Mystery of $2 Billion of loans backed by fake gold in China; More than a dozen Chinese financial institutions loaned billions to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses.

Nikkei Asian Review ^ | 06/29/2020 | WU YUJIAN, WU HONGYURAN, BAI YUJIE and HAN WEI, Caixin

[BiteYourSelf]

Plus the copper is probably worth more than the tungsten.

[Seruzawa]

That was my thought. Usually scammer plate lead. Copper would be ridiculous.

A sucker is born every second.

[9422WMR]

I’m know, let’s import our food and medicines from the Chinese! What could possibly go wrong?/S

[Born to Conserve]

And your math is also off...
There are 12 Troy ounces to a TROY pound.
There are about 15 Troy ounces to an Avoirdupois pound.

[Rebelbase]

I’ll reserve laughter until there is an audit of Fort Knox bullion.

[FreedomNotSafety]

How about $16 Trillion in loans backed by nothing?

[minnesota_bound]

Fake gold and ghost cities in China and fake home and car loans in the USA.

[43north]

I’ve got some big copper nuggets from the deposits in Michigan’s U.P. I’m RICH!