At least 200 ounces of fake gold have been sold to Hong Kong jewelers and pawnshops, the Financial Times reported, citing a group of goldsmiths in the city.
Haywood Cheung, president of the Chinese Gold & Silver Exchange Society said 10 times that amount may have infiltrated the retail gold market, the Financial Times reported. At current prices, 200 ounces of gold would be worth about $280,000.
Paul Law, financial controller of Luk Fook Holdings International Ltd., said today by telephone the company purchased fake gold in August and suffered a loss of HK$40,000 ($5,148).
Counterfeiters used a pure gold coating that masked a complex alloy with similar properties to real gold that was discovered by industry executives, the Financial Times reported. Bullion surged 27 percent this year and is set for a 10th annual gain as the dollar dropped and investors sought a store of value.
Buyers of gold and silver should avoid purchasing any gold or silver bullion product from counterfeit-happy China and Hong Kong. If purchasing from an online site like eBay, be sure the seller is NOT shipping from China or Hong Kong.
Time is running out fast! Hyperinflation seems unavoidable as fiat paper money is being printed as fast as the US presses can run. To protect your wealth and your family, buy gold and silver now from these top companies, APMEX Gold and Silver and Silver American Eagles.