Billions of Gold Bullion with Mixture of Tungsten

tungsten gold bullion image

Recent years, the gold price is keeping rising, the value of the gold pledged in the bank rise accordingly, and brings good profits.

Driven by the interests, some shareholders of Boyuan mining expand the scale of the fraud, obtaining large amount of credit loan from the bank. If they use the adulteration gold as pledge to loan from the bank repeatedly, it can obtain multiplies of cash in a short period.

The Tongguan Police of Shanxi Province freeze all the stocks of Xue-WenWang and Jian-Bo Xu in Boyuan mining on 3 Jun. 2016. It is reported that many personnel including most executives such as the Chairman Shu-Min Zhang and his relatives of Boyuan mining were involved in this occasion. As the investigation by Tongguan Police, a gang for obtaining loans from bank with fake gold pledge across Henan and Shanxi provinces emerges, concerning the total amount more than ten billion. Several information sources confirmed that many financial institutions of Henan and Shanxi province were involved.

Another report said that the mode of capital operation with physical gold bullion mortgage for loan is very common in Lingbao. For example, if gold is worth RMB250.00/g, 2.5 million of RMB can purchase 10 thousand grams of gold bullion, in this way; the ten thousand grams of gold bullion were mortgaged to the bank, in the term of loan-to-value ratio decreased by 20%, it can obtain 2 million of loan from the bank. Then it purchase 8000 grams of gold with 2 million of cash, this 8000 grams of gold is mortgaged to the bank again, it can obtain one million six hundred thousand of loan. Cycling like this, 2.5 million Yuan can move about more than 12 million worth of gold, with a leverage of nearly five times, this is called the “model of fry gold” in Lingbao. By the “model of fry gold” and fake gold pledge loan to invest and get hundreds of millions of benefits in the past years while the gold price rose, it is very difficult to withdraw due to the falling of gold price. They can only use fake gold fraud for loans from the bank to pay off the interest, it is difficult to continue and collapse at last. Because the density of tungsten is 18.6g/cm3, very close to the density of gold which should be good material for handicrafts and souvenirs; but is mixed into billions of gold bullion as fine gold bullion by illegal purpose such as fraud loan.

Hereby the writer appeals everyone shall distinguish gold carefully to avoid being used by outlaws and suffer unnecessary economic losses or even bear related legal liability.

tungsten gold bullion image

 

 

 

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