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83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal
The Donald Win ^ | 29 June 2020 | dirtysanchez69

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.


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs
KEYWORDS: china; fake; finance; fraud; gold; goldbars; kingold; sabotage
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Somehow I suspect Hunter Biden is involved in this.
1 posted on 06/30/2020 2:06:43 AM PDT by Candor7
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To: Candor7

2 posted on 06/30/2020 2:09:02 AM PDT by knarf
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To: Candor7

As tungsten is nearly identical in density to gold you could have a bar that is 50-50 Au/W and still make a huge profit. Heck even a 95/5 bar would be highly profitable.


3 posted on 06/30/2020 2:13:08 AM PDT by LukeL
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To: LukeL
Gold today is as authentic/real as Democrat mail-in votes.

Fake, fake , fake

4 posted on 06/30/2020 2:17:41 AM PDT by a little elbow grease ( ....... F.Lee Levin)
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To: LukeL

There are a lot of gold sale companies with mud and slime on their faces:

https://www.physicalgold.com/quality-assurance/


5 posted on 06/30/2020 2:20:21 AM PDT by Candor7 (Obama Fascism:http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html)
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To: Candor7

The one question this brings up...most all of these housing projects that developed...are sitting empty and the re-sell value is dismal at this point. So you started with fake gold, bought into fake housing value, and what exactly do you have at this point? Nothing. The banks or investment companies who bought the fake gold...they are out as well, and probably don’t want to admit their problems at this point.


6 posted on 06/30/2020 2:37:45 AM PDT by pepsionice
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To: Candor7

I use a company that markets coins based on the 70 point system and holds them in an armed and secured depository.


7 posted on 06/30/2020 2:39:35 AM PDT by sauropod (Quarantine is when you restrict sick people, tyranny is when you restrict healthy people.)
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To: Candor7

*** expose the type of sordid scandal that is at the heart of most Chinese “enterprises” and business ventures. ***

Lost me with “sordid” and the broad brush “most”.


8 posted on 06/30/2020 2:41:51 AM PDT by sockmonkey (Conservative. Not a Neocon.)
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To: LukeL

This was exposed several years ago. There were purchases of tungsten bars shaped like gold bars (hundreds of them) and it was assumed the Chinese were making fake gold bars.


9 posted on 06/30/2020 2:51:27 AM PDT by TStro (Better to die on your feet than live on your knees)
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To: TStro

http://gold-quote.net/en/articles/fake-tungsten-gold-bars.php


10 posted on 06/30/2020 2:53:44 AM PDT by TStro (Better to die on your feet than live on your knees)
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To: sauropod

If you don’t hold the gold in your hand, you just own paper!


11 posted on 06/30/2020 2:56:10 AM PDT by Highest Authority (DemonRats are pure EVIL)
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To: Highest Authority

In the neighborhood I live in, I made the correct choice.


12 posted on 06/30/2020 2:58:43 AM PDT by sauropod (Quarantine is when you restrict sick people, tyranny is when you restrict healthy people.)
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To: hellinahandcart

You’ll enjoy this.


13 posted on 06/30/2020 3:00:53 AM PDT by sauropod (Quarantine is when you restrict sick people, tyranny is when you restrict healthy people.)
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To: Candor7; SaveFerris; Roman_War_Criminal
I have always suspected that the precious metals markets would be undermined, hollowed out, and even crashed by the New World Order criminals. They need to do so in order to accomplish their "Global Reset" and the introduction of the "New Currency." If metals are a safe haven, their existence undermines the globalists' schemes.



14 posted on 06/30/2020 3:02:49 AM PDT by SkyPilot
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To: Candor7

“I don’t know, but I’ve been told
It’s hard to run with the weight of gold
Other hand I’ve heard it said
It’s just as hard with the weight of lead”


15 posted on 06/30/2020 3:03:54 AM PDT by Fresh Wind (China kills over 500,000 and the sheeple sleep. Cops kill one person, and cities burn.)
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To: Candor7
Great write up and analysis on this story from Zero Hedge.

From the story:

The upshot: Fake gold was to fund the creation of Ghost Cities where nobody lives!

16 posted on 06/30/2020 3:09:54 AM PDT by poconopundit (Iron fist in an Irish satin glove: Kayleigh "Shillelagh" McEnany we salute your work!)
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To: All

i am ignorant but there is a registry number on the fake swiss gold bar in the photo. this should lead one to a conclusion that the auditors had knowledge of the fraud, but lied to their lender clients.

also the price of gold has been ascending since mid 2019. this might account for that rise, since at least my expectation is that a flush economy would cause such a large run on gold, stocks being normally preferred investments under such circumstances.

i hope this guy Jia Zhihong gets his just comeuppance, chinese commie style— hopefully on the business end of a scalpel, aiming for whatever harvestable organs he possesses, and without anaesthetic. broadcast on youtube in realtime.


17 posted on 06/30/2020 3:10:54 AM PDT by SteveH
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To: Candor7

“Eureka!”


18 posted on 06/30/2020 3:12:43 AM PDT by FroggyTheGremlim (Hiya kids, hiya, hiya!)
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To: SteveH

Usually when the price of gold rises, it is because the currencies are losing value - it isn’t like gold is becoming more scarce. The rise in metals after the 2007/2008 recession was caused by the loss of value in paper currencies; at the time we were told the debts incurred/bailout added years to every Americans’ career, and now we’re seeing that play out - people can’t afford to retire, and the government is inching up the retirement age.


19 posted on 06/30/2020 3:18:17 AM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: Candor7

Kingold’s shares are listed on the Nasdaq stock exchange in New York.

We need to get communist Chinese companies out of our financial system, at least those that are not audited to the same standards as our own companies.

How bad is fraud in communist China? Some examples from Zero Hedge’s article on just this one:

“In 2018, the company (Kingold) beat a number of competitors in bidding to buy a controlling stake in state-owned auto parts maker Tri-Ring Group... But Kingold has faced problems taking over Tri-Ring’s assets amid a series of corruption probes and disputes involving Tri-Ring.” (The Kingold fraudsters were duped by the Tri-Ring fraudsters, into buying a fraudulently valued company, with their fraudulent assets.)

“at the very bottom of the fraud we finally get to the one true and endless Chinese asset bubble: real estate. A Dongguan Trust investment document showed that Tri-Ring owns land blocks in Wuhan and Shenzhen that are worth nearly 40 billion yuan.” (real estate bubble pricing)

““How could it be fake if insurance companies agreed to cover it?” he said and refused to comment further. Well, the answer is simple: the insurance companies were in on the scam” (major auditing firms in China have also been found to be routinely complicit in their client’s fraud schemes in the last couple of years)

Just based on Kingold’s demonstrated fraud “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.)”

“over the past decade China had emerged as the world’s biggest counterfeiter of various, mostly industrial metals used to secure bank loans, better known as “ghost collateral”, and which adding insult to injury, would frequently be rehypothecated meaning often several banks would have claims to the same (fake) asset.” (not just metals, most (if not all) types of collateral are routinely counted on several different banks asset sheets, at the same time)

The communist Chinese financial system is a totally fraudulent house of cards.


20 posted on 06/30/2020 3:19:18 AM PDT by BeauBo
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