4 votes

MORE fake gold bars found in NYC


After last week's discovery of a tungsten bar, several dealers in Manhattan's jewelry district have discovered that they, too, own gold-plated tungsten.

It's interesting to think about what the ramifications of this will be for the various "gold" assets (coins, bars, paper) in the near- and long-term. I think if tungsten discovery were to become rampant, the price of gold would immediately collapse on the exchanges. The real question will be whether coin dealers will sell at a premium to collapsed spot in-line with current prices. I certainly wouldn't part with my coins (or other bullion that is small enough to rule out tungsten guts).

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I found this interesting

"Raymond Nassim [...] said he reported the situation to the US Secret Service, whose jurisdiction covers the counterfeiting of gold bars.

Never knew that. Doesn't that imply that the SS considers gold as money? Otherwise why would they care?

Have anything checked by another dealer

Be smart. Any purchase you make should be checked by another dealer for authenticity. It's like having a mechanic check out a car before buying. Restore sound money now.

The Constitutional Return to Sound Money - Today!

They have X-Ray-type machines to check metal content now.

I was in Winter Park Florida a couple years ago and visited a coin dealer there.

He had a small machine that showed the exact composition of any metal object.

I even put a house key in there and it was made up of about 6 different metals and alloys.

He tested some American Eagle silver and it was faithful to what they say is in the coins (a full oz of silver with a small amount of other metals).

So it seems to me that this is an easy fix for any potential precious metal buyers - before they buy.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

X-Ray Didn't Detect the Tungsten

The article indicated that the dealer (Faludi) already checked the bars with an x-ray. He only discovered the tungsten after drilling the bars.

What I want to know is

Who is screwing up my tungsten investments by plating it in gold?

Polish olympic gold medal winners have their awards


Daily Paul cured my abibliophobia.