Saturday, July 21, 2012

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 suspectswho had been trading since October 2008, had never registered with industrialand commercial authoritiesas required by the lawsaid Guo Congbindirector of Luoyangpublic security bureauon 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