Fake gold hits NYC Diamond District finds 10 tungsten-filled barsSubmitted by Bob-45 on Mon, 09/24/2012 - 18:03
By MICHAEL GRAY
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.