BOOM! One Ton of Shipment of Gold To Hong Kong Contained Just WORTHLESS METAL

[watcoin]

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!

[Lethn]

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

[watcoin]

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

Tungsten is what is used for gold.

[Taras]

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.

[watcoin]

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

[kingscrown]

Interesting story

[bluefirecorp]

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

Video was marketed as private.

[Keyara]

Sound like man in the middle attack.

The company selling it probably use legitimate gold bar and somewhat get switched by either insider or shipping company employee.

[Bobsurplus]

I want one of those gold wrapped tungsten bars.. Anyone know where I can buy some??

[bryant.coleman]

I want one of those gold wrapped tungsten bars.. Anyone know where I can buy some??

They are available in bulk quantities from SR 2.0. I have never bought them, but the feedback score for the vendors appears to be pretty high. But international shipment can be a problem. There is a 20-30% chance that the customs authorities might detain the shipment.

[Bobsurplus]

I want one of those gold wrapped tungsten bars.. Anyone know where I can buy some??

They are available in bulk quantities from SR 2.0. I have never bought them, but the feedback score for the vendors appears to be pretty high. But international shipment can be a problem. There is a 20-30% chance that the customs authorities might detain the shipment.

Hey bud, thanks for the info...
do you know where they are shipping from?

[bryant.coleman]

Hey bud, thanks for the info...
do you know where they are shipping from?

Most of them from the European Union member states (especially Germany). But that depends upon the vendor. It might be possible to find a vendor who is located near to your residence.

[Bobsurplus]

Hey bud, thanks for the info...
do you know where they are shipping from?

Most of them from the European Union member states (especially Germany). But that depends upon the vendor. It might be possible to find a vendor who is located near to your residence.

Thanks Bryant,

Would be cool to own one of those and display it all cracked open on my desk at work.. would remind me that everyone is full of shit!



You know how much they are asking? Is it legal to buy that? I guess not eh.. hummm.. Still may have to look at it though.

[SirChiko]

Wow this is really sad to hear...loosing value of 1ton gold is too mutch how mutch it would be transfered into fiat anyway?

[bluefirecorp]

Wow this is really sad to hear...loosing value of 1ton gold is too mutch how mutch it would be transfered into fiat anyway?

Erm, you do know that there are markets online. You could very easily check spot price of gold, add in another 1-2% for physical goods, and that's probably how much it was in fiat.


For ontopic post: That sucks. I wonder how they'll launder the gold as a lot have a special makeup of alloys that make it unique.

[Este Nuno]

Wow this is really sad to hear...loosing value of 1ton gold is too mutch how mutch it would be transfered into fiat anyway?

1 kg of gold is $40,262.38 and 998 kg of it were lost so that means the value of the shipment was $40,181,855.24.

[bryant.coleman]

You know how much they are asking? Is it legal to buy that? I guess not eh.. hummm.. Still may have to look at it though.

I don't exactly remember their prices, but they were not very expensive. And regarding its legality, I am not sure. Might vary from country to country. But in general, I don't think it is a criminal offence.

[oureptsC]

Does that mean If you buy gold on online platforms trading earth resources like oil, silver , gold and other, we could actually buy not gold but things like that? Just useless metal? Of course we can sell It online because nor buyer nor seller knows what  they are trading, they both think that It's gold but theoretically I am right?  

[watcoin]

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

Video was marketed as private.

That sucks because I watched it before posting it. Guess the owner saw a spike in traffic and did not want the attention.

[watcoin]

Does that mean If you buy gold on online platforms trading earth resources like oil, silver , gold and other, we could actually buy not gold but things like that? Just useless metal? Of course we can sell It online because nor buyer nor seller knows what  they are trading, they both think that It's gold but theoretically I am right?  

Buy direct from  a reputable source. One who will guarantee you are getting real PM. Research testing methods online.