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Author Topic: Are your Gold & Silver bars FAKE?  (Read 761 times)

Offline Hoofer

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Are your Gold & Silver bars FAKE?
« on: June 29, 2020, 01:24:38 PM »
I do not endorse this website.
https://www.zerohedge.com/markets/83-tons-fake-gold-bars-gold-market-rocked-massive-china-counterfeiting-scandal

https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/fake%20gold%203.jpg?itok=Iw4MmcmJ

"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."

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Yet another reason why I don't have "precious metals".
a.  You cannot eat it - gold, silver, platinum.
b.  what is a fair exchange rate, do people have scales?
c.  Counterfeiting - I couldn't tell the difference between polished copper (gold), polished aluminum (silver) if you held it up to me & I could weigh it, grind it, drill it, etc., I just don't know - and would be easily ripped off.

Pork, Beef, Fish, Chevron/Mutton  & Chicken/Duck - yep, my nose can quickly tell you what's what.
All animals are created equal; Some just take longer to cook.   Survival is keeping an eye on those around you...

Offline Solar

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Re: Are your Gold & Silver bars FAKE?
« Reply #1 on: June 29, 2020, 01:50:40 PM »
This is why I always advocated holding actual gold, never ever buy a certificate!
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Online Yuriy the Loader

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Re: Are your Gold & Silver bars FAKE?
« Reply #2 on: December 10, 2020, 03:44:11 PM »
After retirement, 6 months, at the request of my friend, I worked  buying for him gold and silver.

If you knew how many fake things people tried to sell me!

And I, having decent experience with precious metals and acids in my hands, still made offensive mistakes.

Offline Owebo

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Re: Are your Gold & Silver bars FAKE?
« Reply #3 on: December 10, 2020, 05:04:15 PM »
I love my pet rocks...

Offline Hoofer

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Re: Are your Gold & Silver bars FAKE?
« Reply #4 on: December 13, 2020, 07:09:00 AM »
After retirement, 6 months, at the request of my friend, I worked  buying for him gold and silver.

If you knew how many fake things people tried to sell me!

And I, having decent experience with precious metals and acids in my hands, still made offensive mistakes.

Interesting how so many people who try to operate in "secret" get "taken in secret".... LOL
All animals are created equal; Some just take longer to cook.   Survival is keeping an eye on those around you...

 

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