Tungsten-filled gold bar found in Manhattan’s Jewelry District

September 19, 2012 by · Leave a Comment
Filed under: Commodities News 

This is a firestorm running through the bullion market as we speak.  This is highly problematic because it came from a reputable dealer, in supposedly one most trust places on Earth to purchase bullion on a bar that was manufacturer by a old Swiss shop and to top it off, it had it paperwork including serial numbers.

With the amount to currency debasement happening worldwide, this does not bode well for people using Gold as a wealth reserve asset.  I bet GE is getting many orders for their ultrasound machines right now as people are auditing stocks of gold to see of they are affected.  It will be interesting to see if the gold price starts to rise if more cases are reported to the public?   Bitcoin is another value unit that has come on the scene and after reviewing the price charts seems to be increasing at a bullish pace.  It was non-existent a few years back but something has shifted and people seem to have confidence in this exchange unit or whatever you want to call it to the fact is trades currently over $12 and it has had a top at over $30 in 2011.  Interesting times we live in.

Video (Breaking News)

Zero Hedge -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.”

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