Sorry guys, I intended to say gold plated over tungsten. Since they only have fractional gold I would be less worried, it could easily be test. If it was bigger like 5oz to kilo bar, I would be more worry.
From a scam point of view, opening a shop at the location would be "prefect" in my mind. Potential buyers would be less suspicious at such a location. I don't know about the rent, but I think a few 5oz fill with tungsten would be more than enough to cover overheads. Seldom do people open the assay and physically touch the gold bars, and weight it. The possibility of someone discovering the bars before profit/scam is rather low? After all, no one in their right mind would be in this business for the long term, but the profit is usually addictive. Once it is discovered, simply set it up somewhere else (another city), or after a cooling period different location in the same city.
I've heard from friends that it is hard to get sealed 1oz GML, I guess you are a lucky person TheAccumulator, it is easy to get sealed fractional, just not the 1oz coin.
Hello apoch, I always thought of importing silver into China, but it seems there is a lot of paper work, plus there is a restriction on how much money one could wire from China, difficult to free up cash flow etc.
Just curious, does anyone actually buy from kitco in shanghai? Their price is by far the highest I have ever seen.