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Tons of gold imports turn to dust on arrival

Posted By admin On August 17, 2010 @ 3:09 am In Money Watch | Comments Disabled

Emirates 24/7 [1]
Aug 17, 2010

Several tons of gold imported into the UAE by traders and investors turned out to be fake on closer inspection, resulting in millions of dirhams in losses and high levels of stress to the victims.

Speaking to Emirates 24|7, Mohamad Shakarchi,, Managing Director of Emirates Gold, said: “A lot of people in the UAE who tried to import gold at lower prices or through dubious overseas companies have been cheated.

We have inspected many consignments from African countries, especially Ghana, and found that there is not an ounce of gold in them.

For importing pure dust or other metals with yellow colour, these traders have paid several million dirhams.”

Dubai Customs sources confirmed the incidence of fake gold imports, but did not reply to a questionnaire sent by Emirates 24|7 ten days ago.

Full article here [1]

Having A Supply Of Healthy Foods That Last Just Makes Sense [2]

Tons of gold imports turn to dust on arrival  150410banner7 [3]

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URLs in this post:

[1] Emirates 24/7 : http://www.gulfinthemedia.com/index.php?m=economics&id=531028&lim=&lang=en&tblpost=2010_08&PHPSESSID=72c3bfde6a7c902fff88860b8af74859

[2] Having A Supply Of Healthy Foods That Last Just Makes Sense: http://www.efoodsdirect.com//index.html?aid=14&adid=43

[3] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[4] Chart Of The Day: Chinese November Gold Imports Soar To 91 Tons; 2012 Total 720 Tons: http://www.prisonplanet.com/chart-of-the-day-chinese-november-gold-imports-soar-to-91-tons-2012-total-720-tons.html

[5] Chinese Gold Imports Through August Surpass Total ECB Holdings, Imports From Australia Surge 900%: http://www.prisonplanet.com/chinese-gold-imports-through-august-surpass-total-ecb-holdings-imports-from-australia-surge-900.html

[6] Gaddafi regime sold 29 tons of gold: http://www.prisonplanet.com/gaddafi-regime-sold-29-tons-of-gold.html

[7] Gold Analysts Turn Bullish as Price Regains 40% of June Slump: http://www.prisonplanet.com/gold-analysts-turn-bullish-as-price-regains-40-of-june-slump.html

[8] Tiny Mauritius Tells US To Shove Its Dollar, Buys 2 Metric Tons Of Gold From IMF At $1,115 An Ounce: http://www.prisonplanet.com/tiny-mauritius-tells-us-to-shove-its-dollar-buys-2-metric-tons-of-gold-from-imf-at-1115-an-ounce.html

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