Skip to comments.Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District
Posted on 09/18/2012 7:08:59 PM PDT by Perdogg
It is one thing for tungsten-filled gold bars to appear in the UK, or in Germany: after all out of sight, and across the Atlantic, certainly must mean out of mind, and out of the safe. However, when a 10 ounce 999.9 gold bar bearing the stamp of the reputable Swiss Produits Artistiques Métaux Précieux (PAMP, with owner MTP) and a serial number (serial #038892, likely rehypothecated in at least 10 gold ETFs across the world but that's a different story), mysteriously emerges in the heart of the world's jewerly district located on 47th street in Manhattan, things get real quick. Moments ago, Myfoxny reported that a 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit. The discovery was made by the dealer Ibrahim Fadl, who bought the PAMP bar in question from a merchant who has sold him real gold before. "But he heard counterfeit gold bars were going around, so he drilled into several of his gold bars worth $100,000 and saw gray tungsten -- not gold. The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce."
(Excerpt) Read more at zerohedge.com ...
The guy should watch Pawn Stars!
When you heard of ‘ghost steel’ in China, you knew a gold fraud was close behind.
Pat Buchanan just said
Barack Obama drug dealer of welfare
Civilization is founded on trust. No trust, no civilization.
I heard some speculation about a month ago that it may be a lot worse than this. They were talking Fort Knox. Can’t remember where I heard it.
Just buy tungsten bars. If you buy a gold bar and someone fills it with tungsten, then you lose, but if you buy a tungsten barm, and someone fills it with gold, then whoopie!
Meanwhile the fed is “rehypothecating” money all over the place.
Major fail revealed in that sentence. If you are not a reputable merchant, how are you going to sell your gold? What good is $10,000,000 worth of gold if no one will buy, or trade with you because they can't trust it's gold?
And it only costs a buck. (That’s $10,000 in 2014 dollars)
People should start buying gold in the half bar. Only accept it after it’s been sheared in half leaving the center exposed.
Perhaps the serial numbers could be traced back? As in the gold they were holding in the alleged customer accounts?
No Au? Ibrahim Fadl should fill the merchant with Pb.
Since it looks like a word that will be coming into common usage pretty quickly.
Definition of ‘Rehypothecation’
There is a test that dearlers can use. Dealers seem to use an acid test, which of course tests the surface. But the surface of these is gold, so it passes. but there are tests that are acoustic or magnetic/electrical which can test for tungsten inside gold. Dealers just need to use them.
I thought Archimedes solved this problem 2500 years ago.
No need. Portable X-ray Fluorescence instruments are easily available and can readily distinguish between tungsten and gold. Non-destructive, no cutting/shearing needed.
(Considering the article I posted from ZeroHedge on Rehypothecation...?)