I am wondering why no one is talking about this mess. Perhaps a quarter of Chinese national reserves gold is fake. Imagine if our Fort Knox gold was fake. This should get a look over. Another China scandal out of Wuhan.
This statement is not supported by either of your links.
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The company was alleged to have used
83 tonnes of fake gold bars, or gilded copper
, as collateral to secure 20 billion yuan (US$2.83 billion) of loans from onshore lenders, Caixin reported on June 29, describing it as one of the largest gold loan fraud cases China has ever seen.
The amount is equivalent to about 22 per cent of China’s annual gold output in 2019. If they were real, they would be worth about US$4.75 billion on the market today. However, Kingold last reported it held less than the reported amount of the yellow metal in its books.
I think I have China Fatigue. I’m not surprised by anything the CCP will do or the lies they perpetrate.
Fortunately, the world is catching on.
Unfortunately, they continue to expand their global influence.
The people of China need to overthrow the communist party.
Annual output does not equal reserves
Don’t count the chickens before the eggs hatch.
Wuhan Wuhan… Her name is Yellow, and she dances on the sand…
no, that’s not it
Um…ok?
They need a Chinese Sam Adams and a Chinese Thomas Jefferson.
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