Gold forgery crisis demonstrates the need for Bitcoin

A forgery crisis is disrupting the global gold industry, reported Reuters, emphasizing the need for an easily verifiable store of value—like Bitcoin.

Forgeries slip into the gold supply

Gold bar forgeries are seeping into the vaults of the world’s largest financial institutions. Unlike ‘fake’ gold bars, which are made with cheaper metals plated with gold, these forgeries are made with pure gold and instead pirate the branding of bars from reputable mints.

These counterfeit bars allow gold from conflict zones and sanctioned countries, such as Iran and North Korea, to trade at the premium of ‘clean’ gold. Nevertheless, corporations that come into possession of these forgeries inadvertently risk breaking money laundering and anti-terrorist financing laws.

“It’s a wonderful way of laundering conflict gold. The gold is genuine, but it’s not ethically sourced… They look completely genuine, they assay correctly, and they weigh correctly as well,” said Richard Hayes, CEO of Australia-based Perth Mint.

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