Posted on 08/06/2020 12:01:51 PM PDT by NRx
According to multiple industry reports published this week, the Wuhan-based, NASDAQ-listed Kingold Jewelry issued 83 tonnes of alleged gold -- valued at $4.2 billion and the equivalent to 22 percent of the country's gold -- as collateral to obtain loans from at least 14 Chinese money lenders and trust banks.
Except the "gold" in the bars is suspected of being gilded copper.
"This is hardly surprising; most of the fakes we see in our business are coming out of China," Michael Wittmeyer, a gold expert for JMBullion.com. "There are replica products of what we sell online, and while people pay good money, they are essentially worthless."
Much of the borrowed money was reportedly used to buy into the ongoing housing bubble in China and to purchase the Tri-Rind company, which owns swaths of land in Wuhan and Shenzen. Two Wall Street firms are believed to have already opened securities fraud investigations into the publicly traded gold giant.
(Excerpt) Read more at foxnews.com ...
On a side note... as of 3:03 pm gold is trading at $2072/oz.
Anyone ever hear of a scale?
The saying used to be “you’ve been Shanghai’ed” but now its - you’ve been “Wuhan’ed!”
They’ve just moved the scams up-river.
Wuhan needs to be washed clean by an enormous cleansing wave. Wipe it away and totally start over. But, golly, how is that ever going to happen?
Virus, floods, fraud. What next for Wuhan?
Speaking of that, anyone heard how a certain dam is doing...?
>Wuhan needs to be washed clean by an enormous cleansing wave. Wipe it away and totally start over. But, golly, how is that ever going to happen?
The Three Gorges Dam?
Crazed residents. I could see Wuhan-man being a thing.
This story first broke in late June/early July.
How’s the Yahtzee River dam doing today?
1. The Chinese Communist Party does not have the Mandate of Heaven.
2. China is suffering the Great Tribulation from the Bible as I type this.
The CCP is the fakest thing on this earth.
That big ass dam could fail and rid the world of Wuhan!!
That would work if it was bars of "gilded copper" BUT the stories I've seen elsewhere talks about gold-plated tungsten. Such fakes need to be drilled or sliced as they match the genuine in weight and density. Gold's density is 19.30 g/cm^3, the same as Tungsten.
I suspect that identifying that much fake gold puts upward pressure on the value of real gold, as it means the supply is smaller and higher demand already exists.
Archimedes please pick up the white courtesy phone.
Gilded copper fake bars? Pffft. Serious fakes are gold-clad tungsten bars.
How this came to light, shines some light on the fraudulent house of cards, that is the Chinese economy.
King Gold assets were being liquidated in a bankruptcy - because they in turn had been defrauded out of their fraudulently obtained cash, by real estate fraudsters.
The fraud and bad debt in that economy is the real dam that is threatening to burst.
“Speaking of that, anyone heard how a certain dam is doing...?”
They have had several days of break from the rains - since Monday.
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