Well I opened a gold key chest and got this:

As you can see I am V16 and I have just picked up a whole pile of nice old armour all scaled to V14. Awesome.
@nagarjunna- PC / NA / AD / DC
Zazarakel - Max CP Magicka Templar
Tartys - Max CP Stamina Nightblade
Temelechus - Max CP Magicka Sorcerer
Assaku - Max CP Stamina DragonKnight
Truthforge - Sub 50 Stamina Templar
Yang Wudi Sub 50 Stamina Sorceror [DC]
Shou Chung Sub 50 Magicka DragonKnight
Chen Tuan Sun 50 Magicka Nightblade