China’s chief auditor discovered 94.4 billion yuan ($15.2 billion) of loans backed by falsified gold transactions, adding to signs of possible fraud in commodities financing deals.
Twenty-five bullion processors in China, the biggest producer and consumer of gold, made a combined profit of more than 900 million yuan from the loans, according to a report on the National Audit Office’s website.
Gold repatriation has been a hot topic in the last 2 years. After Germany, Venezuela, the Netherlands, Finland, Poland, Ecuador, Switzerland, it could be Australia’s turn.
The latest campaign baseline is “Return Aussie Gold” initiated by an Australian volunteer. On his campaign site he writes the following:
There is unprecedented structural change underway in the international gold market due to growing uncertainty around the global financial system. There are also substantial reasons for concern associated with storing Australia’s Gold Reserves in London.