Gold counterfeiting -- ten bars found in New York City

From The Blaze:

Fake Gold Bars Discovered at Store in Midtown Manhattan
In turbulent economic times, investors often turn to gold as an item of intrinsic value. Regardless of the state of the U.S. dollar, gold has proven to be a valuable commodity. It is a hedge against inflation, and protection in a worst-case scenario.

Which is why the discovery of tungsten-filled gold bars in Midtown Manhattan has troubled many.

MyFoxNY relates:
In jewelry stores on 47th Street and Fifth Avenue in Manhattan, the important trust between merchants has been violated. A 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit.

The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce.

Ibrahim Fadl bought the bar from a merchant who has sold him real gold before. But he heard counterfeit gold bars were going around, so he drilled into several of his gold bars worth $100,000 and saw gray tungsten - not gold.

What makes it so devious is a real gold bar is purchased with the serial numbers and papers, then it is hollowed out, the gold is sold, the tungsten is put in, then the bar is closed up. That is a sophisticated operation.
Back in March, TheBlaze's Becket Adams reported on the discovery of Tungsten-filled gold bars turning up in the United Kingdom.

Contrary to what the news may indicate, it is apparently extremely rare to find Tungsten-filled gold bars being sold from reputable vendors. The recent uptick, MyFoxNY speculates, could indicate the involvement of an international crime ring.

I sincerely doubt that the ingot is being hollowed out -- this is five nines gold (99.999% pure) and it is about as strong as wet cardboard. My guess is more just a complete counterfeiting of the ingot including the serial numbers. Feast your eyes on this website: China Tungsten Online

How to Make Gold-plated Tungsten Alloy Bar?
Start with a tungsten alloy about 1/8-inch smaller in each dimension than the tungsten alloy golden bar you want, then cast a 1/16-inch layer of real pure gold all around it. This product would feel right in the hand, and tungsten alloy golden bar would have a dead ring when knocked as gold should. Gold-plated tungsten alloy bar would test right chemically, weigh exactly the right amount, and also pass an x-ray fluorescence scan, the 1/16" layer of pure gold being enough to stop the x-rays from reaching any tungsten.

The appliances of Chinatungsten gold-plated tungsten alloy bar and tungsten alloy golden bar as gold substitution.

Tungsten alloy golden bar and gold-plated tungsten bar could be regarded as the special present for some fields. If you are a broker in stock, manager in a big bank or insurance company, you can use Chinatungsten gold-plated tungsten alloy bar engraved with your company's name as souvenirs to your VIP customers. It is a very decent present without costing too much, and also could attract more customers for your business.

Gold-plated tungsten alloy bar is the best choice if you are a gold dealer and attend some trade fair or put your gold products in the showcase. In case your real gold being stolen, you can choose gold substitution, gold-plated tungsten alloy bar to reduce any possible loss.

We can offer tungsten alloy golden bar and gold-plated tungsten bar according to the different requirement, and also we can engrave as per your fond, such as your company logo, your name, some words, letters, etc.

Notice: Chinatungsten Online (Xiamen) Manu.&Sales Corp. is a very professional and serious company, specializing in manufacturing and selling tungsten related products for more than two decades. Our gold-plated tungsten alloy bar and tungsten alloy golden bar are only for souvenir and decoration purpose. We can provide all kinds of tungsten alloy golden bar as your requirements. Here we declare: Please do not use our gold-plated tungsten alloy bar and tungsten alloy golden bar for any illegal purpose.

Emphasis mine. Yeah... Riiigggght...

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This page contains a single entry by DaveH published on September 24, 2012 7:02 PM.

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