Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

10 More Tungsten-Filled Gold Bars Discovered In Manhattan
SilverDoctors ^

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.


TOPICS: Business/Economy
KEYWORDS:
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081 next last
To: arrogantsob

I think its pretty close


21 posted on 09/25/2012 2:15:13 PM PDT by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 11 | View Replies]

To: arrogantsob

The density of tungsten is very close to that of gold. If both bars were exactly the same size, a pound of gold, the tungsten one would be about a half-gram lighter.

They are going to have to resort to other tests, than just weighing it.


22 posted on 09/25/2012 2:16:31 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Red Badger

Yep. Interesting timing on discovering what has been rumored for years.

QE3, a presidential election, a major war in the ME...


23 posted on 09/25/2012 2:16:30 PM PDT by null and void (Day 1344 of our ObamaVacation from reality - Obama, a queer and present danger)
[ Post Reply | Private Reply | To 5 | View Replies]

To: djf

From Wikipedia:

“Gold-plated tungsten is available commercially from China (the main source of tungsten), both in jewelry and as bars.[58]”

What a surprise.


24 posted on 09/25/2012 2:17:10 PM PDT by DBrow
[ Post Reply | Private Reply | To 1 | View Replies]

To: djf; All

Check out this chinese company, via Zerohedge:

“Get Your Fake Tungsten-Filled Gold Coins Here”

From the website’s Tungsten Heavy Alloy Scan Gold Coin section:

Tungsten is the only lower value metal that has a specific density close enough to gold to fabricate passable counterfeit pieces of the same size and weight as genuine Pictures of tungsten fake gold coins and ingots. Over the years, there have been a few isolated reports of smaller tungsten fake gold coin found to have been drilled to remove some of the gold which was replaced with tungsten. However, tungsten fake gold coin is far more profitable to fabricate larger original bars of tungsten that are then scanning gold.

Because the existence of counterfeit tungsten fake gold coin could have such a huge impact on the financial markets, there is a huge potential for deception and misinformation to be passed around. Be very careful about automatically believing any story you may hear. For your own protection, tungsten fake gold coin would be better to take physical possession of the smaller sizes of tungsten fake gold coins and now, and know that what you own genuine solid tungsten fake gold coin. [ZH: reread that sentence: “genuine solid tungsten fake gold coin”]”

http://www.zerohedge.com/news/2012-09-24/get-your-fake-tungsten-filled-gold-coins-here


25 posted on 09/25/2012 2:17:24 PM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Gay State Conservative

http://blogs.reuters.com/felix-salmon/2012/03/25/the-problem-of-fake-gold-bars/

Gold is far more conductive than tungsten and slightly denser.

X-ray crystallography requires making a powder of the sample, it is not non-destructive in the sense that the sample cannot retain its form.


26 posted on 09/25/2012 2:17:46 PM PDT by Lonesome in Massachussets (What is more unseemly that the sight of Chris Matthews groveling before his own self image?)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Gay State Conservative
Not sure of X-rays, but the Pawn Star dudes used a simple drill to determine whether the bar was real
27 posted on 09/25/2012 2:17:48 PM PDT by Bruce Kurtz
[ Post Reply | Private Reply | To 12 | View Replies]

To: arrogantsob

Does 100 oz of tungsten weigh exactly what 100 oz of gold does?

Of course they do!
And 100 oz of gold weighs exactly as much as 100 oz of cotton candy!

People seem to be having a little truble with this one...

;-)


28 posted on 09/25/2012 2:19:15 PM PDT by djf (Political Science: Conservatives = govern-ment. Liberals = givin-me-it.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: DBrow
"I have a large statue of a bird of prey cast "

and your address is

29 posted on 09/25/2012 2:19:36 PM PDT by 1_Rain_Drop
[ Post Reply | Private Reply | To 20 | View Replies]

To: arrogantsob
Does 100 oz of tungsten weigh exactly what 100 oz of gold does?

No. Tungsten is measured in avoirdupois ounces, gold is measured in troy ounces...

30 posted on 09/25/2012 2:19:35 PM PDT by null and void (Day 1344 of our ObamaVacation from reality - Obama, a queer and present danger)
[ Post Reply | Private Reply | To 11 | View Replies]

To: null and void

31 posted on 09/25/2012 2:19:36 PM PDT by evets (beer)
[ Post Reply | Private Reply | To 23 | View Replies]

From what I can tell, ultrasound and volume resistivity are two tests that can be used. Also water immersion specific gravity.

32 posted on 09/25/2012 2:22:31 PM PDT by Rio (Tempis fugit.)
[ Post Reply | Private Reply | To 23 | View Replies]

To: 1_Rain_Drop

1941 Falcon St, Malta


33 posted on 09/25/2012 2:23:26 PM PDT by DBrow
[ Post Reply | Private Reply | To 29 | View Replies]

To: Rio

On a pawn shop show on TV they drilled about 4 holes into it and tested the shavings to make sure it was real


34 posted on 09/25/2012 2:26:07 PM PDT by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 32 | View Replies]

To: djf; All

-—checking the handy periodic table—W (tungsten ) atomic weight 183.84-—Au (gold)-—— 196.97


35 posted on 09/25/2012 2:28:10 PM PDT by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mad Dawgg

Then we’ll learn our paper money is not worth that much either...


36 posted on 09/25/2012 2:28:18 PM PDT by ▀udda▀udd (>> F U B O << "What the hell kind of country is this if I can only hate a man if he's white?")
[ Post Reply | Private Reply | To 14 | View Replies]

To: DBrow

LOL, Thanks, I’m on my way


37 posted on 09/25/2012 2:28:35 PM PDT by 1_Rain_Drop
[ Post Reply | Private Reply | To 33 | View Replies]

To: Rio

I agree.

Take your gold bars to you OGBYN and have them take a look.

No, really. Do it.


38 posted on 09/25/2012 2:30:32 PM PDT by super7man
[ Post Reply | Private Reply | To 32 | View Replies]

To: super7man

OGBYN = OBGYN

Sorry.


39 posted on 09/25/2012 2:31:11 PM PDT by super7man
[ Post Reply | Private Reply | To 38 | View Replies]

To: arrogantsob
Does 100 oz of tungsten weigh exactly what 100 oz of gold does?

Yes. Same with 100 oz of feathers, or 100 oz of lead or 100 oz of air.

:)

They all weigh the same.

40 posted on 09/25/2012 2:31:11 PM PDT by TChris ("Hello", the politician lied.)
[ Post Reply | Private Reply | To 11 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson