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83 Tons of Fake Gold Bars
Smile   Woo Hoo.  Or maybe it is Boo-Hoo.

I have seen some fake APMEX  bars like the one in the photo.  They came sealed in plastic, and the seller was in Indiana.


83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal
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by Tyler Durden
Tue, 06/30/2020 - 08:24

[Image: fake%20gold%203.jpg?itok=Iw4MmcmJ]

"Over the years, we have periodically reported of the occasional gold bar discovered as counterfeit in Manhattan's Diamond District which instead of containing the yellow precious metal would be filled with gold-plated tungsten or in some cases copper. The news would spark a brief wave of outrage, prompting physical gold holders to run ultrasound spot checks of their inventory, at which point interest would wane and why not: buyer, after all, beware in gold as in every other market, and if someone is spending thousands to buy fake gold, well that's Darwinism in action.

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."..........
This is why my refiner invested in a machine that you put the metals in, press a button, wait 30 seconds, and out comes a report of the amount of metals inside.

Very accurate too - I am waaaay careful on my estimates, and he is always within a hair's breadth of mine.

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