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Wednesday, October 10, 2012
The Greatest Threat
to Gold Right Now?
by Charles Goyette |
Dear Subscriber,
"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."
— New York Post, Sept. 27, 2012
As if we didn't have enough to worry about with the Federal Reserve's legalized counterfeiting, surging gold prices have spawned a new generation of gold counterfeiters.
The fake gold bars are not limited to those reported by the Post in New York. At least one gold bar filled with tungsten showed up in England in March.
In experienced hands, the appearance and weight of gold coins and bars is almost unmistakable. By carefully preserving that appearance and replicating that weight, the counterfeiters in these accounts hollow out real gold bars — replacing a substantial amount of the gold with very inexpensive tungsten.
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Why Counterfeiters Are Attracted to Tungsten
Tungsten has a specific gravity — an index of density — of 19.25; very close to that of gold, which is 19.32.
For comparison, lead is far lighter, at only 11.34. Although platinum is heavier than gold at 21.5, it is also more-expensive than gold and so would not be used.
Tungsten, a brittle metal, can be difficult to work and to mint in small coins. That is why bars are preferred in tungsten counterfeiting. When gold prices were lower, it was thought that fake bars were limited to at least kilo-size (32.15 ounces) and larger.
It was a tungsten-filled kilo bar that was found in England in March. Photos reveal that the length of the bar had been drilled out in five places, plugged with tungsten and then sealed back up with gold.
It is estimated that 40% of the gold content had been replaced.
But the Manhattan fakes that turned up this fall are 10-ounce bars that had been constructed of rectangular tungsten blanks, wrapped or plated in gold to appear to be struck bars, and then stamped with hallmarks and serial numbers.
The gold covering was estimated at only about 20% of the bars' weight; the remaining 80% was tungsten.
These fake bars are clearly produced by sophisticated operations. One Chinese company actually advertises itself as a professional tungsten fake gold coin manufacturer "for souvenir and decoration service."
It offers the helpful advice, "Here we declare: Please do not use our gold-plated tungsten alloy products for any illegal purpose."
Speaking of legal purposes, central banks around the world are adding to their gold reserves. Are these "solid" investments, or ...
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Could Central Banks Be Holding Bogus Gold?
It is impossible to say if even the so-called "good delivery" bars, 100-and 400-ounce gold bars that are held by central banks and are traded by large bullion dealers and on exchanges, have escaped adulteration and fraud.
This year the U.S. Treasury undertook an audit of the billions of dollars' worth of its gold held by the Federal Reserve Bank of New York. For the first time, these bars held by the Fed were subject to test-drilling to check for authenticity and purity.
Whether or not large gold bars held in major depositories, central banks' warehouses or even in Fort Knox, for that matter, are reliable is simply unknown. But for most investors, taking delivery of such bars from the commodity exchanges is probably best avoided.
Once these bullion bars have been taken into private hands, the depositories' chain of custody is broken.
This means that, especially in fast-moving, chaotic markets when it is likely to matter most, sellers can encounter delays while waiting for testing to be completed before large bars can be liquidated.
Take Care When Collecting 'Rare' Coins
Perhaps an even-bigger problem is the counterfeiting of numismatic and semi-numismatic coins, collector coins of both gold and silver.
Counterfeiters generally use real gold and silver for these fake rare coins. However, they can derive substantial profits from the high premium prices at which such coins are sold — far above the value of their actual gold or silver content.
Rare-coin trade associations and publications warn that more than a million counterfeit coins manufactured in China have made their way into the hands of Americans.
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How to Verify the Gold You Already Own,
And Protect Yourself from Buying Counterfeit Gold in the Future ...
With the Fed's recent announcement to "print" the U.S. back into prosperity by creating an additional $480 billion a year, it's more important than ever to hold at least some of your portfolio in gold.
However, as I just showed you, the risks of buying it and owning it are growing.
That's why I created this new video alert.
In it, I give you three simple strategies you can use today to avoid the pitfalls of counterfeit bullion and numismatics.
Plus, I'll also reveal ...
- Why you won't read about this great threat to gold in any newspaper
- The truth about Washington's great inflation hoax (and why the dollar is doomed sooner than you might think)
- Two sinister ways the financial system has been rigged to rob you blind
- The next watershed moment for Wall Street — and why it will bring banks across the country to their knees, begging for another bailout
- Three mega-institutions working together to destroy the money in your wallet, and
- Why you could be paying $78.94 for a tank of gas in the next six years.
You can view this presentation absolutely free.
Just click here to watch it now.
For your Freedom and Prosperity,
Charles
About Uncommon Wisdom
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Uncommon Wisdom (UWD) is a free daily investment newsletter published by Weiss Research, Inc. This publication does not provide individual, customized investment or trading advice. All information is based upon data whose accuracy is deemed reliable, but not guaranteed. Performance returns cited are derived from our best estimates, but hypothetical as we do not track actual prices of customer purchases and sales. We cannot guarantee the accuracy of third party advertisements or sponsors, and these ads do not necessarily express the viewpoints of Uncommon Wisdom or its editors. For more information, see our Terms and Conditions. View our Privacy Policy. Would you like to unsubscribe from our mailing list? To make sure you don't miss our urgent updates, just follow these simple steps to add Weiss Research to your address book.
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