China's biggest gold fraud, 4% of its reserves may be fake
"China is at the centre of the discovery of what may be one of the biggest gold counterfeiting scandal in recent history."
"According to a report in Zero Hedge, not only does it involve China, but it emerges from a city that has become synonymous for all that is scandalous about China: Wuhan itself."
Yes, but it was known quite a while ago that there was fake gold bars and also that China was involved. Anyone who buys precious metals should get a device that can test the coins/bars and keep them somewhere safe-if not in your possession, they are not yours when you need them.
I read several books on international finance. An interesting story —those rich people in Europe have been rich for a very long time through all sorts of situations, wars etc. So the author talked to several families about it.
They told him art, land, and gold. When the invading army looks like it is coming, take the pictures out of the frames and roll them up, pack up your deeds and identification, and pick up your bag of gold and leave for safer regions.
When the war is over and government/law is established again, come back and take possession of your land. Reframe the art work, replace furniture possessions etc. Life returns to normal.
Continued from the article:
“Well, apparently everything as at least some of 83 tons of gold bars used as loan collateral turned out to be nothing but gilded copper. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars.”
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I wonder what this will do to the value of gold.