Biggest gold scandal busted in China: 83 tons of gold bars used as loan collateral turned out to be copper
(www.indiatvnews.com)
CORRUPTION
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Somebody's credit rating just took a major shit. I mean copper is nice too, but.... NO!
MARGIN CALL
All that property they own outside of China, now belongs to somebody else. (US, UK, Japan)
You have Communism
No shit, a tiny drop of nitric acid will tell you in a second. You'd thing when dealing with tons of gold bars they would know this right?
Probably gold plated copper.
Still. The weight would be WAY off.
I guess you’d have a few real ones to hand inspectors to look at while the wrapped up pallets or boxes contain gold plated copper bars.
But you’d also think that someone would be inspecting each bar when its that much money.
the correct answer is bribery
they eventually just got to a point where somebody blew a whistle before they could be bribed and it got too much attention to sweep it under the rug, but as long as you can keep it under the radar enough to get away with bribing then thats how they pull off a lot of their bullshit
i mean if you sold that much copper at gold prices then bribes are just a business expense, you're still making a fucking killing
Yes. People do not realize how heavy gold is. It is more than three times as heavy as copper.
And a grown man in good physical form would have to use real muscle to lift a gold brick.
Welp this may have been a strange turn of events. https://www.nasdaq.com/articles/copper-prices-close-at-%246000-an-ounce-on-supply-concerns-2020-06-30
Mostly likely a tulip bubble
am I retarded but that title says 6000/oz when the actual article says 6000/ton, journalism and news has gone to total shit.
Damn second time today i did that. Thanks. The first few times its says oz then ton. Probably "clickbate mistake"
Somebody else's credit rating started to look a bit better -- gold's gonna skyrocket, whose got a lot of that shiny stuff?
Which means there’s probably way more and if their intelligent they aren’t going to test for it as this will probably already do a number on their economy.
Good news for folks who own gold though. Price is probably going to skyrocket.
all this is silent in the commie owned media here. such a hugh even only talked about in the fringe papers
looks at “gold” bar
“I’m gonna call up a buddy of mine who’s an expert at this. Do you mind waiting around?”
Glenn beck is pissing his pants
yep lol
Beck was always pushing buying gold on his show, part of his 'muh apocalypse!' advertising.
What good is gold in a real crisis? You can't easily break it up. Even an ounce is probably too much for whatever food stuff you are trying to buy.
I think lead is more important than gold or silver.
Wrong, wrong, wrong. Gold is not for a crisis. Gold is for after the crisis. Gold is the only real form of money as it is the only substance that satisfies all criteria for money.
Furthermore, just because someone has gold doesn't mean they don't also have a lot of lead to protect it with. That's a fallacy.
Exactly. In 1950 you could buy a decent modern suit for about an ounce of gold. Today, an ounce of gold will still buy you a decent modern suit.
Physical gold stops inflation, taxes, and other government frauds that are designed to rob the people.
Silver always seemed like a better precious metal to invest in. It will always have value, but is more obtainable.
But less value density. Gold has more value per ounce.
Density is a weakness when trying to barter for small things. If you can buy a house but not a meal, you're got a density/subdivision problem.
When I was a young boy I watched a documentary about the concentration camps. An old Jewish woman was talking about how they escaped the country. She spoke of how people were being rounded up and were desperately trying to buy their way out. The currency was useless at that point due to hyper-inflation. But her father had gold coins. Those coins were able to be used to bribe him and his family’s way out. That story has stuck with me ever since and is why I not only invest in precious metals but have a supply in my home safe. You never know...
It’s to preserve wealth. paper currencies would become worthless if the sh*t hit the fan due to hyperinflation and printing money because it can be made. Gold has a known rarity and the global mining of it is a know quantity. It can’t be manipulated except by making fake bars.
WAR
Steel too. Basically any construction material is gonna be the important resource in a mass crisis. Gold, Jewels are the post-crisis wanted items.
I'll trade ya.
Ben Shapiro still hawks investment in precious metals. I like shiny things too.
He would do better hawking his sister's milkers
When a gentleman of Hebrew descent recommends buying gold for an investment, I listen.
I'd be amazed if it was only 4% of their gold that was a lie.
The whole country is built on them
It probably is a far larger portion. But if they are intelligent they aren’t going to test the rest of it. If they do and find more, their economic situation goes from bad to worse.
When you consider how much jewelry in the world comes through China, you can imagine that a lot of that is not what it seems. Recently I got an "18 K" ring from a gypsy begging for money. I knew it couldn't be gold and also that no gypsy would give up real gold so cheap, but it was a clever fake and I wanted to see how it was done. First the mass per volume was off, that's easy to figure out with displacement. But, how did they make a ring look so shiny and gold-like? I haven't tried duplicating it but I think it was made from pennies. The zinc content gives it away, a little acid on it and it fizzes off.
What about a Bronze mix with zinc?
If you search "make gold pennies" you will find a lot of articles along this line: https://www.bealsscience.com/post/2018/09/21/how-to-make-gold-pennies-using-science
The general idea is to capitalize on the fact that pennies have copper and zinc and force a thin coat of brass to form. The bright brass looks very golden. Bronze is copper and tin, you would have to add the zinc to get the brass. It might work for fake jewelry, the tin would be heavier.
I am wondering how useful is Bronze and brass in electronics and if we could use that with other metals like nickel, but that is more personal research.
Thanks for the link and information.
I know of no use for bronze in electronics. You'd use copper. Nickel has replaced the more expensive palladium in surface mount capacitors. Nickel is also a substrate for gold plating, so the gold can be thinner. Brass turns up in places but it isn't good for anything critical.
The CCP is a house of cards. Their books are so cooked, I wonder if they even know what the real truth is.
the Greatest gold Heist in History
"Instead of voting on the Desert Wilderness Protection Act, Congress should be convening a criminal investigation," said Donald Fife, spokesman for the National Association of Mining Districts. Fife was commenting on recent information that indicates tens of billions of dollars in gold deposits and huge real estate swindles may be the motivating factors behind the act.
Sponsored by Senator Diane Feinstein, the Desert Wilderness Protection Act and it's companion bill known as the California Desert Protection Act create three new national parks and seventy-four new wilderness areas in the desert of California that would total 8 million acres.
Through a complex series of land exchanges, Catellus Corp., a subsidiary of Santa Fe Pacific, would receive land that contains some of the richest gold deposits in the world.
Catellus Corp is owned by none other than Richard Blum, Feinstein's husband
see also
https://www.investmentwatchblog.com/the-feinstein-files-where-did-feinstein-make-her-fortune/
You should make a whole post about this. It would really be a great red pill as to who is trying to horde wealth.
lol do they not know what a scale is? If they weighed them and did any sort of math it'd be obvious it wasn't gold
Apparently they were smart enough, in some cases, to plate tungsten with gold. Tungsten currently $10/lb and very close to gold in weight. What I want to know is, what triggered the Chinese who discovered this to be investigating their gold all of a sudden. Must have needed money. There's more behind this story.
Yeah. The story is out there- someone called a debt, and got this stuff in payment.
I think it happened when they tried to liquidate some of it to pay off bad debts of some sort.
When using a Chinese manufactured set of scales, one can quickly imagine why they were so easily duped.
I bought a small amount of silver bullion last year from a few sources. From one supplier I bought a test shipment of 5 ozt. Turned out to be a Chinese source and the intermediary refunded me after just a single email which could only mean he knew it was bogus too. I think I’ll go home tonight and cut open a couple of the bars to see which base metal they plated with Ag.
In England, you can buy directly from the royal mint. I don't know why America is still stupid about gold.
FDR seized all of it to pay for his communism-based programs, making it "illegal" to own privately for many years.
I guess alcohol sales are still pretty messed up in lots of states too. Seems like these things could be fixed . . .
That would require a government that intended to fix things.
Yeah, true.
You can buy it and other precious metals from many dealers, but you will pay a premium up to 10% both to buy and sell.
You can compare the weight and volume to determine if they are fake.
Also, many pawn shops and jewelers have equipment that can determine metal content without damaging the object.
I'm no materials scientist, but an 83 ton pile of copper would be a little more than twice as big as an 83 ton pile of gold.
No one should have been fooled by this. It was allowed to happen.
Dang, not a whisper of this anywhere but in the financial/business news and even then not the mainstream ones. You can bet the people who do the lending in the future will be aware of it though.
You should at least pay enough to use Tungsten since that has the same density!
They did. But tungsten is also pretty cheap.
I had to look it up to believe it man. That is crazy.
I’d do Silver. Gold is probably going to skyrocket in price.
Is that in currency or a form?
Thanks for clarrifying.
Going to? It's already about $10 shy of the 10 year high.
Silver too. Mexico and Peru cut silver mine production recently.
Guns
and bullets.
Like everything else made in China, even their "gold" is fake and crap.
The sooner that we move away from China, the better.
Gold has value beyond currency for exchange of goods. We coat electronics with it to prevent corrosion, it’s thermal conductivity is second to silver but as gold doesn’t tarnish its better in some circumstances(I have gold plated water blocks in my computers water cooling setup). It can be melted down and reused again and again. All in all a very good metal.
Being used as a show of wealth in jewelry and bling on teeth is almost sad given its abilities.
Broward County is America's Wuhan.
I can shit in a box & mark it guaranteed....
They all look the same.
lmao, did they notice when they started to turn green?
Unexpected all your base
How could anyone misinterpret Gold for Copper? There colors are different, they have different luster qualities, and its much harder to obtain for Gold than Copper.
If it wasn't in person I probably could understand, but when dealing with this type you have to be in person with another that knows their stuff.
Chemical analysis is paramount as well.