Last March, SilverDoctors broke news that quickly went viral throughout the PM community that a tungsten filled gold bar had been discovered in the UK.
Apparently Manhattan jewelry dealer Ibrahim Fadl caught the SD story, because he apparently decided to drill into over $100,000 worth of 10 oz PAMP Suisse gold bars because he had heard rumors of tungsten filled gold bars. Rather than $18,000 worth of gold in each, Fadl discovered beautiful $10 slabs of tungsten.
Fadl ‘had 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. The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce.‘
We now have our 2nd official confirmation of tungsten laced gold, and while still not a 400oz London bar, we seem to have a more professional counter-fitting situation on our hands.
The local FoxNY broke the story tonight:
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.
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.
Raymond Nessim, CEO Manfra, Tordell & Brookes, said he has reported the situation to the FBI and Secret Service.
The Secret Service, which deals with counterfeits, said it is investigating.
Photographic documentation below:
The 10 oz PAMP tungsten bar prior to unwrapping it’s gold cover:
A counterfeit of this quality is not a mom and pop operation but requires EXTREME SOPHISTICATION! The quality of this counterfeit nearly guarantees that this is NOT an isolated incident- don’t think for one moment that the rumors of tungsten salted 400oz good delivery bars are not reality.
While this will be broadcast all over the MSM to attempt to scare the sheople into remaining in GLD and SLV and as far from physical PM’s as possible, in reality, it underscores the importance of acquiring your gold and silver bullion from a reputable dealer.
The local NY Fox news report:
New York News | NYC Breaking News