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« Debate Highlight: 'Trillion Dollar Deficits Are Immoral' | Main | Obama's $9B 'Green Stimulus' Created 900 Jobs: $10M Each »
Thursday
Oct182012

Tungsten-Filled Fake Gold Bar Found in Manhattan (Photos)

Update 3 - Chinese Firm Promotes & Sells Gold Plated Tungsten Online (Link)

Update 2 - Now It's Fake Tungsten-Filled Gold Coins (Link)

Update - Ten More Fake Gold Bars Found In NYC (NY Post)

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.  MTB, the Swiss manufacturer of the gold bars, said customers should only buy from a reputable merchant.  The problem, he admits, is Ibrahim Fadl is a very reputable merchant.

The Secret Service, which deals with counterfeits, said it is investigating.

Fox NYC

 

 

Related story:

Video: Gold Bar Testing with Ultrasound

 

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Reader Comments (17)

Sep 21, 2012 at 12:08 AM | Registered CommenterDailyBail
Barofsky: 'Geithner Admitted To Us Privately That Obama's Housing Policy Was DESIGNED To Sacrifice Homeowners In Order To "FOAM THE RUNWAY" For The Banks'

http://dailybail.com/home/barofsky-geithner-admitted-to-us-privately-that-obamas-housi.html
Sep 21, 2012 at 12:21 AM | Registered CommenterDailyBail
'Deeply Offended' Geithner Tells Charlie Rose: "Urban Myth Is Out There That I Spent My Life At Goldman Sachs"

http://dailybail.com/home/deeply-offended-geithner-tells-charlie-rose-urban-myth-is-ou.html
Sep 21, 2012 at 12:22 AM | Registered CommenterDailyBail
Sep 21, 2012 at 12:32 AM | Registered CommenterDailyBail
Sep 21, 2012 at 12:35 AM | Registered CommenterDailyBail
Sep 21, 2012 at 10:50 AM | Registered CommenterDailyBail
Yes, Fadl is a reputable merchant, but notice he's not saying the name of the party who apparently sold him the goofy gold. Fox is evidently trying to scare the punters away from gold, or at least towards smaller denominations, where the margin is higher.
Sep 21, 2012 at 12:19 PM | Unregistered CommenterJoe
Look how Clusterstock blew off this story when it first broke awhile back.

Any who believed it was a conspiracy nut, according to them

.http://www.businessinsider.com/tungsten-filled-gold-bars-found-in-new-york-2012-9
Oct 18, 2012 at 6:18 PM | Registered CommenterDailyBail
As if debauching the dollar wasn't enough. Now they move on to gold. I guess this is not a new phenomona.
Oct 18, 2012 at 6:45 PM | Unregistered CommenterSKINFLINT
Judge questions WTC blame of United Airlines in September 11 case

http://www.reuters.com/article/2012/10/18/us-usa-sept11-airlines-idUSBRE89H1NN20121018
Oct 18, 2012 at 7:46 PM | Unregistered Commenterjohn
There are 5 interesting gold infographics here

http://www.goldinfographic.com/
Oct 18, 2012 at 8:30 PM | Registered CommenterDailyBail
As if debauching the dollar wasn't enough. Now they move on to gold. I guess this is not a new phenomona.

---

The question is how widespread. We need an audit.
Oct 18, 2012 at 11:14 PM | Registered CommenterDailyBail
Yet more gifts from our "good friends/ trading partners/ creditors", the S.S. will investigate till they are told to stop.
Oct 21, 2012 at 4:11 AM | Unregistered CommenterS. Gompers
Ever hear of Operation Bernhard?
Oct 21, 2012 at 4:17 AM | Unregistered CommenterS. Gompers
Ultrasound too will find the baby tungsten inside the premises of small Gold world…And soon the Drill machines will have its great rise in market…
Dec 7, 2012 at 8:05 AM | Unregistered CommenterMartin

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