Monday, October 8, 2012

Tungsten Filled Gold Bars - Not A New Scam

Just a quick post tonight...

Tungsten filled Gold bars have made the Zero Hedge feed a few times, most recently around 3 weeks ago (Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District):
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."
Something that readers may not be aware of is that Tungsten filled Gold bars are far from a new scam. I was reading back through some old articles on Gold today and spotted two different scares, in January 1975 and June/July 1982. Below are two of the articles I found (click article to enlarge) and may be of interest:



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3 comments:

  1. You got a mention at http://commodityhq.com/2012/the-top-100-gold-blogs/

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    Replies
    1. Thanks for the heads up, a few there I haven't heard of so will have a look through.

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  2. Counterfeit gold coins destroys the interest of investing in gold, It impacts the mindset of the investors who invest their hard earned money in gold or silver and suffer, if it happens to be a counterfeit coin. While investing in gold always remember to enquire about the brand and invest in trusted brands like http://www.primebullion.co.nz, which ensures that you get gold not other metal.

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