There’s Gold in Them Thar Vaults, Boys! Um, Maybe Not
June 29, 2014 at 15:35 PM EDT
If the vaults are in China, that is. Over the weekend I posted on the fraudulent commodity-based lending (collateralized by aluminum) in Qingdao. Now a Chinese government auditor claims that the gold used as collateral in $15 billion of loans does not exist. To put this into context, Goldman (GS) (ha!) estimates that there are […] View the full post at: There’s Gold in Them Thar Vaults, Boys! Um, Maybe Not Related posts: IMF Sends Gold to the Woodshed 16 banks control nearly 56 percent of all assets in the nation’s banking system India Potentially Considering Buying the Other Half of the IMF’s 400 Tons of Gold for Sale