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Wuhan company now at the center of one of the biggest fake gold scandals

Posted: Thu Aug 06, 2020 8:13 am
by Kriegsspiel
According to multiple industry reports published this week, the Wuhan-based, NASDAQ-listed Kingold Jewelry issued 83 tonnes of alleged gold -- valued at $4.2 billion and the equivalent to 22 percent of the country's gold -- as collateral to obtain loans from at least 14 Chinese money lenders and trust banks.

Except the "gold" in the bars is suspected of being gilded copper.

"This is hardly surprising; most of the fakes we see in our business are coming out of China," Michael Wittmeyer, a gold expert for JMBullion.com. "There are replica products of what we sell online, and while people pay good money, they are essentially worthless." link
Wuhan is having a Bad Year.