Tuesday, November 19 2019
By GCRU Gold News on Tuesday, November 19 2019, 06:12
Two Venezuelans charged with smuggling about $5 million worth of gold bars in a private plane to South Florida have cut plea deals with federal prosecutors to gain light prison sentences along with immediate deportation to Venezuela.
Saturday, November 17 2018
By GCRU Gold News on Saturday, November 17 2018, 21:54
The Utah Department of Commerce said in a Friday news release that Rust had fraudulently obtained more than $170 million from people in Utah and 16 other states in a scheme involving silver.
The complaint alleges that for more than 10 years, Rust “tricked” investors who believed they were pooling their money so Rust and his company would sell silver held in a pool as market prices rose, and buy silver for the pool when prices fell. Investors were told this would lead to “extraordinarily high profits.”
Friday, April 27 2018
By GCRU Gold News on Friday, April 27 2018, 07:58
The mint confirmed Thursday that an employee has been fired and the RCMP called after the discovery of the missing gold, two one-kilogram blanks, together worth about $110,000.
Tuesday, March 13 2018
By GCRU Gold News on Tuesday, March 13 2018, 01:04
Congressmen Alex Mooney (R-WV) criticized the United States Mint for its “disappointing and concerning” lack of awareness or action on the growing problem of high-quality counterfeits of U.S. precious-metals coins entering the country from China and elsewhere.
“The U.S. Mint’s response dated November 17, 2017, seemed to suggest a belief that the problem was not significant,” wrote Mooney in his March 6 letter.
“However, the U.S. Secret Service has since briefed my office about the extent of this activity and its frustration with a lack of supportive actions by other agencies, including the U.S. Mint.”
Thursday, January 11 2018
By GCRU Gold News on Thursday, January 11 2018, 00:36
Security logistics and precious metals vaulting company Brinks reported after hours, when it announced that it would incur an $11 million charge as a result of a theft of an international gold shipment in December.
Friday, October 20 2017
By GCRU Gold News on Friday, October 20 2017, 05:39
The world's oldest gold trader is for sale after a massive money laundering scandal may have terminally crippled one of the most iconic names in the business.
Canada’s Bank of Nova Scotia is exploring options for its gold business ScotiaMocatta, the Financial Times reported, which include a possible sale of Canada's most popular precious metals trader. Scotiabank made a decision to sell ScotiaMocatta following a massive money laundering scandal centered on a U.S. refinery that involved smuggled gold from South America. The ScotiaMocatta business, a mainstay in PM trading, is one of London’s main gold trading banks and is being sold by JPMorgan.
Thursday, September 7 2017
By GCRU Gold News on Thursday, September 7 2017, 01:19
The U.S. Commodity Futures Trading Commission (CFTC) said on Wednesday it filed a civil lawsuit against California-based gold dealer Monex Deposit Co in what it called the biggest-ever retail precious metals fraud enforcement action brought by the regulator.
The CFTC alleges Monex, deploying high-pressure sales tactics, deceived thousands of retail customers who lost a total of $290 million in connection with illegal, off-exchange leveraged precious metals transactions.
Saturday, August 26 2017
By GCRU Gold News on Saturday, August 26 2017, 02:49
Customs officials are investigating what is apparently a case of gold smuggling, one that speaks to the growing level of sophistication among smugglers exploiting budget carriers' tendency to use the same aircraft for both domestic and international flights.
Some media outlets have also pointed the finger at China's wealthy. The argument goes that the rich, having lost confidence in the Chinese yuan and with investment in other assets becoming difficult, are turning to gold smuggling to move their wealth out of the country. They supposedly hire mules to carry the gold from China, as well as places like South Korea and Taiwan, into Japan, where the consumption tax increase has made it easy for them to pay off the carriers and bribe staff at Asian airports.
Tuesday, August 8 2017
By GCRU Gold News on Tuesday, August 8 2017, 00:21
Companies will no longer be able to pay employees their salaries in gold bullion in the first use of a new law designed to combat “morally repugnant” tax avoidance schemes.
Thursday, July 13 2017
By GCRU Gold News on Thursday, July 13 2017, 02:41
Hundreds of special German police officers executed raids across several buildings across southern Berlin early Wednesday, nabbing four suspects in the hunt for a 220-pound gold coin valued at about $3.9 million. It was stolen from Berlin's Bode Museum in March, where it had been since 2010.
Thursday, June 8 2017
By GCRU Gold News on Thursday, June 8 2017, 03:33
A series of robberies and smuggling cases in southern Japan suggest that the region has become a hotbed of underworld activity surrounding the lucrative gold trade.
"In years gone by, the 'yakuza' earned their living largely from extortion and protection rackets, but the new legislation has effectively eliminated those revenue streams," he said. "So they have been casting around for a new way of making a living, and the gangs that are dominant in southern Japan have clearly recognized the opportunities that lie in gold."
Tuesday, May 16 2017
By GCRU Gold News on Tuesday, May 16 2017, 11:21
Three men who stumbled across more than a kilogram of gold during a barbecue at a West Australian mine site, stole it, then bragged about it on Facebook have been hit with heavy fines.
Saturday, May 6 2017
By GCRU Gold News on Saturday, May 6 2017, 08:23
Japanese customs detected a mere eight attempts to smuggle gold into Japan in the 12 months to June 2014, according to the Coordination Division of the Finance Ministry in Tokyo. Underlining the new-found appeal of the underground trade, that figure climbed to 177 cases the following year and had reached 294 incidents in the year to June 2016.
Gold has become a hot item in Japan since the government raised the consumption tax on goods from 5 per cent to 8 per cent in April 2014. Illegal imports are unlikely to dry up in the future as the government is committed to its plan to increase the tax to 10 per cent in the future.
In comparison, the consumption tax on gold in Hong Kong is zero, so it is significantly cheaper to buy the precious metal in Hong Kong and sell in Japan on the black market, avoiding the taxes.
Tuesday, April 4 2017
By GCRU Gold News on Tuesday, April 4 2017, 01:45
Effective March 31, 2017, 6:00p.m. Central Time (CT), Commodity Exchange, Inc. (“COMEX”or “Exchange”) will suspend registration (warranting) of the Elemetal Refining, LLC (ELEM) gold and silver brands (Brand Mark “ELEMETAL REFINING AND JACKSON IN A CIRCLE WITH A STYLIZED E AND M IN AN INNER CIRCLE”) for delivery against the Exchange’s Gold and Silver futures contracts.
As such, any unwarranted ELEM gold (100-troy ounce bars and kilo bars) and silver at Exchange-approved depositories will no longer be deemed, or reported as, eligible for registration.
Saturday, April 1 2017
By GCRU Gold News on Saturday, April 1 2017, 03:51
The Australian Taxation Office is preparing to go to war with companies involved in alleged complex gold scams that have cost taxpayers more than $700 million in lost GST revenues, pledging to leave “no stone unturned” as it seeks to claw back funds and unravel the long-running saga.
The alleged fraud being targeted by the ATO involved criminal syndicates buying and selling gold and pocketing GST refunds by exploiting the different tax treatment of gold, depending on whether it was in scrap or bullion form.
Pure gold is treated by the ATO as currency, and it cannot be sold with the addition of GST, whereas scrap gold attracts a 10 per cent premium.
Tuesday, March 28 2017
By GCRU Gold News on Tuesday, March 28 2017, 00:20
German press has reported that thieves broke into Berlin's Bode Museum and made off with a massive 100-kilogram (221-pound) gold coin worth millions.
According to German media, the stolen coin is the "Big Maple Leaf", a commemorative piece issued by the Royal Canadian Mint in 2007. The three-centimeter (1.18-inch) thick coin, with a diameter of 53 centimeters (20.9 inches), has a face value of $1 million. By weight alone, however, it would be worth almost $4.5 million at market prices.
Friday, March 24 2017
By GCRU Gold News on Friday, March 24 2017, 22:32
The photos in this gallery were taken inside a Chinese coin counterfeiting operation. This counterfeiting ring is suspected of putting thousands of fake coins onto the world and U.S. coin markets every month.
By GCRU Gold News on Friday, March 24 2017, 08:20
A pair of 17-year-old boys carried out a scheme using fake gold bars to scam people out of more than $50,000, according to police.
Investigators said the Bend teens bought artificial gold bars online that looked like the real deal. They then sold the bars as authentic to people in central Oregon, according to police.
Investigators described the suspects as "sophisticated" in using multiple ways to conceal their identities and scheme.
The teens identified people interested in buying gold through Craigslist and then set up meetings to make the transactions.
Tuesday, February 21 2017
By GCRU Gold News on Tuesday, February 21 2017, 23:02
A Caijing report on Monday accused Boyuan Mining Co, a metal producer based in Lingshan, Henan Province, who used to produce gold-plated tungsten bars, has caused loss of more than 10 billion yuan (US$1.45 billion) during the past decade through fraud.
Sunday, January 8 2017
By GCRU Gold News on Sunday, January 8 2017, 02:03
The SBU Security Service of Ukraine in a massive raid have seized 60 kg worth of gold bars and gold certificates for 400 kg of gold at the premises of the officials of one of Ukraine’s agricultural holdings.