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.
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WNU Editor: That is a lot of fake gold. But China is not the only country facing this problem. Even in Canada there has been cases like this one .... Fake gold not ours, mint says (CBC).
Do business with Chinese and you will regret it. Always. Never been positively surprised. Not once in decades of dealing with them. Always regret it
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ReplyDeleteThe article's ending, speculating gold will rise as a result of unwinding all the deals involving the fake gold, could be equally questionable.
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