WUHAN NOW THE CENTER OF FRAUDULENT GOLD?
Well, now you can add gold fraud to the Wuhan woes coming from Communist China, and that at a time when the global economy is still reeling from the Wuhan media-driven hysteria and lockdownsm, and at a time that America is reeling from rioting and "alternative shopping" (looting), whose geopolitical consequences are already beginning to ripple around the world. (I discussed that geopolitical ripple effect briefly in the Solari quarterly wrap up just recently recorded, which will be out soon). C.S. spotted this story over at Zero Hedge and shared it, and it is a whopper doozie:
83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal
Now, sit down and pour yourself a couple of fingers of your favorite adult beverage, and contemplate some of the implications of this:
Yet one market which seemed stubbornly immune to any counterfeiting was that of physical gold in China, which was odd considering that over the past decade China had emerged as the world's biggest counterfeiter of various, mostly industrial metals used to secure bank loans, better known as "ghost collateral", and which adding insult to injury, would frequently be rehypothecated meaning often several banks would have claims to the same (fake) asset.
All that is about to change with the discovery of what may be one of the biggest gold counterfeiting scandal in recent history. And yes, not only does it involve China, but it emerges from a city that has become synonymous for all that is scandalous about China: Wuhan itself.
With that preamble in mind, we introduce readers to Wuhan Kingold Jewelry Inc., a company which as the name implies was founded and operates out of Wuhan, and which describes itself on its website as "A Company with a Golden future."
That's right, Wuhan is the epicenter not only of the Fauci-Lieber-Baal Gates virus story, it's also the epicenter of a gold fraud story. You might recall a few years ago I blogged about the fact that an amount of gold had been sold to China, which "gold" was discovered to be gold foil rapped around bars of tungsten. Then another story - again a few years ago - emerged of fake gold coins were being sold on the market which turned out to be tungsten centers cladded in gold. The problem there was that the coins appeared to have involved the Royal Canadian Mint directly somehow, though it was never made exactly clear. (Just for kicks and giggles, search for "Fake gold bars" on this website, and you'll see rough overview of the extent of the problem. For the Royal Canadian Mint story, see
But wait, there's more, because the fraudulent bars in this case were used as collateral for the issuance of loans, to the tune of - you can take a stout pull of the adult beverage now - $2.8 billion dollars:
In retrospect, it probably meant "copper" future, because as a remarkable expose by Caixin has found, more than a dozen Chinese financial institutions, mainly trust companies (i.e., shadow banks) loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry with pure gold as collateral and insurance policies to cover any losses. There was just one problem: the "gold" turned out to be gold-plated copper.
Some more background: Kingold - whose name was probably stolen from Kinross Gold, one of the world's largest gold miners - is the largest privately owned gold processor in central China’s Hubei province. Its shares are listed on the Nasdaq stock exchange in New York (although its current market cap of just $10MM is a far cry from its all time highs hit when the company IPOed on the Nasdaq around 2010) . The company is led by Chairman Jia Zhihong, an intimidating ex-military man who is the controlling shareholder.
What could go wrong?
Well, apparently everything as at least some of 83 tons of gold bars used as loan collateral turned out to be nothing but gilded copper. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars. And as Caixin adds, the loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty and various other smaller insurers.
And lest one think this is the last of it, then there's this:
As Caxin notes, the Kingold counterfeiting case echoes China’s largest gold-loan fraud case, unfolding since 2016 in the northwest Shaanxi province and neighboring Hunan, where regulators found adulterated gold bars in 19 lenders’ coffers backing 19 billion yuan of loans, or about USD $2.5 billion. In that case, a lender seeking to melt gold collateral found black tungsten plate in the middle of the bars.
In the case of Kingold, the company said it took out loans against gold to supplement its cash holdings, support business operations and expand gold reserves, according to public records. It then appears to have decided to apply a gold-layer to tons of copper and pretend it was money-good gold collateral. And even more shocking, for years nobody checked the authenticity of the pledged collateral!
What all this leads to is a rather disturbing conclusion:
The 83 tons of purportedly pure gold stored in creditors’ coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.
In short, more than 4% of China's official gold reserves may be fake. And this assume that no other Chinese gold producers and jewelry makers are engaging in similar fraud (spoiler alert: they are.)
What all this leads to is the strong possibility that the vast Chinese economy is, to a great extent, based on massive fraud, based on fraudulent gold (which, incidentally, can be re-hypothecated so long as the fraudulent bullion itself is not detected). Is that conclusion unreasonable? Apparently not, for Zero Hedge comes to a similar position:
The above story is shocking in exposing just how multi-faceted fraud is in China: capitalizing on pre-existing cronyism and connections with China's powerful army, the founder of Kingold was allowed to basically do anything he wanted, no questions asked, including counterfeiting over 83 tons of gold bars to get billions in funds to participate in China's housing bubble, only for a series of unexpected events to unwind the frauds one after another and expose the type of sordid scandal that is at the heart of most Chinese "enterprises" and business ventures.
As for the gold, yes - several billion in gold bars never existed and yet resulted in a cascade of subsequent cash flow events allowing tens of billions in funds to be released, "benefiting" not only founder Jia, but China's broader economy. Which is, needless to say, terrifying: because whereas just after the financial crisis China was engaged in building ghost cities, everyone knew these were a symbol of demand that would never materialize, even if the cities themselves did exist. However, it now appears that a major part of China's subsequent economic boom has been predicated on tens of billions in hard assets - such as gold - which simply do not exist. (Emphasis added)
Ponder that one again: "... (It) now appears that a major part of China's subsequent economic book has been predicated on tens of billions in hard assets - such as gold - which simply do not exist." Or to put it country simple: the whole Chinese "economic miracle" is based on fraud.
Here's what's interesting: Zero Hedge reported this story yesterday, June 29, 2020. And that fact leads me to entertain some very high octane speculation, which my intuition tells me may nonetheless be very possibly true. Certainly the extent of this fraud and its beginning unravelling had to have been known to Mr. Xi's government prior to the Wuhan outbreak. That in turn creates the possibility that the virus hysteria may have been a deliberate plan to (in part) deflect attention from a looming exposure of massive fraud in China's economy, and by extension, all the trade with other countries based on that fraud. Then came recent the Chinese incursion into India, an incursion which resulted in Chinese casualties, though Beijing has as yet not released any figures. That suggests the Chinese paid a heavy price for their misadventure with the Indian Army. At the time of the incursion no one could understand why China would pick such a fight. After all, the Indian military of 2020 is not the Indian military of 1962, the time of the last big Sino-Indian clash. And, India is a nuclear (and probably thermonuclear) power.
But perhaps now we know why China is increasingly lashing out and erratic, even as countries are reconsidering doing business with that country in its one belt one road initiative. China, under the leadership of Mr. Xi and a string of bad policy decisions, has managed to box itself into a corner, and massive bullion fraud will cinch the case: do not do any business with Communist China.
It simply cannot be trusted.
See you on the flip side...
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Out of the blue; on pg.333/”Operation Golden Lily; $1.25 trillion in today’s value; Cia funded the Black Eagle trust; China’s missing ‘Golden Tiger’; the filming of Apocalypse Now involved secretly recovering some of that treasure.[440 pages]
All the above. “Based upon shocking true history”; “Backed by researched history”.
New Book: Fall Out by M.N. Greenside.
Gets interesting after page 333 w/the secret maps, languages, symbols and more.
Let’s not forget about the Canadian government selling fake gold and what about the gold ETF’s? Read the GLD prospectus. There seem to be a lot of holes in it. It seems like a Ponzi scheme to me, but I’m far from an expert and none of this is financial advise. Gold is starting to make bitcoin look like a solid investment.
Hmmmm….I freely admit I am just a Grandma who has only been in the “woke” state for about 5 years, so I am not of the intellectual bent as many here…..BUT….these are some things I have gleaned from various parts!!
Bob Dean stated that the gold in Ft. Knox was being depleted as a result of having to give it to one group of “others” in the Pentagon….used as food, no less!! This in exchange for tech knowledge of somekind! This would have been back in the 60’s, of course!
Question….Wasn’t the Cl. Foundation involved in some sort of exchange involving Canada & gold???
Then there is the disappearance of all that after WW II gold & wealth that has presumably been financing the Breakaway Civilizations!
I also recall the story of the Japanese taking coffins made of platinum from someplace in Indonesia during WWII.
All this begs the question that there might be some newly discovered cache of wealth, recently discovered, upon which our present Reset is being established???
IF…a Big IF… the White Hats are truly “in control” at this point, what might that mean??? An amazing video I saw yest. showed a man whose Student Loan just “disappeared”; when he inquired, he was told it has been “discharged”!!! This was a Charles Ward video.
Then Cyrus A. Parsa keeps saying that if the entire world would expose the forced human organ transplant operation that has been running in China, the “field” behind the Red Dragon would just dissipate! There ARE forces at work that the average person would find hard to understand!!
Then, to my last question……IS Humanity being taken over by A.I.??? Or, is the entire world already under the control of a Behind-the-scenes Power Structure that the average person could hardly begin to fathom???
Do we wish to remain “human”, or are we going to let them meld us into some sort of borg mixture? I listened to my first video of Celeste Solum yest. & she has quite a tale to tell, having worked in F3_A for years!!! It was on Brighteon with Mike Adams.
According to what Celeste has learned. we are entering the 6th Extinction Level Event. With all the global disasters & the decline of food production, it would be hard to argue with that!!
Just trying to connect all these “dots” I have been collecting over the past 5 years!!! 😉
First time feeled to comment… But somehow doesn’t posted… Why? Censorship… Who knows…
anyway here is the link sorry only in Germany… Basically it exactly tells that the virus was found and evidenced in Barcelona in 2019 already in their cloaking system… Weird
http://alles-schallundrauch.blogspot.com/2020/06/corona-nicht-zuerst-in-china-aufgetaucht.html?m=1
So now you know
When was our own gold holdings last audited? Is it off-world???
As the story broke, it was noted that KingGold lost 20% on the stock exchange. 20 Percent. ?? Do I recall correctly that a time not long ago, after construction dust was used as a filler in baby formula, that the culprit was executed? Who will get the bullet for this, or are there too many fingers in the pie. The American debt that China owes? I dont think so.
Maybe the 3 Gorges Dam will take it all out soon.
Meant to say the American debt that China Owns
Where have all the Worlds gold gone to and for what purpose and what end? To pay what debt and to whom Cui Bono.
Would they try selling counterfeit gold to aliens?
Who knows? No ones lived to tell the tale and/or fib?
They maybe stupid; but, not that stupid?
But, since deception is endemic throughout the universe; “they” would expect it, as a matter of course. Especially, since intelligences bread and butter are deceptions.
As with energy’s metric of planet, sun, solar system and galaxy; are there metric’s of deception/intelligence. From simple counterfeiting of gold, and it’s conceptual alchemy form; to ones with embedded deceptions, as in DNA?
There are highly sensitive gravity meters that can be used in airborne surveys. I wonder if the anomalies over supposed gold depots (Ft Knox, the JFK airport storage site) would show up to the expected degree.
I guess you could call that fictional reserve banking, then.
Ha! Wish I would have thought of that one… 😉
It’s easy to determine the mass of an object- its volume, its weight and so on.
Don’t people taking possession of ingots do any of this?
Not unless told to do so by their superior. Even if it’s fishy, when it’s a powerful well connected General doing it, it might be fatal to point it out in China. So probably better not to notice.
Tons of fake gold and silver floating around in the West as well that came from China. Anytime I see made in China on gold or silver stamped jewelry I find most times it is indeed fake or under carat. Also many counterfeit coins are produced there as well and sold by unsuspecting dealers. But the worst is the radioactive waste that gets discovered contaminating some of their base metal exports from time to to time by average Joes with gieger counters, government doesn’t seem to care or check. Then there are the reports of food for export being produced in contaminated areas while domestic is not. No telling what is really in our vitamins or medicine. No wonder our life expectancy is going down despite the best healthcare in the world. I sometimes wonder if western interests have made some sort of deal to look the other way on all this.
Loved your inherent remarks on the dangers of globalized food[that hardly goes through any checks worth a God damn].
What does one expect from globalized orgs that call GMO’s close enough; thus, good to swallow whole;
but yet not for sale in their own cafeterias?
Doctor Who’s fantasy is limitless, ever since he fell down from the moon. Landing on his head, he broke his box, into a blue police box.
The Wu flu is a creative virus, that apparently morphs into anything, one wants it to be. Now Corona is a gold bug.
Somebody has been selling six million tungsten Goldilocks, and six million pants have mysteriously caught fire.
A peculiar case of precognition:
https://archive.org/details/256ReferencesTo6000000JewsPriorToTheNurembergTrialAnnouncement
Okay I’ll bite…no one in the entire world knows who did this to these poor gold bars. The supposedly super stupendous world of intelligence knows not? It’s either a rascal or cointell…which one?
The Chinese guilty of massive fraud? Fraud involving gold?
Two thoughts. First, I don’t understand the surprise in this. China was the primary beneficiary of the West’s hidden financial elite for shifting the worlds economy there so they could better control it. They forgot that China might have a different agenda. Now, these globalists may be paying the price–or, they set China up as the fall guy. Either way, China was played like a fiddle–and the emperor in new clothes is playing the world’s largest fiddle between this fore and middle finger. So sad. Once again the fate of many is decided by the greed of a few.
Second, wouldn’t this be a the perfect opportunity to draw people’s attention back to the real purpose for the impeachment? Social unrest? COVID-19 pandemic? Chinese fraud? Russian meddling? Now financial instability in the gold markets? Isn’t the real object here “fear”? I am reminded of the Orc general in the Jackson’s movie version of “Return of the King” when he says: “Do you smell it? I smell fear. The city reaks of it. Now is the time to begin our assault. Head for the gates.” These people not only exhibit orkish behavior, but they also utilize orkish tactics. What additional layers of fear are available? How about another mass shooting? (The stage has been set.) How about a political assassination by another mind-controlled thrall? (I wouldn’t put that past them either.) Here’s the problem with this as a weapon, though. Fear works two ways. It gives the wielder significant advantages–but increases their paranoia to ghastly proportions. When enough people have had enough, fear has a way of bouncing back. As the French about their lessons in this. They might have a sobering story to tell. Or, Putin for that matter.
China is participating in the Westernized economies of the 20th Worst Century economic/political structure; so naturally she is participating in…
fraud, which encompasses counterfeiting[gold, for example], and also covid1984 fraud, for more power through repeated lockdowns. The West is also doing big time fraud.
Now bear in mind, that all these plutocrims pulling their respective governmental strings, are arranging an economic phase change through digitized fraud that enslaves those who take the bait[bit],
Now, these plutocrims will be lighting numerous economic bomb fuses, set to explode their economies; to bring about the new phase transition towards digitized slave shackles[shekels]. Called a currency, but not in any shape of form[it’s cyber spaced].
These plutocrims are connected; even if just through fraud. But the covid1984 fraud, and the economic fraud, and the coming cashless digitized fraud are suspiciously on parallel hellbound track$.
So now, coming down the globalized tracks from China is a fresh/China study sounds alarm over new swine flu w/pandemic potential, WHO warns, ‘we cannot let our guard down’. https://rt.com/
Now, that t infrastructures of globalized medical Stasi has been established; the viruses/bacterias/fungi and/or other manmade concoctions are being rolled out w/their respective cures. Cures much worse than the diseases[so far].
All rounding the herds for inoculations and other cures.
Now is not a good time to be globalized,
nor cured by globalization.
It sure is fun to “tsk, tsk” at the titillating content of this story. Yet, I find questions of process even more interesting. I am under the impression that the PRC and its institutions have exerted tremendous control over the flow of information on many fronts. Are they losing even more control over their information flow? Is this financial shadow game outside of any official shadow financial game and therefore a true outlier? Or, was it already baked into the country’s “cake” and did they release bad news after they have already absorbed their “lows”? Are we seeing anti-Xi forces emboldened?
I am wondering if there really was gold bars that were replaced with the copper ones and if so where did they go?
Also, I would think that copper bars would weigh substantially different than gold bars. Therefore easily detected?
Must be that this fraud scenario has gone through many different levels of the Chinese economy.
The central bank of China would most certainly be well aware of such activities. I would just remind everyone that the central bank of China is a Rothschild Bank. Do with that what you will.
Fraud – and murder – are accepted tenants of Communist philosophy.
And tenets.
Not quite a house built out of cards, but financing built out of fake gold, lies, and broken promises, is just as bad a foundation to build upon. An old trick that’s so old it’s moldy. It begs the question, “Of whom do the Party think they are fooling?” The Party’s unconventional “Unrestricted Warfare,” ruthless as it might currently be, has limits. The Party just doesn’t know it yet. Dillinger and associates once thought they were clever and unstoppable, too.
There is now technology to test the “bars”, but apparently many are willing to go along with the fraud. It’s a moot point whether massive financial fraud is worse in China or the US, and on both sides of the Pacific this is currently a close link to medical fraud. Nevertheless, scams they could have previously carried on for years, are now falling apart in just a few months or even weeks.
I think the broader ‘lesson’ is not to do business with any country/bank/organization which has moved beyond the barter system: one cow for four goats, etc. It is harder to cheat on something physical which is right in front of your eyes. As you get more and more abstract – first coins, then paper currency, then stocks, then derivatives, etc. – the more ‘wiggle room’ for deception you have. This is true for all sides of all cultures…
In a more Charles Fort view of the world, I wonder where has all of the gold gone? Just think back to a Spanish Treasure Fleet coming back to Spain with gargantuan looted riches. Times a thousand voyages. And subsequent gold-strikes around the world. Yet, gold is scarce…
The two most-probable scenarios are that worldwide gold is either disappearing into “Phoenician Navy” (to quote Miles Mathis) vaults never to be seen again or is disappearing off-planet in exchange for tech. Either way, gold is being systematically removed from circulation…
When it comes to ‘probable scenarios’ , I think the breakaway/SSP need it for their tech, be it for shielding, or even possibly ‘fuel’ related…it gets used up so they always need more.
I don’t think it’s being hoarded in a vault. It is a genuine commodity…for someone/something.
Would four genetically modified goats be worth a cow?
Only if the cow was genetically modified too! 😉
Michael Tellinger has touched in his several you tube videos the subject of ancient gold or rather ancient civilizations going after it. One of the cool properties of Au is that it goes poof at 2600 C and comes back from thin air if you cool down the temp. Is this what anunnaki or whoever lives off the planet are after?