That’s not speculation. That’s arbitrage. But it’s also not traditional arbitrage. The producers of these counterfeit bars would likely be delighted to have th

That’s not speculation. That’s arbitrage. But it’s also not traditional arbitrage. The producers of these counterfeit bars would likely be delighted to have the real gold minting houses certify and stamp their gold for a reasonable price. But they can’t because of sanctions or possibly capital controls. This counterfeiting is about bypassing market controls to trade illicit gold.