Saturday, August 21, 2010

Golden Bandits and Scammers

Two recent gold stories caught my eye this week. The bandits and scammers are "in the know" about the future of gold. Does rising theft and forgery indicate that the gold market is short on supply? I love the comment about traders getting greedy. That's never happened before!

"UAE gold investors are reported to have lost millions of dirhams after several tons of gold they imported from Africa was fake. Mohamad Shakarchi, managing director of Emirates Gold, told Emirates 24/7 the firm has stopped examining gold imports from Africa because of the high level of forgeries. 'We don’t have time to waste because most of these so called gold imports are fake. The traders got greedy. They thought they were getting gold at a discounted rate,' he told the website."

"Two thieves didn't have to scour a deserted island or the depths of the sea to to nab a gold bar. According to police, they stole the bar - which was recovered from a shipwreck of a Spanish galleon off the Florida Keys - from the case at a museum. The two bandits stole an 11-inch, 74.85-ounce gold bar worth an estimated $550,000 Wednesday from the Mel Fisher Maritime Museum in Key West, Fla., where it had been displayed for more than 20 years. Museum executive director Melissa Kendrick described the heist as 'a very quiet smash and grab,' according to Reuters."
Source: CBS News

No comments: