Tungsten filled fake gold bars are showing up in NYC. A problem that appeared in the UK has apparently made its way into our gold market as well. Almost a dozen have been discovered so far. Tungsten has an almost identical weight of gold, and is difficult to readily identify it's presence.

 

http://www.nypost.com/p/news/business/fake_gold_hits_nyc_ECXVP5WQOvYwMVTi8CoHRL

 

I wonder what implications this will have on the gold market, and if fears of fake product or price fluctuation will drive investors to other precious metals.

Good, then the price of gold can come down

Right now I'm a little more concerned about finalizing my majority shareholder status in Exxon Mobil than worrying about whether or not all of my gold bars in my various warehouses are real.

 

j/k, good tip. Just probably won't come in handy for me anytime soon.

Yeah....I'm going to have to check all the bars in my vault to make sure I don't get scammed either. I going to ride my unicorn there

LoL.. this was less of a PSA to check your inventories then a scandal thats starting to emerge throughout the gold market. If it has gone unnoticed long enough, who knows how many potential bars could be fakes.

I read that story the other day. It really takes some skill to pull of that scam. Hollowing out bars, seaming them back together and polishing them. Even the proof stamps were identical. It's very high end.

Yeah....I'm going to have to check all the bars in my vault to make sure I don't get scammed either. I going to ride my unicorn there

 

Hahaha hysterical

Yeah....I'm going to have to check all the bars in my vault to make sure I don't get scammed either. I going to ride my unicorn there

 

Keep an eye on that unicorn, their pretty tricky..

Nah..mine is trained. Spent some time with a unicorn whisperer

My dad told me a story once of how someone was selling gold bricks out of a car, and drilled a hole out of it and gave the filings to would-be buyers to have verified its real. When the buyers came back to buy the brick, they bought a brass brick instead.

I don't always sell my gold bricks. But when I do, I prefer to sell them out of my car.

Thats why i have a big pickup. So transporting my gold bars is sooooo much easier.

What's the big deal, the Federal Reserve effectively does the same thing on a much grander scale by simply printing money out of thin air every day. I know; they just don't like the competition.

Skip the gold and stockpile bullets. Much more useful.

 

Of course at the rate the US is going, we will be buying bullets from China. Probably full of sawdust instead of powder....

This happens to most precious medals. Read something last month about silver and a simular problem. Nothing new. Invest in guns

This happens to most precious medals. Read something last month about silver and a simular problem. Nothing new. Invest in guns

 

This is what i have been doing

My precious metals are steel, brass, copper and lead! You can't eat gold or silver and they make terrible projectiles for hunting dinner.

My precious metals are steel, brass, copper and lead! You can't eat gold or silver and they make terrible projectiles for hunting dinner.

 

Never can be too prepared for werewolves with silver

 

 

Never can be too prepared for werewolves with silver

 

I have several hundred Winchester Silver Tips, do they count?

I buy gold and if you are making a purchase that big such as the guy who got beat and you are not taking the steps to protect yourself buying 40oz of gold then imo you deserve to get beat for being lazy, in this business there are tons of people trying to pull scams I see it all the time, A gold buyer up the street from me got beat for $12K because he was lazy and did not re test gold that a customer brought in and then came back later on to sell it