Gold Industry Shaken as 83 Tons of Fake Gold Bars Used to Secure $2 Billion Loans in China - by Kevin Helms

[nandibear]

Gold Industry Shaken as 83 Tons of Fake Gold Bars Used to Secure $2 Billion Loans in China
news.bitcoin.com
by Kevin Helms
July 1st, 2020

Excerpt:

The gold industry has been shaken after it was discovered that 83 tons of fake gold bars have been used as collateral for loans worth 20 billion yuan from 14 financial institutions to a major gold jewelry manufacturer in Wuhan, China. This amount of gold “would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.”

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Read entire article: https://news.bitcoin.com/gold-industry-83-tons-fake-gold-bars-secure-2-billion-loans-china/

About the author: https://news.bitcoin.com/author/kevin-helms/

[jeobox]

With all the tungsten filled bars coming out of China, I'm surprised the number isn't higher than that.