Koos Jansen
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Koos Jansen
Posted on 5 Jun 2014 by

I Was Wrong. Rectification

On May 17, 2014, I’ve published a post on this website about the Chinese real estate market. One of the sources I had used was an article from a website based in Taiwan called Want China Times. The article was about real estate debt that supposedly was being settled in silver in the Chinese city Ordos. After publication one of the commenters on my post pointed out that Want China Times may not be a very reliable source. This comment raised serious concerns, immediately I sent an email to Want China Times and to the news outlet their article was based upon, the China Securities Journal. I got no respons, but I adjusted my post by adding that I was not fully convinced about the integrity of Want China Times.

On June 2, 2014, Want China Times published another article that was quickly picked up in the gold community. The headline was; Wall Street Concerned Over China’s Gold Hoarding. This time their article was allegedly based upon a story from BWCHINESE.com. After searching the original story on BWCHINESE without succes, I called Want China Times and asked if they could sent me the link to the original story. They told me they would get back to me as soon as possible. Shortly after I received an email:

Dear reader of WantChinaTimes,

As your request on email and a call from Charlie in In Gold We Trust, we have found the story you mentioned in our website comes from an article in BWCHINESE. It was written in Chinese. Here is its link:


Thanks for your mail and call. I hope this info will be useful to you.


Charlie was the gentlemen I spoke to on the phone. I opened the link to the BWCHINESE story and read it through Google Translate. It didn’t take a professional translator to see the story on BWCHINESE and Want China Times had very little in common. The key statements in the article from Want China Times were not at all discussed in the story from BWCHINESE. Therefor, I’m of the opinion Want China Times is completely unreliable.

Unfortunately the articles from Want China Times are willingly being read in the gold community. For myself I can only say I deeply apologize for spreading false information.

Don’t believe everything you read on the internet.

Koos Jansen
E-mail Koos Jansen on:

  • Zhang An Ping

    Refreshingly honest.

    • In Gold We Trust

      I’ve searched the BWCHINESE website for “Raymond Leung Hai Ming” and “Leung Hai” (in Chinese), I couldn’t find anything that resembles the statements from the WCT. This is what gave me the final push, it seems WCT writes stories based on absolutely nothing.

      I also Googled Raymond Leung Hai Ming (in English). He does exist. I’ll give him a call on monday.

      Was Raymond also on the Max keiser show, or only He Jun?

      I did read Ray’s trail on other media http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=243158&sn=Detail

      • Zhang An Ping

        The Max Keiser remark was slightly throwaway – what I should have said was that the misquoted BW Chinese and spurious WantChinaTimes articles were regurgitated on Max’s show – see e.g. http://rt.com/shows/keiser-report/159940-episode-max-keiser-603/ (Settling property debts with Silver in Ordos) and http://www.maxkeiser.com/2014/06/wall-street-concerned-over-chinas-gold-hoarding/comment-page-1/ (direct reference to Leung Hai Ming)

        He Jun, in contrast, appears to be an all-weather suitably Chinese sounding guy who one minute is a property speculator in Ordos and the next a staff reporter for Want China Times, a Senior Analyst with a Chinese consulting firm or a Xinhua correspondent http://search.cs.com.cn/newsQuickSearch.do?searchword=He%20Jun Maybe he doesn’t actually exist at all? (Sigh – if only the same were true of Max Keiser! Here he is singing ……. http://www.youtube.com/watch?v=d-L2lDbd-SQ or worse still here at 1:04 http://rt.com/shows/keiser-report/159940-episode-max-keiser-603/ )

      • Zhang An Ping

        a propos Ray’s article on Mineweb:

        I have £2 or a copy of Van Arsdell’s book on Dobunnic coinage for you if, when you call Raymond Leung Hai Ming on Monday, he doesn’t distance himself from the following comments attributed to him:

        “an even more recent suggestion by Hong Kong analyst Leung Hai-ming,
        as reported in a Chinese language financial news website, reckons that
        the Chinese central bank bought in over 1,000 tonnes of gold in 2013
        when the gold price fell 27%.

        Leung commented that the U.S. Fed leases around 400-500 tonnes of
        gold annually to the bullion banks to trade in the market, which helps
        control the global gold price. The banks then buy back the gold and
        repay it to the Fed when it makes financial sense to do so. But, and
        this is a big but, the Chinese central bank doesn’t play ball but just
        acts as a sponge soaking up excess gold and never releasing it back into
        the markets. As the amount of gold available for trading appears to be
        diminishing this is certain to have an impact and, says Leung, is
        particularly worrying for Wall Street in the medium to long
        term. Whether Leung has any concrete evidence to support his view on the
        amount of gold China is buying for its reserves is unclear, but being
        Chinese and located in Hong Kong he may well have better contacts than
        many other China watchers

        My wife – who really is named Zhang Lan (in her passport) – is Chinese and is in mainland China right now – does that make her an even better source of information than Raymond? (On which note, Koos, whilst I tolerated your previous casual interest in her sister who works for Bank of China Treasury in Beijing, if you propose to start calling my wife for “interviews” after you have spoken to Raymond, then the offer of £2 is definitely withdrawn and we may need to have a serious chat about you apparent interest in Chinese women…. :-) )

        • In Gold We Trust

          Lets’ see what Ray has to say ;-)

  • http://roacheforque.blogspot.com Roacheforque

    No problem Koos, we do not hold it against you, nor should anyone be held to a standard higher than you have established for yourself, in this retraction.

    But I would go further and say that we cannot trust the motives, intent or content of ANYTHING read ANYWHERE that is freely available to the masses.

    A very wise man once said:

    “If you are searching for facts you will find them, but the items you find will not be true! Did you think that the high powered world of (the LBMA) would operate in a fishbowl for all to see? We cannot take what is on the outside as evidence for what is on the inside. To find the answer work with inside assumptions and extrapolate them to the outside!”

    Not just the LBMA, but many other “high powered worlds” or centers of global influence can be inserted into these parentheses.

    Consider the NSA, CIA and ESFs actions from “inside the fishbowl” – so enmeshed in this world of digital espionage, a la Snowden and Assange – for this very reason. The truth is seldom offered freely.


    • In Gold We Trust

      I have no idea what the motives are from WCT. I just know not to trust their writings.

  • GTR003121

    Thank you Koos, your honesty is appreciated. I enjoy this site very much btw!

  • Shawn C

    旺報 is a China new media to spread fan-China new on Taiwan to gain the friendly image of China toward Taiwan since Taiwan still exist some anti China feeling. I saw a gold article from Want to describe why West hate PBOC because gold only in, no out. That is probably the only article I agree with Want. lol.

  • Zhang An Ping

    Off-Piste but slightly worrying : http://www.scmp.com/news/hong-kong/article/1525986/all-glitters-businessman-who-bought-hk27m-gold-ends-metal-bars

    Please note that Yuen Long is not in mainland China, but in Hong Kong (not far from the airport); http://www.hansens-hikes.com/images/Maps/map-PS-Yuen-Long-Nam-Sang-Wai.jpg note also that this guy appears to have been regularly importing consignments not just of Gold but also of other metals; and that despite SCMP’s cheap remark that “We can’t help but feel this is not the last time as commodity-backed financings are unwound en masse and the underlying collateral found missing… sourcing the underlying by any means will be on the rise”. there is currently no indication that this fraud was either perpetrated or discovered because the bars were involved in a collateralised lending scheme

    I myself am slightly worried though, as I own several dozen bars which look identical to those pictured (and I am spending this morning going through the serial numbers at the Certis Cisco vault in Singapore)

    If you actually want to buy some Made In China Gold bars (or coins) – look no further http://southkingze.com/suisse-gold-plated-bullion-bar_p3935.html where else can you get 1,000 1913 Gold Sovereigns for under US$1 a piece? http://southkingze.com/1913-british-sovereign-george-unc-24k-gold-plated-sovereign-coin_p3823.html


    • In Gold We Trust

      I’m not sure the bars on the picture are the bars of gold (or metal) related to the artcile. The bars in the picture look like they are form Hareaus, which is an LBMA approved refinery. Hareaus doesn’t have a facility in Ghana, so if the gold was directly shipped from Ghana it couldn’t have been Hareaus bars.

      Hareaus fascillities:


      If you own Hareaus bars your safe, unless they fake these bars in Ghana..

      I get many offers in mail box from Ghana miners that would like to sell me dore, bars etc. The fact they reach out to me, a blogger, instead of a refinery in the chain of integrity (LBMA system) tells me their trade is bogus.

  • Martijn

    Dear Koos,

    I really apreciate your rectification, this shows humbleness and integrity. These are two virtues that are getting more rare with each day passing.
    Hopefully other media and governments follow your example, and admit they are wrong and rectify.


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