83 Tons of Fake Gold Bars Backing $3 Billion Loans in China: This Man Claims to Know the Truth

The gold industry was shaken when it was discovered that 83 tons of fake gold bars were used to back loans worth 20 billion yuan in China. While Chinese authorities have not said whether the real gold exists or where it is, an insider claims to know what happened. The Mystery Behind the Chinese Scandal Involving 83 Tons of Fake Gold Bars

One of China’s largest gold jewelry manufacturers, Kingold Jewelry Inc., was caught in a major fake gold scandal earlier this year. The company used 83 tons of gold bars to back loans worth 20 billion yuan ($3 billion) from 14 Chinese financial institutions. This amount of gold would be equivalent to about 22% of China’s annual gold production. However, the media reported in July that the gold bars turned out to be fake and were just gilded copper alloy, but the company and its executives denied any […]

Click here to view original web page at news.bitcoin.com

About the author: StockMan

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.