The police in China have been very busy as of late, chasing down hardcore suspects that have been illegally promoting investments to over 5,000 investors. This gold scam is worth $59.62 billion or 380 billion yuan, but who’s counting. Maybe it’s a good idea to invest in physical gold?
According to a ChinaDaily report, the 33 “suspects who had been trading since October 2008, had never registered with industrial and commercial authorities, as required by the law,” said Guo Congbin, director of Luoyang public security bureau, on Tuesday. While it is illegal in the mainland, “they promoted investments in Loco London gold, the London gold market in Hong Kong.”
Forbes gave this analysis — ”China is expected to overtake India as the largest market for gold this year.”
So what this means is the Chinese are not going to stop buying gold, in fact, the demand is going to increase dramatically. Investors might be a little more cautious after a fraudulent case like this erupts in the news. You think?
For those interested in buying gold, TE Investments offers a very interesting page about the subject. The website claims that: “The basic centers of trade are: Loco London, Loco Zurich, Loco New York, Loco Tokyo.”
There is the Nigerian scam, which is a type of advance fee fraud and one of the most common types of confidence frauds in which the victim is defrauded for monetary gain. This scam is called the Nigerian 419.
How about a 419? Maybe I Go Chop Your Dollar man. You are the loser, I am the winner…
