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Gold Counterfeiting Goes Viral: 10 Tungsten-Filled Gold Bars Are Discovered In Manhattan

A few days ago, our report on the discovery of a single 10 oz Tungsten-filled gold bar in Manhattan's jewelry district promptly went viral, as it meant that a tungsten-based, gold-counterfeiting operation, previously isolated solely to the UK and Europe, had crossed the Atlantic. The good news was that the counterfeiting case was isolated to just one 10 oz bar. This morning, the NYPost reports that as had been expected, in the aftermath of the realization that the sanctity of the gold inventory on 47th Street just off Fifth Avenue has been polluted, and dealers promptly check the purity of their gold, at least ten more fake 10-ounce "gold bars" filled with Tungsten has been discovered.

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 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.

As is to be expected, the Post story is weak on details: after all, any dealer who admits to having allowed Tungsten to enter his or her inventory can kiss their retail business goodbye, as customers will avoid said Tungsten outlet like the plague...

Continue:
http://www.zerohedge.com/news/2012-09-23/gold-counterfeiting...




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stock up on silver.

silver is not worth counterfeiting as much and the incentive is greater! the chances of doubling your money is far greater than Gold.

Good advice...

*but* there are already plenty of fake silver bars on the market...although a simple 'ring test' is usually enough to confirm (bars that were cooled unevenly after being produced tend not to ring, though...those you may want to drill just to be sure.) I've even come across a few fake Morgan dollars in my time at flea markets.

But yeah, there's more of an opportunity for gains with silver, since it's nothing even close to its 15:1 historical value to gold.

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