All that is about to change with the discovery of what may be one of the biggest gold counterfeiting scandal in recent history. © 2018 SGT Report | All Rights Reserved |. The company used 83 tons of gold bars to back loans worth 20 billion yuan ($3 billion) from 14 Chinese financial institutions. 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. Over the years, we have periodically reported of the occasional gold bar discovered as counterfeit in Manhattan's Diamond District which instead of containing the yellow precious metal would be filled with gold-plated tungsten or in some cases copper. 83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal. 2020 popular Ranking Keywords trends in Home & Garden, Non-currency Coins, Gold Banknotes, Lights & Lighting with replica gold bars and Ranking Keywords. CTRL + SPACE for auto-complete. Get it as soon as Wed, Nov 25. In retrospect, it probably meant “copper” future, because as a remarkable expose by Caixin has found, more than a dozen Chinese financial institutions, mainly trust companies (i.e., shadow banks) loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses. Some more background: Kingold – whose name was probably stolen from Kinross Gold, one of the world’s largest gold miners – is the largest privately owned gold processor in central China’s Hubei province. Over the years, we have periodically reported of the occasional gold bar discovered as counterfeit in Manhattan’s Diamond District which instead of containing the yellow precious metal would be filled with gold-plated tungsten or in some cases copper. Level: Where can I get this item? Yet one market which seemed stubbornly immune to any counterfeiting was that of physical gold in China, which was odd considering that 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. 4.0 out of 5 stars 114. With that preamble in mind, we introduce readers to Wuhan Kingold Jewelry Inc., a company which as the name implies was founded and operates out of Wuhan, and which describes itself on its website as “A Company with a Golden future.”. Its shares are listed on the Nasdaq stock exchange in New York (although its current market cap of just $10MM is a far cry from its all time highs hit when the company IPOed on the Nasdaq around 2010) . And as Caixin adds, the loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty and various other smaller insurers. The news would spark a brief wave of outrage, prompting physical gold holders to run ultrasound spot checks of their inventory, at which point interest would wane and why not: buyer, after all, beware in gold as in every other market, and if someone is spending thousands to buy fake gold, well that’s Darwinism in action. EDOBLUE 1kg 35oz Fake Gold Bar Bullion Door Stop/Paperweight CAS. SGT Report is the corporate propaganda antidote. Shop the top 25 most popular Ranking Keywords at the best prices! Providing exclusive original content and interviews with some of the best known voices in the world of economics and precious metals. Counterfeit Gold Bar with Tungsten Core Gold plated tungsten is extremely difficult to detect because its density (1204.41 lbs/cubic ft) is nearly identical to gold (1206.83 lbs/cubic ft), so its weight difference (-0.2%) is within common tolerance limits. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars. $13.80 $ 13. Trump is Winning Reelection with Greater Support from Latino and Hispanic Voters. 99. Get it as soon as Tue, Nov 24. IT’S ALL ABOUT CONTROL. $17.99 $ 17. IT’S NOT ABOUT THE VIRUS. Fake Gold Bar Bullion Door Stop/Paperweight for Home Office Decoration. The Mystery Behind the Chinese Scandal Involving 83 Tons of Fake Gold Bars One of China’s largest gold jewelry manufacturers, Kingold Jewelry Inc., was caught in a major fake gold scandal earlier this year. Following Dongguan Trust and Minsheng Trust, two other Kingold creditors also tested pledged Tungsten is also the cheapest metal a forger can buy to make fake gold. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars. Write CSS OR LESS and hit save. New York Gym Owner Rips Up His $15K Government Fine on Live TV. Kingold Jewelry Inc's New York-listed shares fell as much as 40% on Monday following a media report that alleged the Chinese company had obtained loans by using fake gold bars as collateral. The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder. Discover over 275 of our best selection of Ranking Keywords on AliExpress.com with top-selling Ranking Keywords brands. FREE Shipping on orders over $25 shipped by Amazon. Activity Link; Special quest: Special quest (The perfect heist) Count: 1: Show more: Special quest: Special quest (Repeatable holiday quests) Count: 1: Show more: Activity Link; What is the use of this item? 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. 80. And as Caixin adds, the loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty and various other … 4.5 out of 5 stars 13. And yes, 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. SGT Report is your daily source for truth in a time of universal deceit. Fake gold bars - blocks of cheaper metal plated with gold - are relatively common in the gold industry and often easy to detect. HOW TO SPOT A FAKE 1 OZ GOLD BAR, what to look for - YouTube There was just one problem: the “gold” turned out to be gold-plated copper. FREE Shipping on orders over $25 shipped by Amazon. Fake gold bar. On Wednesday, the BBC reported that millions of dollars in gold at the central bank of Ethiopia has turned out to be fake: What were supposed to be bars of solid gold …