Topic: BOOM! One Ton of Shipment of Gold To Hong Kong Contained Just WORTHLESS METAL - page 2. (Read 2395 times)
June 06, 2014, 11:23:03 PM
Interesting story
June 06, 2014, 11:19:54 PM
This is really scary. I've heard of tungsten being put into hollow gold ingots, but for one ton of gold, millions of dollars, that would have been a horrible, horrible piracy.
http://vzaar.com/videos/1589616
June 06, 2014, 10:49:29 PM
This is really scary. I've heard of tungsten being put into hollow gold ingots, but for one ton of gold, millions of dollars, that would have been a horrible, horrible piracy.
June 06, 2014, 10:42:14 PM
It is quite difficult to tell, especially from a photo, gold and silver is quite heavy but that can be replicated by a metal similar in weight, any good quality Gold bar comes with an assay certificate so you know it's been through legitimate people, I think as well there's that old trick of biting the metal? I need to do more research because I'm sure there must be some kind of more accurate chemical way of doing it, I know how to refine silver now but that's only really good if you know you've got silver at all in the first place.
Now you've made me paranoid, I need to go and research assaying techniques now
Well I'll be damned, a wiki article on the subject that is actually fairly useful: http://www.wikihow.com/Assay-Gold
Now you've made me paranoid, I need to go and research assaying techniques now
Well I'll be damned, a wiki article on the subject that is actually fairly useful: http://www.wikihow.com/Assay-Gold
Tungsten is what is used for gold.
June 06, 2014, 05:05:13 PM
It is quite difficult to tell, especially from a photo, gold and silver is quite heavy but that can be replicated by a metal similar in weight, any good quality Gold bar comes with an assay certificate so you know it's been through legitimate people, I think as well there's that old trick of biting the metal? I need to do more research because I'm sure there must be some kind of more accurate chemical way of doing it, I know how to refine silver now but that's only really good if you know you've got silver at all in the first place.
Now you've made me paranoid, I need to go and research assaying techniques now
Well I'll be damned, a wiki article on the subject that is actually fairly useful: http://www.wikihow.com/Assay-Gold
Now you've made me paranoid, I need to go and research assaying techniques now
Well I'll be damned, a wiki article on the subject that is actually fairly useful: http://www.wikihow.com/Assay-Gold
June 06, 2014, 04:44:43 PM
This is the cold hard reality of a hypothecated gold market. The paper crap that they sell as gold exceeds gold supplies so fraud is the the name of the game on large physical deliveries can happen. These markets have been rigged for years to artificially suppress precious metal prices.
On Wednesday, Zhao Jingjun, 43, opened part of his shipment in front of his buyer in Hong Kong and discovered the gold had been switched for worthless metal.
A senior officer said it would be the city's biggest heist in a decade if it was confirmed that all the gold had been stolen.
An initial inquiry showed Zhao purchased 998kg of gold bars from a company in Ghana in mid-April, police said.
The consignment, in 14 cases, was escorted by his staff and delivered from Ghana on a chartered flight late last month.
"Officers were told that his employee confirmed the cases contained the gold before it was loaded onto the chartered flight in Ghana," a police source said.
The source said the employee left Hong Kong after the consignment was handed to the staff of a logistics company at Chek Lap Kok airport. It was then couriered to a Tsuen Wan warehouse.
The businessman arrived from Hebei province on Monday and checked into the Kowloon Shangri-La hotel in Tsim Sha Tsui. On Wednesday, he had five of the cases couriered to his buyer's Hung Hom office.
"When he opened the boxes, he found they were filled with metal bars instead of gold bullion," the source said. "He told officers the cases appeared to have been tampered with."
A police investigator said: "We don't rule out the possibility that the gold bullion may have been switched for metal bars before being delivered to Hong Kong."
Zhao has reportedly made several such transactions. His business activities include the purchase of iron ore from Australia, Africa and South America.
Four years ago, 265 gold bars were taken from a Yuen Long company. Police arrested three men and recovered most of the HK$90 million in bullion stolen.
We can't help but feel this is not the last time as commodity-backed financings are unwound en masse and the underlying collateral found missing... sourcing the underlying by any means will be on the rise.
Read rest of story at:
http://www.zerohedge.com/news/2014-06-06/one-ton-gold-shipment-hong-kong-revealed-contain-just-worthless-metal
Buyer beware.
When this all unravels there will be a lot of very upset and very broke people. If you do not have physical in hand, you do not own it. And if you do not test what you own then you own shit.
Be careful!
On Wednesday, Zhao Jingjun, 43, opened part of his shipment in front of his buyer in Hong Kong and discovered the gold had been switched for worthless metal.
A senior officer said it would be the city's biggest heist in a decade if it was confirmed that all the gold had been stolen.
An initial inquiry showed Zhao purchased 998kg of gold bars from a company in Ghana in mid-April, police said.
The consignment, in 14 cases, was escorted by his staff and delivered from Ghana on a chartered flight late last month.
"Officers were told that his employee confirmed the cases contained the gold before it was loaded onto the chartered flight in Ghana," a police source said.
The source said the employee left Hong Kong after the consignment was handed to the staff of a logistics company at Chek Lap Kok airport. It was then couriered to a Tsuen Wan warehouse.
The businessman arrived from Hebei province on Monday and checked into the Kowloon Shangri-La hotel in Tsim Sha Tsui. On Wednesday, he had five of the cases couriered to his buyer's Hung Hom office.
"When he opened the boxes, he found they were filled with metal bars instead of gold bullion," the source said. "He told officers the cases appeared to have been tampered with."
A police investigator said: "We don't rule out the possibility that the gold bullion may have been switched for metal bars before being delivered to Hong Kong."
Zhao has reportedly made several such transactions. His business activities include the purchase of iron ore from Australia, Africa and South America.
Four years ago, 265 gold bars were taken from a Yuen Long company. Police arrested three men and recovered most of the HK$90 million in bullion stolen.
We can't help but feel this is not the last time as commodity-backed financings are unwound en masse and the underlying collateral found missing... sourcing the underlying by any means will be on the rise.
Read rest of story at:
http://www.zerohedge.com/news/2014-06-06/one-ton-gold-shipment-hong-kong-revealed-contain-just-worthless-metal
Buyer beware.
When this all unravels there will be a lot of very upset and very broke people. If you do not have physical in hand, you do not own it. And if you do not test what you own then you own shit.
Be careful!
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