HONG KONG - Hong Kong, in its position as the back door to the booming Chinese gold market, is a prime location for gold counterfeiters. Haywood Cheung, president of the Chinese Gold & Silver Exchange Society, Hong Kong’s century-old bullion exchange, said goldsmiths and jewelers in the territory had been duped into buying between 200 and 2,000 ounces of a new, hard to detect alloy passed off as bullion.

 

In one case, executives discovered a pure gold coating that masked a complex alloy with similar properties to gold. The fake metal included a significant amount of bullion, about 51 per cent of the total, alloyed with seven other metals: osmium, iridium, ruthenium, copper, nickel, iron, and rhodium.

Read the full article in Financial Times.

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