More fraud coming out of Wuhan.

[timesublime]

83 tons of fake gold used as collateral in Wuhan based fraud.

https://www.zerohedge.com/markets/8...t-rocked-massive-china-counterfeiting-scandal

 

[...]

China proving once again it is the Jeff Lowe of countries

 

[Sean the Nailer]

I don't know who 'Jeff Lowe' is, and I'm good with that. My only point being, this will have 'far reaching' effects/repercussions down the line.

 

[Maggot]

Chinks fucking Chinks.

Sounds like a win/win to me.

 

[Dewey7271]

Gold doesn’t just appear.
So where’s the 83 tons of gold this was supposed to be?

 

[Sean the Nailer]

Gold doesn’t just appear.
So where’s the 83 tons of gold this was supposed to be?

Now THAT depends on who was 'in on this' from the beginning? All one has to do is 'get paid' to 'verify' that it is there (insurance adjudicator?) and then 'BAM', the game is on/the fix is in.

No, I'm not saying it's 'THAT EASY', for if it were then more would be doing it. But the allegations and insinuations are not looking good. Let's see what develops.

 

[PinesAndProjectiles]

Gold doesn’t just appear.
So where’s the 83 tons of gold this was supposed to be?

I'm betting it's nowhere close to Fort Knox....

 

[softcock]

The sacrificial fallguys gov. convicted, that will go down on there knees and a bullet to the back of Head on this ? , ' Communist Justice' , You can bet will Not be from top of the pyramid that made out fat from the Con.
.

 

[DarnYankeeUSMC]

83 tons. If I said that is about four and three quarters of a trillion dollars. Would I be close?

 

[Rthur]

At least this time they fucked their own.

R

 

[SilentStalkr]

When are we going to start punishing them for shit?

 

[padronanniversary]

so how will this effect the markets ? mainly their own institutions ?

 

[clcustom1911]

At least this time they fucked their own.

R

Neg. Article says the company that was supposed to be holding the gold is traded on NASDAQ.....

We're too intertwined with that commie shitshow for our own good. Thanks to bought politicians and their pushing the State Department, etc to OK business deals, etc.

 

[Rthur]

Neg. Article says the company that was supposed to be holding the gold is traded on NASDAQ.....

We're too intertwined with that commie shitshow for our own good. Thanks to bought politicians and their pushing the State Department, etc to OK business deals, etc.

Lessons are learned in the market all the time.
If I was going to invest in a company(foreign) I make damed sure if they had
a retired Chinese General as Head Honcho or not.
I'll settle for at least some then.

R

 

[PinesAndProjectiles]

83 tons. If I said that is about four and three quarters of a trillion dollars. Would I be close?

I would say you're damn near there. I figured $4.759 trillion at $1792 an ounce.

 

[DarnYankeeUSMC]

I went and rounded it up. What's $8 between friends???

I would say you're damn near there. I figured $4.759 trillion at $1792 an ounce.

You would like to think that some headlines should be made.

 

[Alphatreedog]

So what if it's all bullshit just meant to rock the matket to hurt Trump and the US economy .

 

[FS1]

I would say you're damn near there. I figured $4.759 trillion at $1792 an ounce.

Could you show your math. I get about 57 million a ton we are talking billions gents not trillions.

1 ton 32000 ounces x 1792 = 57,344,000 x 83 tons = 4,759,552,000.00

 

[E. Bryant]

Could you show your math. I get about 57 million a ton we are talking billions gents not trillions.

1 ton 32000 ounces x 1792 = 57,344,000 x 83 tons = 4,759,552,000.00

Everyone also needs to remember that gold is priced in troy ounces, so there are only 29,166.7 oz per ton. So we're taking about "only" $4.338 billion or thereabouts.

 

[DarnYankeeUSMC]

Could you show your math. I get about 57 million a ton we are talking billions gents not trillions.

1 ton 32000 ounces x 1792 = 57,344,000 x 83 tons = 4,759,552,000.00

Damned!!! I was using the new math and should have done it the old way.

You are correct.

 

[PinesAndProjectiles]

Damned!!! I was using the new math and should have done it the old way.

You are correct.

Yep. Common core is a mother fucker

 

[Mr.BR]

It would be interesting to see how real is the stock at Fort Knox

Chinese playing chinese games, at least some will end up with a bullet
''The 83 tons of purportedly pure gold stored in creditors' coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to 22 per cent of China's annual gold production and 4.2 per cent of the state gold reserve as of 2019.

In short, more than 4 per cent 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, the report said.''

''More than a dozen Chinese financial institutions, mainly trust companies, loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry Inc. with pure gold as collateral and insurance policies to cover any losses.

Kingold is the largest privately owned gold processor in central China's Hubei province. Its shares are listed on the Nasdaq stock exchange in New York. The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder.''