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Fake gold hits NYC Diamond District finds 10 tungsten-filled bars

Last Updated: 11:49 PM, September 23, 2012
Posted: 10:37 PM, September 22, 2012

Federal agents are investigating the peddling of bogus gold bars in Midtown.

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 price of gold has risen more than 600 percent since January 2000, while the S&P 500 index is down 0.6 percent over the same period.

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.

read more http://www.nypost.com/p/news/business/fake_gold_hits_nyc_ECX...

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The rate of fake gold firms

The rate of fake gold firms has increased with increase in the price of gold and silver. Federal agents should take necessary steps to reduce it.

This is a dupe of an

This is a dupe of an identical story reported earlier.