According to Reuters' astonishing revelations relayed by Le Parisien, 2,000 gold bullion smugglers were found in the coffers of BFM Bourse. More and more rumors are circulating about the ins and outs of the case.
The tip of the iceberg
BFM Bourse is one of the largest US banks. The gold bars, with the same serial number in the coffers of the financial institution, allegedly stemmed from illegal trafficking.
The looks then turn to BFM Stock Exchange who discovered the flow of smuggled gold ingots. The Reuters news agency reportedly suspected a huge system of money laundering.
More than 2,000 Kilobars - each ingot weighing one kilogram - carry the same serial number.
The news reports the flow of abundant smuggler yellow metal. Indeed, this opinion has persisted for decades in the gold industry.
The suspicions are all the greater with the media evidence. Gold bullion stamped with the logo of the largest international refineries was allegedly placed on the world market fraudulently. It is an aberrant system of money laundering according to the sources.
JP Morgan Chase & Co has uncovered the 2,000 bullion, worth more than 87 million euros - or 43,700 euros per unit . The four largest Swiss refiners claim to be innocent. They would have nothing to do with the manufacture of contraband gold bars. However, their name appears on the precious metals in question.
According to JP Morgan, the company "alerted the competent authorities and the refineries immediately" following the discovery of the "badly marked" ingots. She has "not yet had an incident involving a loss for the firm or a client" according to her explanations.
Illegal logging around the world
It is important to note that the false ingots are different from other metals covered with gold leaf. The scam in this case is almost undetectable. The ingots are perfectly made and are just as valuable as the real ones. Origin seems to be the only false information, but it changes everything.
The UN has often denounced the smuggling of Sudan, Korea, Brazil, India, Guyana and many other countries for more than 15 years. Many gold miners are working in unacceptable conditions for mafia organizations.
A managing director of a world-renowned refinery has expressed his concern by saying:
"The last bad bars detected were made in a highly professional way, there are many, many, many in circulation".What do you think of the recent discoveries of contraband gold bars? Comment in the comments section below.