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

Comments

[DailyBail]

Tungsten filled Gold bars in the uk

http://ausbullion.blogspot.com.au/2012/03/tungsten-filled-gold-bars.html

[DailyBail]

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'

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[DailyBail]

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http://dailybail.com/home/deeply-offended-geithner-tells-charlie-rose-urban-myth-is-ou.html

[DailyBail]

FedEx says economy is stalling, cuts outlook

http://www.starherald.com/news/business/fedex-says-economy-is-stalling-cuts-outlook/article_cd500f04-0275-11e2-9e06-0019bb2963f4.html

[DailyBail]

S.E.C. Charges 8 With Insider Trading in Sanofi Deal

http://dealbook.nytimes.com/2012/08/28/s-e-c-charges-8-with-insider-trading-in-sanofi-deal/?src=recg

[DailyBail]

Russians Go In Search of Their Missing $788 Billion

http://www.businessweek.com/videos/2012-08-28/russians-go-in-search-of-their-missing-788-billion

[DailyBail]

Gold gains as Spain seen closer to bailout

http://www.marketwatch.com/story/gold-buoyed-as-risk-appetite-revives-dollar-slips-2012-09-21

[Joe]

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.

[DailyBail]

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

[SKINFLINT]

As if debauching the dollar wasn't enough. Now they move on to gold. I guess this is not a new phenomona.

[john]

Judge questions WTC blame of United Airlines in September 11 case

http://www.reuters.com/article/2012/10/18/us-usa-sept11-airlines-idUSBRE89H1NN20121018

[DailyBail]

There are 5 interesting gold infographics here

http://www.goldinfographic.com/

[DailyBail]

As if debauching the dollar wasn't enough. Now they move on to gold. I guess this is not a new phenomona.

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The question is how widespread. We need an audit.

[S. Gompers]

Yet more gifts from our "good friends/ trading partners/ creditors", the S.S. will investigate till they are told to stop.

[S. Gompers]

Ever hear of Operation Bernhard?

[DailyBail]

Gomp, yes, from watching this movie.

http://en.wikipedia.org/wiki/The_Counterfeiters_(film)

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http://en.wikipedia.org/wiki/Operation_Bernhard

[Martin]

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…