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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.
All that is about to change with the discovery of what may be one of the biggest gold counterfeiting scandal in recent history. 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.
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."
originally posted by: cmdrkeenkid
a reply to: 727Sky
With copper having about half the density of gold I wonder how they pulled it off. At least with tungsten it's pretty close.
Was no one weighing the bricks? Or was it that they never even saw the bricks? Or was it that they never really existed with the whole "ghost collateral" aspect?
originally posted by: Arnie123
Well played China, well played.
Thank god Nations are starting to see past the veil in regards to China and making a push back.
India has banned dozens of mobile apps with Chinese links in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.
India's technology ministry issued an order to ban 59 mostly Chinese apps, stating they were "prejudicial to sovereignty and integrity of India, defence of India, security of state and public order".
The list of banned apps includes social media and messaging platforms TikTok, WeChat and Weibo and the game Clash of Kings.
The ministry said it had mounting concerns about data security and safeguarding the privacy of 1.3 billion Indians. Following the order, Google and Apple will have to remove the banned apps from the Android and iOS stores.
originally posted by: Village Idiot
Well color me surprised, how on Earth did we get to the point of having an empirical trust for such a monsterous regime.....
and I'm not referring to the Democrats.