China Gold Trading Ring Took Billions

By An Baijie in Zhengzhou ( China Daily)

Police in Central China's Henan province rounded up 33 people suspected of illegal gold-futures trading in a case involving more than 5,000 investors and at least 380 billion yuan($59.62 billion).

The suspects, who had been trading since October 2008, had never registered with industrialand commercial authorities, as required by the law, said Guo Congbin, director of Luoyangpublic security bureau, on Tuesday.   LINK...

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Another case of paper promises gone bad. Physical gold with no counter-party risk is the only safety.   BK