the market of gold investment and consumption," said Sun Zhaoxue, president of the China Gold Association.
The new standards, approved by the the General Administration of Quality Supervision, Inspection and Quarantine and the Standardization Administration of China, went into effect this month, Sun said.
P!
Ya’ think their setting up the USD for an eventual fall?
Sounds like the Chinese public is being prepared to go on a gold standard- fergit about fiat currency to accumulate and preserve wealth for retirement
And as a plus each Chinese bar of gold will have a big ol solid core of tungsten in the middle of it.
They use melamine instead of tungsten now
I think that gold standard or not, there will be very many one tenth gold coins sold in China over the next few years. They are having inflation problems as well, and gold may be the best bet for them; or perhaps silver? I’ll leave that for the experts to debate.
Exactly. 99.99999999 pure tungsten core.
Considering overwhelming Chinese penchant for fake product to make quick bucks as it has been convincingly demonstrated in food and product safety scandal, that will undoubtedly happen. They will push the art of making fake gold to a new level.
They might end up having “tungsten standard” instead of gold standard. Still, it could be better than fiat money, I think.:-)
bttt
Yep. How is the purchaser going to know if it’s pure gold or not? Cut each bar, coin, or “ornament” in half? Doubt it.
FYI...A majority of counterfit gold & silver coins being sold around the world today originated from China. At present, the Chicoms are flooding the market with fake US Silver Eagles. Buyer beware when purchasing from ebay or other online retailers.
I don’t worry about fake gold coins, tungsten is really only viable inside of bars. And I’m not in that league.
Zackly!
Never trust anything the Chinese say. Never trust anything the Chinese sell.
Please elaborate on “viable”.
You are aware the Chinese openly promote their gold plated tungsten coinage?
Can you show me a (non virus infected) link where the Chinese openly promote their gold-plated tungsten coinage?
Coins meant to be counterfeits for name-brand valid gold coinage, I mean. Not commemorative or souvenier BS.
In any event, “gold plated” counterfeit coins would be so easy to detect they would not be a threat. Only a tungsten core with a thick layer of 999 gold would be a problem. And you are aware of the problems inherent in minting/striking tungsten coins, right?
And of course, there are a number of other ways coin dealers would readily detect even tungsten cored coins (not merely plated, which is trivially easy to detect).
Sorry, didn’t bmark the link last year, but it was a legit Chinese company promoting “coins” not commeratives.
This was related to the stories out about tungsten gold bars, to which it was claimed to be no “non-intrusive” way to detect tungsten cored in either bar or coin.
Only way I’d buy is if was there when Newmont made the pour. Was actually there one time to see the pouring and as they brought out the bars to ship, other than that, am no gold expert.
You are aware the Chinese openly promote their gold plated tungsten coinage?
http://www.google.com/search?q=gold+plated+tungsten+coin
Either that, or they realize that tungsten is a very brittle metal that’s impossible to coin into the detailed sculptural shapes found on coins.
If you could overcome the hurdle of forming the coin image (such as by overmolding a tungsten slug with epoxy) you could have authentic weight and dimensions of a gold coin (you’d have apparent thermal feel differences that would be easy to detect).
If such fakes became common, I have an invention that would easily detect them, requiring no tools other than a bench vise. It simply attempts a very slight bend in the coin. gold will bend, and will then rock on a flat surface, while tungsten won’t under similar stresses. My invention also restores the coin to approximate flatness.
Hey that’s a nifty idea. As my Granddad always said, using your head for something besides a hatrack.
Now the chinks will be making bent ones in honor of their beneficiary Slick.
Don’t know what could have happened to the chinese link, maybe they wised up.
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