This is the reason you should NEVER buy goods of high value from China.

China’s State Banks Sell Fake Gold and Fake US Dollars

https://www.youtube.com/watch?v=coJp14Xdchs

Didn't they find fake Gold at Fort Knox?

(Tungsten covered in Gold.)

Bobby. wrote on May 18^th, 2025 at 7:43am:

Didn't they find fake Gold at Fort Knox? (Tungsten covered in Gold.)

No.

https://gold-quote.net/en/articles/fake-tungsten-gold-bars.php


It seems that fake Tungsten blanks, between 1.3 and 1.5 million 400 oz,
were manufactured in the US about fifteen years ago during the Clinton administration.
Said to have been done by a very sophisticated refiner,
640,000 of these tungsten blanks were gold plated and shifted to Fort Knox.
The remaining also gold plated, but sold into the international market.

Bobby. wrote on May 18^th, 2025 at 7:43am:

Didn't they find fake Gold at Fort Knox? (Tungsten covered in Gold.)

All bullshit, Bobby.

A conspiracy theory spread by a Nazi.

On February 16, a frequent spreader of false information, lawyer Irakli Zakareishvili, published a Facebook post claiming that an audit conducted by Elon Musk had discovered counterfeit gold bars in the Fort Knox depository. The post included an image of a gold bar allegedly counterfeited using tungsten.


Elon Musk has not conducted an audit of the U.S. gold reserves stored in Fort Knox, and consequently, the circulating claim is false. While Musk has suggested that he would like to inspect the reserves, it remains unclear whether he or his agency will actually audit the Fort Knox gold reserves. Moreover, the circulated image has no connection to the U.S. gold reserves and has been shared on social media since at least 2023.

Bobby. wrote on May 18^th, 2025 at 8:05am:

https://gold-quote.net/en/articles/fake-tungsten-gold-bars.php It seems that fake Tungsten blanks, between 1.3 and 1.5 million 400 oz, were manufactured in the US about fifteen years ago during the Clinton administration. Said to have been done by a very sophisticated refiner, 640,000 of these tungsten blanks were gold plated and shifted to Fort Knox. The remaining also gold plated, but sold into the international market.

You can't sell fake bars on the international market, they have the technology to identify fake bars. Even your local pawn shop would be able to identify fake bars.

Leroy wrote on May 18^th, 2025 at 8:25am:

Bobby. wrote on May 18th, 2025 at 8:05am: https://gold-quote.net/en/articles/fake-tungsten-gold-bars.php It seems that fake Tungsten blanks, between 1.3 and 1.5 million 400 oz, were manufactured in the US about fifteen years ago during the Clinton administration. Said to have been done by a very sophisticated refiner, 640,000 of these tungsten blanks were gold plated and shifted to Fort Knox. The remaining also gold plated, but sold into the international market. You can't sell fake bars on the international market, they have the technology to identify fake bars. Even your local pawn shop would be able to identify fake bars.

Tungsten is so close to the same density as Gold that
normal tests won't reveal it.
I think you need to X-ray it or drill into the bar to find out.



Google AI

Tungsten and Gold have nearly identical densities.
The density of gold is 19.32 g/cm³, while the density of tungsten is 19.25 g/cm³.
This close similarity makes tungsten a material used in counterfeiting gold bars.

Leroy wrote on May 18^th, 2025 at 8:25am:

Bobby. wrote on May 18th, 2025 at 8:05am: https://gold-quote.net/en/articles/fake-tungsten-gold-bars.php It seems that fake Tungsten blanks, between 1.3 and 1.5 million 400 oz, were manufactured in the US about fifteen years ago during the Clinton administration. Said to have been done by a very sophisticated refiner, 640,000 of these tungsten blanks were gold plated and shifted to Fort Knox. The remaining also gold plated, but sold into the international market. You can't sell fake bars on the international market, they have the technology to identify fake bars. Even your local pawn shop would be able to identify fake bars.

Not with Tungsten slugs, in thick bars of a kilo or more, they won't.

XRF machines can't detect that deep. The bars need to be drilled or cut.

These the same banks that were handing out loans interest free or very low to its citizens so they could steadily buy up the West, cause inflation, trigger the madness of house prices soaring, then immigrate there and build a political base, and thus bring the West to its stupid knees with the connivance of 'leftist' parties?

Can I ask again this morning - WTF is WRONG with you people?  Are you so blind you can't see anything real?

It's estimated that between 2% to 5% of the world's gold is estimated to be fake or seeded with metals like Tungsten.

Its source is largely Asia, particularly from China, where state institutional fraud is protected and abetted by the Chinese regime.

For this reason, foreigners need to be extremely wary when buying from a Chinese source... if they'll defraud their own citizens, they will have zero second thoughts selling fake gold to others.

Grappler Truth Teller wrote on May 18^th, 2025 at 8:59am:

These the same banks that were handing out loans interest free or very low to its citizens

So that they could be fleeced at a later date via fake or worthless property deals, fake gold, or just by freezing their accounts at will and without notice, then confiscating their money without reasons given.

The Chinese adopted capitalism the way lapsed vegetarians who adopt meat-eating might by becoming cannibals.

Perth Mint sold diluted gold to China, got caught, and tried to cover it up

The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report.

abc

Bobby. wrote on May 18^th, 2025 at 8:34am:

The density of gold is 19.32 g/cm³, while the density of tungsten is 19.25 g/cm³.

The standard 400-troy-ounce "Good Delivery" bar of bullion is 12.4 kilograms, which is  .38kg difference from tungsten.

Reserve Bank of Australia Confirms Fake Gold Bars at Bank of England


On February 17, 2025, the Reserve Bank of Australia (RBA) confirmed the presence of fake gold bars at the Bank of England, sparking significant market reactions across various financial instruments, including cryptocurrencies


blockchain.news/flashnews/reserve-bank-of-australia-confirms-fake-gold-bars-at-bank-of-england

Ai_Took_Our_Jobs wrote on May 18^th, 2025 at 9:06am:

Perth Mint sold diluted gold to China, got caught, and tried to cover it up The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. abc

No, it didn't.

It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery.

The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers.

The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much.

MeisterEckhart wrote on May 18^th, 2025 at 9:14am:

Ai_Took_Our_Jobs wrote on May 18th, 2025 at 9:06am: Perth Mint sold diluted gold to China, got caught, and tried to cover it up The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. abc No, it didn't. It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery. The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers. The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much.

If a news article is by unnamed sources or for any reason they can't or don't identify the source of information then read it but don't take it any more serious than you would if you heard it at the pub.

The SGE, for its part, did not want this issue to be public as it respected and respects the Perth Mint and trusted and trusts its gold delivery.

It was dealing with the issue internally with the Mint.

And then the ABC...

Penny Wong is a fake Chinese male.

MeisterEckhart wrote on May 18^th, 2025 at 9:14am:

Ai_Took_Our_Jobs wrote on May 18th, 2025 at 9:06am: Perth Mint sold diluted gold to China, got caught, and tried to cover it up The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. abc No, it didn't. It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery. The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers. The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much.

Bismuth is dirt cheap -
why would they be bothered?
Sounds like bullshit.

Bobby. wrote on May 18^th, 2025 at 9:51am:

MeisterEckhart wrote on May 18th, 2025 at 9:14am: Ai_Took_Our_Jobs wrote on May 18th, 2025 at 9:06am: Perth Mint sold diluted gold to China, got caught, and tried to cover it up The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. abc No, it didn't. It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery. The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers. The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much. Bismuth is dirt cheap - why would they be bothered? Sounds like bullshit.

What did the report say Bobby?.

Leroy wrote on May 18^th, 2025 at 9:54am:

What did the report say Bobby?.

Dunno - I'm not telling that particular story.   :-/

Bobby. wrote on May 18^th, 2025 at 9:51am:

MeisterEckhart wrote on May 18th, 2025 at 9:14am: Ai_Took_Our_Jobs wrote on May 18th, 2025 at 9:06am: Perth Mint sold diluted gold to China, got caught, and tried to cover it up The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. abc No, it didn't. It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery. The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers. The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much. Bismuth is dirt cheap - why would they be bothered? Sounds like bullshit.

Don't take my word for it... Do your own research on it.

No one, not even the ABC (surprise, surprise), nor the SGE - the buyer, questioned that the gold quality sold by the Perth Mint was 99.99% pure.

Chinese importers often reprocess imported products that have trace elements of rare earths and other rare chemicals... They're buying these extra chemicals and elements present in the main products for free anyway, so there's profit to be made reharvesting them from purchased goods and reselling them due to economies of scale.

Bobby. wrote on May 18^th, 2025 at 9:57am:

Leroy wrote on May 18th, 2025 at 9:54am: What did the report say Bobby?. Dunno - I'm not telling that particular story.   :-/

My mistake, AI-lost-his-job posted it.

MeisterEckhart wrote on May 18^th, 2025 at 9:14am:

0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers.

Bismuth is $79kg so it's $4.80 in a bullion bar of 12kg. Smelting cost is ?

MeisterEckhart wrote on May 18^th, 2025 at 9:58am:

Bobby. wrote on May 18th, 2025 at 9:51am: MeisterEckhart wrote on May 18th, 2025 at 9:14am: Ai_Took_Our_Jobs wrote on May 18th, 2025 at 9:06am: Perth Mint sold diluted gold to China, got caught, and tried to cover it up The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. abc No, it didn't. It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery. The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers. The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much. Bismuth is dirt cheap - why would they be bothered? Sounds like bullshit. Don't take my word for it... Do your own research on it. No one, not even the ABC (surprise, surprise), nor the SGE - the buyer, questioned that the gold quality sold by the Perth Mint was 99.99% pure. Chinese importers often reprocess imported products that have trace elements of rare earths and other rare chemicals... They're buying these extra chemicals and elements present in the main products for free anyway, so there's profit to be made reharvesting them from purchased goods and reselling them due to economies of scale.

My guess is that it was a poor decision on the part of the refining division to meet demand from the SGE in time.

The Chinese have a rapacious demand for gold, and their demand for it often exceeds supply worldwide.

I'd bet what happened is that the special refining requirements for the SGE meant that delivery would be delayed, so someone in that division hit on the 'bright' idea of meeting demand by using some of their standard 99.99% gold bars with 0.01% silver and no Bismuth.

This was detected by the SGE in some of the 99.99% gold bars purchased from the Mint, and the SGE questioned it.

The issue was resolved by the Mint to the satisfaction of the SGE.

Later, it seems someone who had a beef with the Mint decided to throw a grenade and leak the issue to the ABC, which hit on the 'bright' idea of smearing the Mint with implications of fraud.

$250 per kilo in Asia smelting bullion.

chimera wrote on May 18^th, 2025 at 10:24am:

MeisterEckhart wrote on May 18th, 2025 at 9:14am: 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers. Bismuth is $79kg so it's $4.80 in a bullion bar of 12kg. Smelting cost is ?

Firstly, the SGE buys tons of gold from the Perth Mint, not kilos.

By your calculations, 100,000 kilos of gold (the amount estimated to have been bought from the Perth Mint alone) would yield $40000 of bismuth for free, which the SGE might sell for more... and nevermind the gold it buys from other refiners.

Remelting is standard practice when a state buys gold from a refiner. It's melted and recast to Chinese requirements (Chinese coins and bars), so the process is happening anyway.

While they're at it, creaming off the silver and bismuth is easily done, although the SGE would replace the bismuth with silver on the remade gold product.

100 tons of the shiny stuff gets $40,000 profit at full market price.


ok...

Another 'feature' of dealing with the SGE, and other state-run Chinese gold purchasers, is that strict requirements are issued by bureaucrats in Beijing.

If they stipulate that gold purchased from international sources must contain 99.99% gold, 0.05% silver and 0.05% of any other element the refiner has access to... then that's the standard.

The SGE execs would mess with those requirements at their peril.

chimera wrote on May 18^th, 2025 at 10:38am:

100 tons of the shiny stuff gets $40,000 profit at full market price. ok...

100 tons of gold yields $40000 of bismuth - 500kg of it.

The requirements are set by Beijing, not the SGE.

For a Chinese guy, you sure don't know much about how your mainlander compatriots do business.

Since 2021, the Perth Mint guarantees that its gold products now contain 99.996% gold - above the 99.99% standard.

'Examples of Metal Ingot Costs:
Pewter: $50 per 1 kg according to eBay
Tin: $155 to $159 per 1 kg according to Great White Bullion
Copper: $59 per 1 kg according to United Nuclear'.

Say $60 ingot Bismuth, that's $30,000 off the $40,000.
先生側身說話

chimera wrote on May 18^th, 2025 at 11:35am:

'Examples of Metal Ingot Costs: Pewter: $50 per 1 kg according to eBay Tin: $155 to $159 per 1 kg according to Great White Bullion Copper: $59 per 1 kg according to United Nuclear'. Say $60 ingot Bismuth, that's $30,000 off the $40,000. 先生側身說話

Yep, well, Beijing makes the rules.

You'd be aware that China hoards all elements, even iron ore that it routinely over-purchases from Australia.

If the SGE is required to stockpile bismuth and whatever other elements Beijing is aware of that refiners have access to, then that's the requirements...

The current spot price of bismuth as of May 18, 2025, is USD145/kilo.

Beijing's rationale is, no doubt, it doesn't matter how cheap it might be, if you haven't hoarded it for when you need it, what difference does it make to rectifying delayed product manufacturing turnaround, even if it's cheap?

You speak with much Chinese and know trades money lot well.

MeisterEckhart wrote on May 18^th, 2025 at 7:31am:

This is the reason you should NEVER buy goods of high value from China. China’s State Banks Sell Fake Gold and Fake US Dollars https://www.youtube.com/watch?v=coJp14Xdchs

Meister quoting a youtube channel hosted by 'China Observer' which in a discussion (on Reddit) included this observation:

"I consider this channel to be the equivalent of Fox News. It kind of traffics in horrors about China, but it seems too biased against China. Most of the time, the voiceover translations don't match what the people interviewed are actually saying."

Meanwhile BYD is taking the world by storm...

thegreatdivide wrote on May 18^th, 2025 at 2:18pm:

MeisterEckhart wrote on May 18th, 2025 at 7:31am: This is the reason you should NEVER buy goods of high value from China. China’s State Banks Sell Fake Gold and Fake US Dollars https://www.youtube.com/watch?v=coJp14Xdchs Meister quoting a youtube channel hosted by 'China Observer' which in a discussion (on Reddit) included this observation: "I consider this channel to be the equivalent of Fox News. It kind of traffics in horrors about China, but it seems too biased against China. Most of the time, the voiceover translations don't match what the people interviewed are actually saying." Meanwhile BYD is taking the world by storm...

So Chinese banks are not selling fake gold, then.

MeisterEckhart wrote on May 18^th, 2025 at 2:43pm:

thegreatdivide wrote on May 18th, 2025 at 2:18pm: MeisterEckhart wrote on May 18th, 2025 at 7:31am: This is the reason you should NEVER buy goods of high value from China. China’s State Banks Sell Fake Gold and Fake US Dollars https://www.youtube.com/watch?v=coJp14Xdchs Meister quoting a youtube channel hosted by 'China Observer' which in a discussion (on Reddit) included this observation: "I consider this channel to be the equivalent of Fox News. It kind of traffics in horrors about China, but it seems too biased against China. Most of the time, the voiceover translations don't match what the people interviewed are actually saying." Meanwhile BYD is taking the world by storm... So Chinese banks are not selling fake gold, then.

Few foreigners buy gold from Chinese banks, what's the problem?

Meanwhile Trump is promoting crypto - talk about 'fake money'!

thegreatdivide wrote on May 18^th, 2025 at 2:18pm:

Meanwhile BYD is taking the world by storm...

Yep, and taking online car review sites by storm... to complain about poor quality, electrical/ mechanical failure, abysmal customer service and eternal waiting periods for replacement parts.

Cha bu duo affects all mass-produced Chinese-made goods... It's baked into their psyche... and they're not likely to ever learn from it the way the Japanese did.

MeisterEckhart wrote on May 18^th, 2025 at 9:14am:

Ai_Took_Our_Jobs wrote on May 18th, 2025 at 9:06am: Perth Mint sold diluted gold to China, got caught, and tried to cover it up The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. abc No, it didn't. It sold 99.99% gold to the Shanghai Gold Exchange with 0.01% Silver, which is the standard delivery. The SGE wanted 99.99% gold with 0.005% Silver and 0.005% Bismuth so when they remelted the gold, they could cream off Bismuth which they could sell to Chinese industrial manufacturers. The Chinese banks, the SGE, and all other Chinese gold bullion dealers, and every other bullion dealer in the world, hold the Perth Mint in the highest regard for guaranteed 99.99% gold products... The ABC... not so much.

The Perth Mint's production and delivery of 99.996% gold products ends specific customer requirements for their 0.01% elements preference.

If you buy gold from the Perth Mint, you get the guaranteed purest gold of any mint worldwide.