Gold counterfeiters active
Just now 18.6 tonnes of gold have been discovered again in China, but all gold-plated copper bars. One company had probably been storing fake gold for years as collateral for loans. The company is based in Wuhan, the place that gained a sad notoriety during the Corona pandemic crisis. Just weighing the bars would have revealed their true nature. So, the fakes were of low quality. But China is often the centre for professionally manufactured fake gold bars. For example, bars consisting of a tungsten core and a gold shell are among the "higher quality" fakes.
For laypersons such forgeries are difficult to detect. Even experts have to work with special test procedures to find a thin gold leaf alloy or silver vaporization. Since gold and silver are particularly popular right now, it is an interesting alternative to rely on the gold in the bottom of the gold companies. Here - at least since the Bre-X scandal in the 1990s - there have been no more conspicuous frauds.
An estimated 170,000 tons of gold have been extracted from the earth by gold prospectors over the last millennia. From today's point of view and with today's technologies, there are still about 100,000 tons of gold that can be mined. In 2019, the amount of gold mined worldwide was just under 3,500 tonnes, according to the World Gold Council. The quantities have been increasing for years and compared to 2018 this was the first decline since 2008, so many people assume that the gold mining peak has been reached. Which means that production volumes are now going down.
In any case, there are solid companies that can provide a supply of the coveted precious metal, such as OceanaGold or Caledonia Mining.
OceanaGold is a mid-sized gold producer with mines in New Zealand and the Philippines and in South Carolina. A total of up to 360,000 ounces of gold are expected to be produced this year.
Caledonia Mining takes the gold from the Blanket gold mine in Zimbabwe. The second quarter brought in around 13,500 ounces of gold despite difficult circumstances such as interrupted supply chains. This was even an increase of 6.2 per cent compared to the same quarter of the previous year.
Latest company information and press releases from OceanaGold (https://www.resource-capital.ch/en/companies/oceanagold-corp/) and Caledonia Mining (https://www.resource-capital.ch/en/companies/caledonia-mining-corp/).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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