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☆ How to generate some return on Costco after a nice rally, without having to sell the stake
▼ + stars: | 2024-05-13 | by ( Michael Khouw | ) www.cnbc.com time to read: +8 min

How I think about Jim Simons' legacy, and a trade on one of the most successful retailers, Costco, follows. First, a contrarian view in Costco: Costco (COST) is one of the best performing retailers over the past year. Last week, Costco released their four-week retail sales results for the period between Monday, April 8th and Sunday, May 5th. There is only one thing I don't like about Costco, the price. The weak form suggests past market prices, which are generally observable, are fully reflected in stock prices.

Persons: Jim Simons, that's, Jim, James Surowiecki, Francis Galton, Eugene Fama Organizations: Costco, Fund Locations: Costco, U.S, New York, Surowiecki

☆ Shein's U.S. charm offensive and IPO could hinge on NRF membership. So far, it's been rejected
▼ + stars: | 2024-05-13 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

Open to allIt's unclear why the NRF rejected Shein's membership application, but according to one of the people familiar, someone with sway is strongly against the company's admittance. The NRF's board has a leadership team and an executive committee. An NRF membership application form that can be found online states: "Companies principally engaged in retailing are eligible for membership in the Federation." Two of the board members said they weren't aware of any instances where the NRF denied a retailer membership. "I don't think they are in the business of turning anyone down," one of the board members told CNBC.

Persons: Scott Olson, Matthew Shay, Courtney Reagan, CNBC Steve Dennis, Neiman, Sears, Dennis, Shein, John Furner, Bob Eddy, Mike George, Brian Cornell, Tony Spring, wasn't, Wang Ying, Ashley Sanchez, Joscelin Flores, Allen J, They've, Temu, it's Organizations: Getty, National Retail Federation, CNBC, Neiman Marcus, New York Stock Exchange, Shay, Walmart U.S, BJ's Wholesale, Qurate, QVC, Federation, Brands, Publicis Groupe, Coresight, Xinhua News Agency, Forum, World Retail, Los Angeles Times, Chinese Communist Party Locations: Whitestown , Indiana, New York City, America, U.S, New York, United States, Hamburg, Germany, Los Angeles, Paris, Davos, Switzerland, Las Vegas, Shoptalk, Fontana, Ontario Mills, Ontario

☆ April's market pullback was 'enough', we're back to a bull market: Carson Group's Ryan Detrick
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApril's market pullback was 'enough', we're back to a bull market: Carson Group's Ryan DetrickRyan Detrick, Carson Group chief market strategist and Eric Johnston, Cantor Fitzgerald head of equity derivatives and cross asset, joins 'Closing Bell Overtime' for a bull vs. bear debate on the state of the market.

Persons: Carson Group's Ryan Detrick Ryan Detrick, Eric Johnston, Cantor Fitzgerald Organizations: Carson Group

☆ Fewer homeowners are remodeling, but demand is still 'solid'
▼ + stars: | 2024-05-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Skynesher | E+ | Getty ImagesFewer homeowners have been taking on remodeling projects, reports show. The Leading Indicator of Remodeling Activity, an outlook measuring home improvement and repair spending on owner-occupied homes, peaked at 17.3% in the third quarter of 2022. The NAHB/Westlake Royal Remodeling Market Index by the National Association of Home Builders reflects a similar decline. In a release for the group's first quarter report, NAHB Remodelers Chair Mike Pressgrove noted that "demand for remodeling remains solid, especially among customers who don't need to finance theirprojects at current interest rates." The increase in home improvement spending, along the decrease in projects, suggests inflation corroded household budgets, according to the home services website.

Persons: Robert Dietz, NAHB, Mike Pressgrove, remodelers, That's, It's, Redfin Organizations: Getty, Westlake Royal, National Association of Home Builders, RMI, NAHB, Homeowners, State, Angi Locations: U.S

☆ Want to invest in real estate without dealing with tenants or leaky roofs? Buy these 13 stocks with major rebound potential instead, a strategy chief says.
▼ + stars: | 2024-05-10 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

However, there's an easy way to invest in real estate without breaking the bank or even leaving the couch: buying real-estate stocks, which BMO Capital Markets finds increasingly attractive. But, contrary to what many investors believe, higher rates don't always hurt real-estate stocks, Belski wrote. AdvertisementThe market's misleading narrative about real-estate stocks has made the group remarkably cheap relative to its solid fundamentals, in Belski's view. "The severity of underperformance appears mismatched with the fundamental underpinnings of the group," Belski wrote. 13 real-estate stocks set to outperformInvestors looking to diversify their portfolios should consider 13 stocks in the real-estate sector with outperform ratings from BMO Capital Markets.

Persons: —, Brian Belski, Belski, it's Organizations: Service, Business, BMO Capital Markets, BMO, doesn't Locations: Montreal

☆ Quality of some 'growth stocks' hasn't been matching up with price, says Bahnsen Group's CIO
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailQuality of some 'growth stocks' hasn't been matching up with price, says Bahnsen Group's CIODavid Bahnsen, chief investment officer of The Bahsen Group, joins CNBC's 'The Exchange' to share outlooks on potential market weakness, growth stocks, and more.

Persons: Bahnsen, David Bahnsen

"The Fed is the central bank most able to chart its own course," Citi economist Andrew Hollenhorst said in a client note Wednesday. It was the first time the Riksbank had cut since 2016 and takes its main policy rate down to 3.75%. The Riksbank's move was the second central bank cut of the year, as the Swiss National Bank reduced its key rate a quarter point in March in what was seen as a surprise action. Reductions from the Bank of England and European Central Bank are expected to come next, possibly within a month. "With the exception of Japan, developed markets are embarking on a program of rate cuts," Hollenhorst said.

Persons: Andrew Hollenhorst, BOE, Mark, Bailey, Citi's Hollenhorst, Christine Lagarde, CNBC's Sara Eisen, Lagarde, Hollenhorst Organizations: U.S . Federal, Citigroup, Citi, Sweden's, Swiss National Bank, Bank of England, European Central Bank, Bank of America Locations: U.S, Japan

We've got you covered if you're looking for how to get tickets to Maroon 5's concert tour. Maroon 5 2024 tour scheduleMaroon 5 has 16 concert dates lined up for their Las Vegas residency in 2024. Of course, original ticket prices for Maroon 5's 2024 tour vary depending on date, location, and demand for each show. Generally, resale ticket prices for Maroon 5's 2024 shows are comparable to or cheaper than the costs of standard original tickets. Maroon 5 doesn't have any opening acts for their Las Vegas residency concert dates.

Persons: Adam Levine, We've, Maren Morris, hasn't Organizations: Business, Las Vegas, MGM, Dolby, Las, Ticketmaster, Vivid Locations: Las Vegas, North America, Vegas, Clarkston, MI, Toronto, ON, Canada, Charlotte, NC, Holmdel, NJ, Springfield, NY, Milwaukee, Ottawa, Clarkston , Michigan, , New Jersey, Springfield , Massachusetts, Toronto , Ontario, Ottawa , Ontario

☆ This chart shows just how absurd Trump Media's valuation is
▼ + stars: | 2024-05-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

It's well known that Trump Media stock trades at a premium valuation, but one chart shows just how absurd it is. AdvertisementA lot has been written about Trump Media and Technology Group's premium valuation, but one chart really helps put it into perspective. The social media company, founded by former President Donald Trump, has a market valuation of nearly $7 billion. Another way to value the profitless Trump Media is to compare its current market valuation to its monthly active user base. Since Trump Media's recent stock surge,that valuation has surged to $1,309 per Truth Social user, and at its peak in March, each Truth Social user was worth $1,794.

Persons: Donald Trump's, —, Donald Trump, Michael Cembalest, Alex W, Cembalest, Steve Sosnick, MAGA, Sosnick Organizations: Trump Media, Service, Technology, Truth, MSNBC, JPMorgan, Trump, Interactive Brokers Locations: 1,590x

☆ Cramer's Lightning Round: CME Group is a buy
▼ + stars: | 2024-05-07 | by ( Julie Coleman | ) www.cnbc.com time to read: 1 min

Stock Chart Icon Stock chart icon Caterpillar's year-to-date stock performance. Stock Chart Icon Stock chart icon C3.ai's year-to-date stock performance. Stock Chart Icon Stock chart icon CME Group's year-to-date stock performance. CME Group : "[buy, buy, buy!] Stock Chart Icon Stock chart icon Tesla's year-to-date stock performance.

Organizations: CME

☆ Amateur archaeologists found a mysterious 12-sided object from the Roman Empire that experts can't explain
▼ + stars: | 2024-05-07 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +5 min

An amateur archaeology group found a mysterious dodecahedron near an ancient Roman villa. Amateur archaeologists with the Norton Disney History and Archaeology Group have been excavating its remains, including a bathhouse, gatehouse, and ancient tiled mosaic floors for the last few years when they made a miraculous discovery. Though he'd never seen one in person, Rob Evershed, a member of the group, recognized the hollow, rounded object as a Roman dodecahedron. No one knows the purpose of the dodecahedronThe Norton Disney History and Archaeology Group on the day they discovered the dodecahedron. Dodecahedrons may have been custom-madeParker thinks it would've taken an expert to make the dodecahedron that the Norton Disney group found.

Persons: —, Richard Parker, Richard Watts, they've, Norton, we'd, Parker, he'd, Rob Evershed, Frances McIntosh, McIntosh, haven't, dodecahedrons Organizations: Service, Norton Disney, Group, BBC, Lincoln Museum, English Heritage, Washington Post Locations: London, Hertfordshire, England, England's Midlands, British, Britain, Roman, Belgium, Croatia, France, Germany, Great Britain, Hungary, Luxemburg, Netherlands, Switzerland, Italy, Spain, Africa, Turkey

☆ Spanish startups hit Microsoft with complaint over cloud practices
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Microsoft was hit with a Spanish startup group's complaint about its cloud practices to the Spanish antitrust regulator on Tuesday, the latest grievance over its fast-growing cloud computing services and which followed a trade group's EU complaint. The Spanish Startup Association, which represents more than 700 startups in Spain, cited a number of allegedly anti-competitive practices by Microsoft in recent years. Microsoft defended its cloud practices. "Microsoft provides choice and flexibility for our customers to switch to another cloud provider at no cost, and our licensing terms enable our customers and other cloud providers to run and offer Microsoft software on every cloud," a spokesperson said. "We will engage with the Spanish Startup Association to learn more about its concerns."

Persons: Carlos Mateo Organizations: Microsoft, Mobile, Amazon, Spanish Startup Association, Operating Systems, Windows, Reuters, Cloud Infrastructure Services, European Commission, Competition, Markets Locations: Barcelona, Spain, Spanish, U.S, Europe

☆ Century Pacific Group's CEO on his growth mantra
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentury Pacific Group's CEO on his growth mantraChristopher Po, president and CEO of Century Pacific Group, speaks with CNBC's Christine Tan about the challenges he faced in entering new food market categories, as well as the company's growth outlook.

Persons: Christopher Po, CNBC's Christine Tan Organizations: Century Pacific Group

☆ Hamas just agreed to a cease-fire deal, but Israel is still a question mark
▼ + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com time to read: 1 min

Hamas said in a statement Monday that it's accepted a cease-fire proposal from Qatar and Egypt in the war with Israel, according to multiple reports. AdvertisementIt's unclear if Israel has accepted the terms of the Qatari and Egyptian cease-fire plan. The militant group's leadership announced it had agreed to the deal, Reuters reports. Hours earlier, Israel had dropped leaflets on the Gaza city of Rafah, warning citizens to evacuate ahead of military operations. Please check back for updates.

Persons: it's, Israel Organizations: Qatari Locations: Qatar, Egypt, Israel, Egyptian, Gaza, Rafah

☆ China's Ant Group doubles down on global expansion with cross-border payments offering Alipay+
▼ + stars: | 2024-05-06 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

Photo of a person making a mobile payment. Ant InternationalChinese fintech major Ant Group is looking to boost its global presence via its digital offering, Alipay+, as it seeks to connect mobile payment apps around the world. The group's global arm, Ant International, introduced Alipay+ in 2020, allowing foreigners to use apps from their home countries to make payments in China and other countries by scanning QR codes of Ant Group's largely domestically-focused platform Alipay. Ant with its Alipay+ offering seeks to make the most of the early inroads into those markets. "We had the benefit that Alipay was already accepted in many merchants around the world so one of our first steps was [to] convert those merchants to Alipay+ merchants.

Persons: Douglas Feagin, Ant Group's, Ant, Feagin, Alipay Organizations: Ant, Ant Group, CNBC, Ant International Locations: China, Asia, Latam, Europe, U.S, Alipay, Singapore, South Korea, Thailand, Japan

6:41 a.m.: Morgan Stanley raises Carvana price target Morgan Stanley likes what it sees from Carvana after its "operational turnaround." The bank reiterated an underweight rating on the used car retailer but raised its price target to $75 per share from $45. "Throughout 2023, CVNA transitioned from a distressed equity into an operational turnaround with a restructured interest burden," Morgan Stanley analyst Adam Jonas said. The firm downgraded the HVAC stock to neutral from buy and lowered its price target to $68 per share from $74. MU YTD mountain MU year to date — Brian Evans 5:45 a.m.: Morgan Stanley upgrades U.S. Steel There's a big buying opportunity in U.S. Steel after a recent pullback this year, according to Morgan Stanley.

Persons: Morgan Stanley, Baird, Morgan Stanley's, CVNA, Adam Jonas, — Brian Evans, Wells, Mike Mayo, Mayo, Brian Evans, Johnson, Damian Karas, " Karas, Tristan Gerra, Gerra, Carlos De Alba, Alba, De Alba, Fred Imbert Organizations: CNBC, U.S, Steel, Micron Technology, Wells Fargo, Citi, UBS, Johnson, JCI, Micron, MU, Nippon Steel, U.S . Steel, . Steel Locations: Carvana, Wells Fargo, Friday's, U.S

☆ Century Pacific Group's Christopher Po discusses balancing social impact and financial growth
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentury Pacific Group's Christopher Po discusses balancing social impact and financial growthCNBC's Christine Tan speaks with Century Pacific Group’s President & CEO, Christopher Po, on making a positive impact in communities while also making a good financial return.

Persons: Christopher Po, Christine Tan Organizations: Pacific

☆ 'Hard for us not to be bullish' on stocks, says Carson Group's Ryan Detrick
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Hard for us not to be bullish' on stocks, says Carson Group's Ryan DetrickRyan Detrick, Carson Group chief market strategist, joins CNBC's 'Closing Bell' to discuss market momentum, a summer rally, outlook on stock outperformance in 2024, and more.

Persons: Carson Group's Ryan Detrick Ryan Detrick Organizations: Carson Group

☆ Activist Nihon Global puts forth ideas to build shareholder value at noodle giant Toyo Suisan
▼ + stars: | 2024-05-04 | by ( Kenneth Squire | ) www.cnbc.com time to read: +11 min

Toyo Suisan has consistently outperformed Nissin Foods in North America, one of the most profitable and fastest-growing markets in the world. It generally starts with shareholder proposals that by regulation can only address specific issues, such as capital allocation and dividends. Last year, 3% of corporate governance shareholder proposals were passed and 4% of balance sheet-based shareholder proposals were passed. First, it shows the opportunities available to activists in Japan where reasonable shareholder proposals could lead to significant shareholder value creation. Brian Doyle of Nihon Global and his team are a good example of this.

Persons: Toyo Suisan, Toyo Suisan's, Nissin, Nihon, hasn't, Judge Chamberlain Haller, Vinny, Nihon Global's, Brian Doyle, Hiroyuki Otsuka, Carlyle, Ken Squire Organizations: Toyo, Nihon Global Growth Partners Management, Nihon Global, Nihon, Nissin, Foods, Nissin Foods, Tokyo Stock Exchange, U.S, White, Newton Investment Management, 13D Locations: Japan, Toyo, North America, Mexico, U.S, American, United States, Asia

☆ Jobless rates rise in April for all racial groups except Black Americans
▼ + stars: | 2024-05-03 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: 1 min

The unemployment rate for Black Americans fell in April, bucking the overall trend, according to data released Friday by the Department of Labor. Black Americans remain the racial group with the highest jobless percentage in the U.S., even after the group's unemployment rate dipped to 5.6% last month from 6.4% in March. Still, that's notable compared with the overall unemployment rate — which rose to 3.9% in April from 3.8% — and to the other racial demographics, which all saw their unemployment rates increase last month. White Americans saw their unemployment rate edge fractionally higher to 3.5% from 3.4%. The jobless rate for Asian and Hispanic workers, respectively, rose to 2.8% from 2.5%, and to 4.8% from 4.5%.

Organizations: Black, Department of Labor Locations: U.S

☆ Interest rates and the AI-fueled rally remain top of mind for stock investors in the week ahead
▼ + stars: | 2024-05-03 | by ( Alex Harring | ) www.cnbc.com time to read: +9 min

The Fed and economic policy were top of mind this week given the central bank's Wednesday decision to yet again leave interest rates unchanged , as it has since last summer. This week included the conclusion of April's trading month, which marked the first down month of the year for all three major market averages. Indeed, some recent earnings reports have raised doubts about the economy, with brands from McDonald's and Starbucks evidencing signs of strain among consumers. While no new inflation numbers are scheduled for release next week, investors will see reports on March wholesale inventories, March consumer credit and May consumer sentiment from the University of Michigan. AI trade Though interest rates took center stage this week, investors also continued monitoring companies tied to the artificial intelligence boom amid the stocks' recent choppiness.

Persons: they're, Jerome Powell, Larry Tentarelli, David Donabedian, Sam Stovall, There's, Stovall, Tom Hainlin, Tentarelli, CFRA's Stovall, Lyft, Cabot, Aramark, Tempur Sealy, Nikola, Walt Disney, Sally Beauty, Warby Parker, Krispy Kreme, Papa John's Organizations: Federal Reserve, Treasury, Nasdaq, Dow Jones, CIBC Private Wealth, Dow, CFRA, Citigroup, Bank of America, U.S, Bank Wealth Management, University of Michigan, Nvidia, Disney, Spirit Airlines, Tyson Foods, Pharmaceuticals, Lucid, Palantir Technologies, Simon Property, Tech, Lab, Goodyear Tire, Noble Corp, Vornado Realty, Coty, BellRing, Consumer, UBS, BP, Nintendo, Bloomin, Duke Energy, Rockwell Automation, Ferrari, NRG Energy, Electronic Arts, Cirrus, Adaptive Biotech, Arista Networks, Dutch Bros, Holdings, Virgin Galactic, IAC, Rivian Automotive, Brighthouse, Occidental Petroleum, Assurant, Kinross Gold, Labs, Diamond, Reddit, Anheuser, Busch InBev, Embraer, Health, United Parks & Resorts, Emerson Electric, Brookfield , New York Times, Food, Reynolds Consumer Products, Teva Pharma, Uber Technologies, Dine Brands, Liberty Broadband, Fox Corp, Cushman &, Liberty Media, Arm Holdings, Kodiak Gas Services, Solaredge Technologies, AMC Entertainment, Cheesecake, News Corp, Toyota Motors, Fair, US Foods, Hyatt Hotels, Warner Bros, Hilton, Warner Music Group, Unity Software, Insurance, Gen, Honda, AMC Networks Locations: Central, McDonald's, Expeditors, Occidental, Angi, Brookfield , New, Ambev, Cushman & Wakefield, Michigan

☆ Tyler Stanaland and Alex Hall continue playing will-they-won't-they in 'Selling the OC' season 3 — and right now, it looks like they won't
▼ + stars: | 2024-05-03 | by ( Palmer Haasch | ) www.businessinsider.com time to read: +8 min

Over the course of the season, Tyler and Hall have multiple discussions about their relationship and at least one steamy kiss. Here's everything we know about whether Tyler and Hall are dating after "Selling the OC" season three. AdvertisementTyler and Hall's sexual tension ramped up on 'Selling the OC' season 2Tyler Stanaland and Alex Hall on "Selling the OC." Season 3 is filled with more indecisionAlex Hall and Tyler Stanaland continue to test the waters of a relationship on "Selling the OC" season 3. Tyler Stanaland and Alex Hall on "Selling the OC."

Persons: —, Tyler Stanaland, Alex Hall, Tyler's, Brittany Snow, Tyler, Terence Patrick, Gio Helou, Hall, Brandi Marshall, Polly Brindle, Polly, wouldn't, costars, Hall's, he's, flakiness, doesn't, it's, Tudum Organizations: Service, Group, Business, Hall, Netflix, Oppenheim Locations: Cabo, Fiji, Australia, San Diego, Nashville, Vegas, London, Italy

☆ AI engineers report burnout, rushed rollouts as 'rat race' to stay competitive hits tech industry
▼ + stars: | 2024-05-03 | by ( Hayden Field | ) www.cnbc.com time to read: +16 min

The AI engineer bailed on his friends, who had traveled from the East Coast to the Seattle area. watch nowThis is the dark underbelly of the generative AI gold rush. Last year marked the beginning of the generative AI boom, following the debut of OpenAI's ChatGPT near the end of 2022. Justin Sullivan | Getty ImagesAn AI engineer at Microsoft said the company is engaged in an "AI rat race." The Microsoft AI engineer said a lot of tasks are about "trying to create AI hype" with no practical use.

Persons: Sebastien Bozon, Jensen Huang, Tech's, Amy Hood, Mark Zuckerberg, Zuckerberg, Andy Jassy, Jassy, they're, Eric Gu, “, Gu, Satya Nadella, Sam Altman, Justin Sullivan, there's, Morry, Kolman, doesn't, Sundar Pichai, Bard, There's, That's, beholden, Ayodele Odubela, ", it’s, Adam Selipsky, Anthropic, Dario Amodei, Noah Berger, Odubela, Gemini Organizations: Google, Apple, Facebook, Microsoft, AFP, Getty, Amazon, CNBC, Big Tech, Nvidia, Google . Engineers, Tech, Vision, Cloud Next, Web, Amazon Web Locations: Mulhouse, France, East Coast, Seattle, ChatGPT, San Francisco, Vegas, Las Vegas, German

☆ BlackRock says now is the time to lock in higher yields and move cash into bonds
▼ + stars: | 2024-05-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Investors with cash on the sidelines may want to start moving some of that money into bonds, according to a new report from BlackRock. The bond market has seen some volatility amid the uncertainty around interest rates and the Federal Reserve's monetary policy. Bond yields move inversely to prices. US10Y YTD mountain 10-year Treasury yields Yields are at levels not seen in 20 years, he pointed out. Aggregate Bond ETF year to date The iShares Core Total USD Bond Market ETF (IUSB) is also a passively managed, broad bond market fund which adds exposure to potentially higher-yielding names.

Persons: Steve Laipply, shouldn't, Laipply Organizations: Federal, Treasury, BlackRock, Fed, Core, Aggregate Bond, Bloomberg U.S, SEC, Aggregate, Bond Locations: BlackRock

☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

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