Gold bar fraud

Discussion in 'Finance, Property, Law' started by detmold_padbrat, Jan 27, 2013.

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  1. I am rubbish at IT prehaps someone can link it after googling it.

    I have replied in Jarrods gold investment thread but dont want arrsers to miss this,

    a1 kg gold bar was found allegedly in march 2012 ? in London with tungsten rods inside it. It was onlya few grammes lighter than it

    should have been which led to the chap cropping it in half to expose the fraud.

    it is reckoned to be 30% to 40% weight in tungsten instead of gold.

    is not magnetic, and passed a scan test ? saying it was gold.

    hope of use, buyer beware.
     
  2. Grumblegrunt

    Grumblegrunt LE Book Reviewer

    this sort of thing is rarely melted down for anything else so will circulate as an overhyped investment tool. I wonder if they have been turning a blind eye to it like the 40 odd million fake pound coins circulating the UK because its too expensive to fish them out.

    Get Your Fake Tungsten-Filled Gold Coins Here | Zero Hedge

    seems you can buy them ready gold plated which saves a bit of time. if it destabilises the price then a massive gold crash would be interesting
     
  3. I suppose it would be too much to expect that when G Brown sold our gold alot of it was tungsten.
     
  4. Grumblegrunt

    Grumblegrunt LE Book Reviewer

    don't be daft, brown would have sold it to one of his banker chums as he gave them fair warning (and some speculation that it was done purely to prop up a US bank which bought it to make an instant 20% profit) they would probably have messed with it.

    although it was so cheap they wouldn't have needed to. I seem to remember he gave weeks of notice and the gold price dropped rather a lot in anticipation of a market glut.

    one of mr balls ideas I believe.
     
    • Like Like x 1
  5. It would have been nice to think that we got one over on some foreigners for once but in my heart I knew it wasn't so.