Last week reports began to hit the internet about tungsten-filled gold bars in Manhattan. One report, detailing a 10-ounce 999.9 gold bar bearing the stamp of the reputable Swiss Produits Artistiques Métaux Précieux complete with a serial number, began to alarm consumers in the United States. Ibrahim Fadl purchased the $18,000 gold bar to use for jewelry, but on a whim decided to search the bar.
“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.”
It seems a real gold bar is purchased with serial numbers and papers. The bar is then hollowed out, the gold is sold, the tungsten is put in, and the bar is closed back up. MyFoxNY is calling this a “sophisticated operation”. The news source suspects there may be an international counterfeit ring involved.
The NYPost has done some research and found other dealers in the United States with similar reports. Many jewelers hesitate to have their name published, in an attempt to keep their retail business, but at least ten more fake 10-ounce gold bars have been found. The 10-ounce gold bars are extremely popular with Main Street investors. It is not known how many fake bars have been sold to dealers, or if any fake bars were sold to the public. One gold dealer found that four of the bars he had purchased, $72,000 in retail, were counterfeit. Another dealer found that six bars he had purchased were mostly tungsten.
The price of gold has risen more than 600% since January 2000, and is currently at around $1,775 per ounce. One may not be surprised to see the price of gold fluctuate after this report as buyers become suspicious of the purity of their physical assets.
If you wish to ensure you receive email updates to all of Angel’s articles please subscribe clicking the link above or join her Facebook Fan Page. Angel is also the Wilmington Prepper Examiner and the Wilmington Civil Rights Examiner. You can read Angel’s last article here. Feel free to comment below and follow Angel on her Twitter! You may listen to Angel LIVE Monday through Friday from 5-7 pm EST on RadioFreedom.us. You may learn more about her Talk Radio Topics and the Radio Freedom News Network on The Angel Clark Show Fan Page!
Do you like Capitalism? Literally, of course.
Write for quadrust.com! http://exm.nr/LCTV7H