Skip to comments.83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal
Posted on 06/30/2020 2:06:43 AM PDT by Candor7
The story is shocking in exposing just how multi-faceted fraud is in China: capitalizing on pre-existing cronyism and connections with China's powerful army, the founder of Kingold was allowed to basically do anything he wanted, no questions asked, including counterfeiting over 83 tons of gold bars to get billions in funds to participate in China's housing bubble, only for a series of unexpected events to unwind the frauds one after another and expose the type of sordid scandal that is at the heart of most Chinese "enterprises" and business ventures.
They are hard to distinguish, not impossible. The density of a bar may depend on purity. The difference in the speed of sound is about 60%, not 0.3%.
With these billions in fake gold being exposed to the light of day. This means the supply of real actual physical gold has shrunk. My guess is 1-2%. Thus the gold price today is up at 1,798.60. Which I have not seen so high since 2011 or so when Ubungu was President..
$1929 in August 2011 was the last significant gold high
When serving ‘mammon’ there is no safe haven for the financial system.
The only true Safe Haven is under the wings of Jesus The Christ. Only He Saves, Only He holds the keys to death & hades, and He is your only hope.
Preaching to the choir I know. Almost everybody else laughs at this fact though.
Might currency devaluation also explain the pension crisis in which many pensions seem to be underfunded, and becoming more so over time (i have not had a chance to sit down and contemplate this fully myself)?
Jia Zhihong is highly connected to the military.
Because I want my assets to be safe.
“married Chinese gal who turned out to be Vietnamese after DNA test”
Oh yeah, I’ve been watching him and his pal, serpentza. I have in-laws there. The whole place is a toxic waste dump.
That’s funny about his wife. Now the Chinese can’t throw any insults at them anymore since she isn’t one of them...
83 tons? Meh. What about the 1500 tons of Germany’s gold in the US that the Feds have been very cagey about having inspected prior to repatriation requests?
Mark Knopfler ripped that off for Once Upon A Time In The West.
Beagle8U wrote: “You could even run a vehicle over it, then eat it.”
I don’t advise that. Too easy to damage your things. An antler or rib bone through the radiator will leave most people walking shortly.
The last thing you want to do is hit one on a motorcycle! Did that 6-22-20 and still recovering. Two kamikaze deer, dodged one but t-boned the second one, in town no less. Beware the pet deer!
Much easier and cheaper to just shoot them. Tastier too.
Moltke wrote: “83 tons? Meh. What about the 1500 tons of Germanys gold in the US that the Feds have been very cagey about having inspected prior to repatriation requests?”
No telling how much these thieves have stolen. Traitors to their oaths, traitors to the republic. (spit)
Maybe we need to audit Ft. Knox, too.
PS: I first heard of fake gold plated Tungten bars showing up towards the end of Clintons second term. Never even heard of such a thing prior to them.
It depends on what you hit them with. A pick-up truck will knock them out of the way without much, if any, damage.
Finish them off with a tire iron.
A Squaty-Potty compact car will take a bad hit from a deer, and it may through the windshield.
My state of MI has 100’s of 1,000’s of car/deer accidents each year. There are so many that a big share don’t even get reported.
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Sure - and they don’t even understand how their current circumstances were shaped by that whole episode. We’ll see something similar play out now with this Red Chinese virus; the debts these governments at various levels are running up to keep their workforces paid while raising little revenues will cripple them for decades.
Nobody wants to pay taxes to deal with paychecks to government workers that are further in the rear-view mirror every year - the same way NJ, NY etc. are crippled by payments to retirees who left the government workforce decades ago.
The currency devaluation would come into play impacting pensions in the sense that if the current retiring workers were hired at much higher wages than their predecessors (because the money buys less, or because their union got them more money) than their contributions for much of their careers were in older, devalued dollars but their pension benefits will be paid in “newer” dollars (based on salary at retirement).
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