Fake gold bars

pmbug

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It's a Pamp Suisse bar. The report wasn't clear as to whether or not the bar was sold with an assay or not.
 

KMS

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This really is a big deal that will get glossed over and probably forgotten rather quickly in the MSM. I hope this story develops more information in the coming weeks.
 

ancona

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I am surprised he didn't go find the guy and kick his ass or get his cash back. NYC is not the place to screw with a mans wallet. People get killed for a lot less every single day. I would hope the seller would have enough business ethic to at least eat half the loss. The truth may be that the seller never knew it was afake. It is entirely possible that this thing has been floating around for years and years before it was finally outed. It makes me wonder how many more of them are floating around there looking pretty but being nearly worthless.

If that happenned to me, I probably wouldn't be 'killin mad, but I would certainly find you and go all spider monkey on your ass. 18 large is a lot of jack for a guy like me, and it's a hit I wouldn't want to take.
 

DoChenRollingBearing

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Me either ancona!

But I wonder... How many more fakes are out there? It is hard for me to get the whole story as getting internet access is now harder in Italy than in used to be (everyone has laptops and iStuff w/ WiFi).

Like I mentioned long ago, I am going to have a REALLY BAD DAY when I find out that the Chinese (or whoever) find a way to fake 1 oz AGEs...

Ciao d'Italia amici! Food is good over here... :D
 

Jay

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Me either ancona!

But I wonder... How many more fakes are out there? It is hard for me to get the whole story as getting internet access is now harder in Italy than in used to be (everyone has laptops and iStuff w/ WiFi).

Like I mentioned long ago, I am going to have a REALLY BAD DAY when I find out that the Chinese (or whoever) find a way to fake 1 oz AGEs...

Ciao d'Italia amici! Food is good over here... :D
Robert, have you gained any weight yet?
 

rblong2us

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The fake bar storys always seem to pop up when gold is on the upward march .............

Got to be a good way of scaring the punters off, cos the chart certainly isnt (-;
 

pmbug

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Federal agents are investigating the peddling of bogus gold bars in Midtown.

The Post has learned as many as 10 fake gold bars — made up mostly of relatively worthless tungsten — were sold recently to unsuspecting dealers in Manhattan’s Midtown Diamond District.
...
One gold dealer discovered that four of the 3-inch-by-1-inch gold bars he bought — worth about $72,000 retail — were counterfeit.

“It has the entire street on edge,” said Ibrahim Fadl, 62, who has been the owner of Express Metal Refining, a Midtown gold-refinery business, for the last 11 years. “I and the others on the street work off of trust; now that trust is strained.”

Fadl, a Columbia University graduate with a master’s degree in chemical engineering, and who has more than 40 years in the industry, purchased the four fake bars from a well-known Russian salesman with whom he has done business.

A second 47th Street refiner, who wished to remain anonymous, said he was burned recently when he bought six gold bars that turned out to be mostly tungsten, with just a gold veneer. He would not comment, though, on who sold him the bogus bars.
...
Raymond Nassim, CEO of Manfra, Tordell & Brookes, the American arm of the Swiss firm that created the original gold bars — with their serial number and purity rating stamped clearly into them — said he reported the situation to the US Secret Service, whose jurisdiction covers the counterfeiting of gold bars.

He said his company “is supporting and cooperating with authorities any way we can.”
...
At an industry dinner Thursday night hosted by Comex, the New York-based metals exchange, the room was abuzz with talk about the bogus gold bars, according to Fadl.

Numerous calls to the Secret Service were not returned.
http://www.nypost.com/p/news/business/fake_gold_hits_nyc_ECXVP5WQOvYwMVTi8CoHRL
 

benjamen

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If you are in the gold business and are buying large amounts of gold, why the #%$& are you not testing the bars before you buy them??!!

:shrug::loco:
 

swissaustrian

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@ pmbug: the youtube version is 1:30 minutes shorter. They cut out some interesting details
 

mazztech

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Can someone give me some more information about testing the gold and silver you buy? As a new purchaser, I want to make sure I know my product is true. I'll be buying from Goldmart, but still I want don't want to trust anyone.
 

pmbug

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:bump:

SHANGHAI Gold Exchange today denied a media report that it was connected with a supplier who has allegedly cheated loans with fake gold bars.

A Caijing report on Monday accused Boyuan Mining Co, a metal producer based in Lingshan, Henan Province, who used to produce gold-plated tungsten bars, has caused loss of more than 10 billion yuan (US$1.45 billion) during the past decade through fraud.

The report referred the producer as one of the suppliers of Shanghai Gold Exchange since 2010, due to its expansion on assembly lines of gold production.

"Boyuan Mining Co is not on the list of licensed suppliers," said an announcement made by the exchange. "Gold ingots, gold bars and silver ingots traded in Shanghai Gold Exchange have been gone through strict inspections,"

Shanghai Gold Exchange has 24 suppliers on gold bars, 26 suppliers on silver ingots nationwide, along with 40 suppliers for gold ingots domestically and abroad, according to the exchange.

Boyuan Mining Co has never been on the list since the exchange opened for trading in 2002, spokesperson from Shanghai Gold Exchange told Shanghai Daily today.

The Caijing report said that Boyuan Mining Co managed to produce a type of gold-plated tungsten bars weighing five kilograms with 62 percent of tungsten and 38 percent of gold since 2005. ...

Caijing said the company used those fake gold bars as collaterals to obtain loans from several credit unions in both Henan Province and Shaanxi Province. Main suspects have been detained by the Police in May, 2016, the report added. ...
http://www.shanghaidaily.com/busine...on-with-fraudulent-manufacturer/shdaily.shtml
 

Christian

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Not everything that shines is gold, if you are going to invest in gold you should be careful. Investing in the precious metal will safeguard your savings.
 
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