Posted on 09/25/2012 2:02:08 PM PDT by djf
In the aftermath of Wednesday’s report of a tungsten filled 10 oz PAMP gold bar discovered in Manhattan, it appears we now have an epidemic on our hands, as the NY Post has just reported that a total of at least 10 tungsten filled gold bars have now been discovered in Manhattan.
The NY Post reports:
The Post has learned as many as 10 fake gold bars — made up mostly of relatively worthless tungsten — were sold recently to unsuspecting dealers in Manhattan’s Midtown Diamond District.
The price of gold has risen more than 600 percent since January 2000, while the S&P 500 index is down 0.6 percent over the same period.
The 10-oz. gold bars are hugely popular with Main Street investors, and it is not known how many of the fake gold bars were sold to dealers — or if any fake bars were purchased by the public.
Ibrahim Fadl, the dealer who originally discovered the tungsten filled gold bars apparently purchased 4 tainted bars:
One gold dealer discovered that four of the 3-inch-by-1-inch gold bars he bought — worth about $72,000 retail — were counterfeit.
“It has the entire street on edge,” said Ibrahim Fadl, 62, who has been the owner of Express Metal Refining, a Midtown gold-refinery business, for the last 11 years. “I and the others on the street work off of trust; now that trust is strained.”
Federal agents have discovered a 2nd dealer purchased 6 of the tungsten bars: A second 47th Street refiner, who wished to remain anonymous, said he was burned recently when he bought six gold bars that turned out to be mostly tungsten, with just a gold veneer. He would not comment, though, on who sold him the bogus bars.
Ping!
OOPS!........Better check Ft. Knox........................
Hmmmm?....................
LoL, its only $160 Gs or so. Chump change.
OOPS!........Better check Ft. Knox........................
Fort Knox , no gold just Obama college records
A fool and his gold are soon parted....
I will bet you $1000 (US, non gold backed dollars that is) that the source was CHINA.
</sarcasm>
Does 100 oz of tungsten weigh exactly what 100 oz of gold does?
Next we will find Silver bars faked as well.
China's the prime suspect but not the only one...the USSR,North Korea,Mexico and maybe a few others.
Not exactly, but the difference is negligible enough to be impossible to detect without scientific equipment.
This could be amusing if it turns out to be more widespread.
A lot of people could be sweatin’ it!
Better check your bars, gold nuts!
Not sure. I dunno.
Just exactly how does on do that?....................
The W bars should sound different from gold when tapped by a hammer because it is stiffer. It rings. Just in case any of us were tempted to go out and buy a bar.
W density is 0.4% less dense than gold.
I have a large statue of a bird of prey cast in gold, covered with black paint to disguise it. It’s the stuff dreams are made of.
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