Less than a month ago news broke that 10 PAMP gold bars filled with tungsten had been discovered in Manhattan. An SD reader then discovered a Chinese firm openly promoting the sale and production of tungsten filled gold bars and coins.
The tungsten filled gold scandal has just gotten exponentially larger, as an Australian Seven News investigation discovered 300 fake Perth Mint gold bars and uncovered a Chinese gold ‘forgery factory’.
The investigators were able to purchase 300 Chinese sourced 1oz gold bars for a total of $300- and to no one’s surprise, when the investigators melted down the bars, all 300 were discovered to contain roughly the same gold content as Fort Knox.
Click here for more on the Chinese gold forgery factory and fake gold:
The west thought they had the monopoly on fraud. Hahahahaha!! Suck it up suckers.
China wants to buy as much Gold as they can lay their hands on, as cheaoly as possible. Flooding the market with fake Gold is a brilliant game-winning strategy. Investors will excercise caution, which in turn allows more Gold to be snapped up as discount.
One tip, drop a genuine test coin from one hand onto a hard surface, compare the bounce to the suspect coin dropped simulaneously from the other hand. The vendor may even make his escape before you even drop both coins! ..if he knows his product is dodgy! If you purchase online, or by post, from a non reputable dealer, we might be interested in selling you some credit default swaps from Greece or Spain.
Maybe a setup in case china tries to announce a gold backed currency. Who’s gonna believe they actually got all that gold they say they have?
More on Gold and Silver and Greater Concerns to Follow
http://www.youtube.com/watch?v=JkuUTbWUxPk
by Warren E Pollock
MAX: what do you think?
This news has been out for a couple of days. The main thing is that they are not good copies. Perth mint is always high quality. If you put a real one next to a fake one most people would spot it. Anybody swapping $1,700 for a one ounce bar is pretty much bound to spot it unless they never seen or handled one before. Anyway, it’s always been buyer beware.
Really accurate scales are fairly cheap that measure down to tenths of a gram. When you know the grams in a Troy ounce to 100th of a gram I doubt the copy would pass the weight test. Notice the price of the fake. $1.00. This is not even a good fake. A good tungsten fake would cost much more to produce because it would not be gold plated but gold clad.
However as Alastair points out is could be a clever ruse. China knows that the western media takes any opportunity to talk down gold. If they keep churning out fakes the media will publish scare stories with the aim of preventing new money coming in as the price starts running higher. Chia is accumulating gold hand over fist. Price suppression works for you if you want to go long physical because you get more gold for paper.
@Harry, Nice link. Warren has done his homework. Certainly would be a very interesting guest if M&S don’t think he’s too much of a prepper. Having said that, This is On the Edge so being prepped is going to become an increasingly discussed issue.
“An SD reader then discovered a Chinese firm openly promoting the sale and production of tungsten filled gold bars and coins.” ???
Please read the comments on your own blog, one day before that SD reader “discovered” that Chinese factory it was mentioned there…
http://maxkeiser.com/2012/09/19/tungsten-filled-10oz-pamp-suisse-gold-bar-discovered-manhattan/#comments
It was a simple search on Gibiru instead of Google [and I'm sure even I wasn't the first one visiting that site].
The mis-stating of gold holdings was part of the reason many nations moved away from a gold standard. The system of trust collapsed. Without trust -or should that be ‘faith’- no form of currency is stable, including precious metals. Even the suggestion of fake pm’s could undermine your portfolio.
Oldest con in the book, sell it a bit cheaper-play on peoples greed-make them blind to the obvious-there will always be fools in the world to be played. Seen a number of dodgy looking ‘ancient’ silver items from ebay sellers in China (all had low turnover)-dont bother looking at the gold stuff.
@Ptah … “Misstating” …. Exactly! along with the a host of other middle man, both end absurdities. On the road to “heaven” with all my mountains of things.
A high return, knowledge based contract was made between trees and man long long before the wheel …energy from the sun in exchange for spreading seeds …no twisted middleman involved.
this story is misleading. these bars were purchased as fakes. why melt bars you know are fake. fuck sakes.
plus. it would not hurt to own some of these to hand over to home invaders.
look. if these were plated tungsten? a file and acid would tell the truth in 15 seconds. they melted them? fuck off.
This statement from the article will give you an insight as to who is behind this scam.
“We again stress to our readers the importance of purchasing your bullion from a reputable dealer that purchases its product DIRECTLY from major wholesalers and refiners.”
Reputable???
plus. they could have measured them. you know, length plus width plus thickness. tungsten is close to gold, but not close enough.
anyway, yoos fucks, buy old serial numbered JM, SCOTIA, engalhard. or swiss bars. or old gold coins. weigh the shit. get a fucking life.
hey Max. how.s the new coins coming. hahahaha. i got some of the old ones.
@Max. you have been stuck at 14735 for 2 weeks. shit or get off the pot.
looks like the new coin is a donald trump scene. you fucking idiot.