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I love numbers, and I found it interesting that 83 tons of gold equaled 4.2% of the state’s gold reserves. That means that the state has 1976 tons of gold in total in its reserves. That is over 63 million ounces of gold which in today’s US dollars is worth over $113 billion. My guess is that China has hundreds if not thousands more tons of gold that are not disclosed in case the shit ever hits the fan!

https://mediabiasfactcheck.com/zero-hedge/

Article written by Tyler Durden. You were all baited hard.

Somewhat misleading title. Counterfeit may make people believe that this is China company trying to sell fake gold.

Closer to loan fraud. Company used fake gold as collateral for loans to expand business. They were betting that the expanded business would cover any loans. Similar to ponzi scheme thinking that they can cover pay outs until they can't. Then it comes crashing down.

Seems like they only or mostly defrauded banks in China.

Media bias fact check.com on zero hedge "Sources in the Conspiracy-Pseudoscience category may publish unverifiable information that is not always supported by evidence. These sources may be untrustworthy for credible/verifiable information, therefore fact checking and further investigation is recommended on a per article basis when obtaining information from these sources."

Double check the sources. The "article" is written by Tyler Durden.

Cause who else?

Chinaurum

made in china

Comments are getting ghosted

edit: another source

Kingold's top creditor, China Minsheng Trust Co. Ltd., had gold bars it was holding as collateral tested and in May the test results showed the bars contained copper alloy.

All that glisters...

83 tons....I am unclear how this doesnt get more attention.

You just know theyve jipped the fck out of the rest of the world.

In other news Australia announced a find of $1.8B worth of gold! Oh wait... that’s 1 million ounces, and will take them 10 years to get it out of the ground. Hmm. Maybe it is a small market...

This has been an ongoing problem in the "bullion world" for many years. That's why people buy gold coins from the US, Canadian, Australian and English Royal Mint! There's subreddits about the subject that are quite entertaining and informative!

I knew it was going to be about tungsten. I love silver and gold but I can’t purchase a really nice bar for this reason. A buddy of mine lost $1800 from this kinda stuff

I wish there was something scarce, valuable, impossible to counterfeit, verifiable by anyone.

I wish there was something scarce, valuable, impossible to counterfeit, verifiable by anyone.

Button button who's got the button

likely a hoax story to dissuade sheeple from buying gold.

They were copper? Someone dropped the ball if they weren't weighed at all. Tungsten is what they usually find because the density is pretty close.

Never ever invest in a Chinese company. You have no idea when they will suddenly be exposed for fraud.

Take Luckin coffee for example.

Proving yet again the chinese can’t be trusted.

You see this kind of story time and time again. Chinese company leverages their "assets" to secure huge loans. Then it comes out that their "assets" are either fake or never existed to begin with. If the guys running the company have enough contacts within the Party, nothing ever happens to them. If not... well Nonconsensual Organ Arbitrage ^* is one way to cover you debts.

^* Because "Organ Harvesting" is a hurtful and small minded phrase.

This is good for bitcoin :P

I bet the guy that discover the fake gold has disappeared, along with his family and friends!