Gold price touches $1780 as tungsten rears it’s ugly head
The idea that tungsten might occupy the insides of some gold has been around for the past few years. To be sure the the original story about tungsten was focussed more on good delivery bars (the 12.5 ‘James Bond’ bars) within the central banking system.
People really didn’t think much more about it other than being unfounded rumors. Then a small bar containing tungsten was found in Germany, and then another was found in the UK.
Well now we can add New York to the places with the dubious honor of finding tungsten in a gold bar. However, this one looks a lot more professionally made than the previous two examples.
In jewelry stores on 47th Street and Fifth Avenue 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 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.
It shouldn’t really be that surprising that a commodity that has increased some 600+ per cent over the past 10 years would get the attention of criminal counterfeiters. But it does highlight the need for customers to only buy from a trusted suppliers and one that can guarantee its authenticity.
It’s probably also worth remembering that the people who will be most vigilant against this sort of fraud are the suppliers and reputable dealers themselves – after all it’s their business and reputation on the line.
The news doesn’t seem to have damped the demand for gold as it hit a new high for the move of $1780 in overnight trading.
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