Gold Has Largest Dollar Gain Ever After Fed QE Infinity Move


China most-traded gold futures contract on the Shanghai Futures Exchange new record high of 402.9 yuan per gram.

No doubt aided by the Wuhan Fake Gold scandal:

One of China’s largest gold jewellery manufacturers, Wuhan-based and NASDAQ-listed Kingold Jewelry, is being accused of depositing fake gold bars as collateral to obtain loans from 14 Chinese financial institutions.

The 83 tonnes of gold were purportedly valued at 20.6 billion yuan (A$4.2 billion) but many of them have turned out to be gilded copper, according to reports from Beijing.

Kingold Jewelry Inc
0.71 USD −0.14 (16.52%)