Wednesday, August 28, 2019

New gold bullion counterfeiting scam

Peter Hobson reports for Reuters on “Fake-branded bars”.

These aren't bars that are short of gold. The fakes are said to contain legit gold, but stamped with the names of refineries that did not issue the bars.

It is said to be a way to launder conflict gold. Many of the forged bars are said to originate in China.

Over the last three years, over 1000 bars worth over $50,000,000 have been found.