There’s no gold in them thar hills

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The final chapter in one of the biggest financial hoaxes in Canadian history.

Bre-X was the darling of the Toronto Stock Exchange after reporting finding a major gold deposit in Indonesia. But the Busang mine find was later revealed to be a fake, resulting in the company’s shares nose-diving and wiping out about $3 billion in investors’ money.

www.cbc.ca/news/canada/calgary…

Even @anounceofsaltperday wouldn’t like the salting of this mine in this hoax.

I believe real people lost real money in this one.

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2 thoughts on “There’s no gold in them thar hills

  1. gaiagaia

    I don’t know if these people are high up enough to be awarded “fake deaths”, sometimes people just die, nothing suspicious.

    This story I knew:

    “Geologist Michael de Guzman, who was later blamed for orchestrating the “salting” of gold core samples at the Busang site, is believed to have died after falling, jumping or being pushed from a helicopter above the Indonesian jungle in 1996.”

    And in rogue regions with lots of dirty investors and business and even selling a fake gold deposit for way more than it’s worth is not at all uncommon, I’d say. Most of the time these people stay out of the media, but maybe in this case it was too big to contain and they had to release some information about these people.

    I hope “Fakeologists” will not use a case of a fake gold deposit to suggest all gold or other ore deposits as “fake”. Like what happens with dinosaurs (a fake fossil does not make the whole group of animals fake) and other instances I have seen in the recent past (“oil does not come out of the ground”, WTF??).

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