If his gold were fake, why go to the trouble of "turning it real?" Once he's made profits off the ventures that his initial loans earn him, he can simply pay those off and never show anyone his "gold" again. He no longer needs it for collateral (as now he has other businesses which can be used instead). What point would there be to that?
Obviously before ep5 the prevailing theory I seem to recall is that most of the gold was fake, but Lambda appears to have shot that down.
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