More tungsten showing up in gold reserves?
CoinHusker
Posts: 5,033 ✭✭✭
This was in a numismaster article I read yesterday.
<< <i>It has been reported by Pat Heller and others that the major depository in Hong Kong; HK LBMA (London Bullion Market Association) approved recently discovered tungsten bars that were gold coated or plated. These bars supposedly were 400-troy-ounce good delivery bars. Instead, they are purportedly only about 1 percent gold. They are said to have been shipped there from the United States.
Tungsten is nearly the same density as gold and virtually impossible to detect without careful scientific analysis. It is $20 a pound vs. $1,100 an ounce for gold. You can see the incentive.
All this makes one wonder about all the tons of physical gold bars backing those exchange traded funds, which by the way, are not required to audit their holdings. >>
Here's a link to the article .
<< <i>It has been reported by Pat Heller and others that the major depository in Hong Kong; HK LBMA (London Bullion Market Association) approved recently discovered tungsten bars that were gold coated or plated. These bars supposedly were 400-troy-ounce good delivery bars. Instead, they are purportedly only about 1 percent gold. They are said to have been shipped there from the United States.
Tungsten is nearly the same density as gold and virtually impossible to detect without careful scientific analysis. It is $20 a pound vs. $1,100 an ounce for gold. You can see the incentive.
All this makes one wonder about all the tons of physical gold bars backing those exchange traded funds, which by the way, are not required to audit their holdings. >>
Here's a link to the article .
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Comments
I'd like to see at a minimum an article from a reputable and unbiased news organization, stating fact and not rumor, and at least a couple of pictures.
If this is such a widely known phenomenon, regardless of the number of bars impacted, there is nothing to hide. Let's see some images.
--Severian the Lame
Seems to be true.
Ray
Anyone got a link to a genuine article, pun intended? I'm perfectly willing to jump on the panic wagon if the story is found to be completely true. But until then...
--Severian the Lame
<< <i>I take "It has been reported" to mean others have repeated these rumors.
I'd like to see at a minimum an article from a reputable and unbiased news organization, stating fact and not rumor, and at least a couple of pictures.
If this is such a widely known phenomenon, regardless of the number of bars impacted, there is nothing to hide. Let's see some images. >>
Isn't it amazing how, in a society where nothing can remain hidden, nobody has yet been able to produce one of these ALLEGED tungsten bars????????
Interview 1,000 people on the street and you have a good chance of finding one who says he has been abducted by aliens, so it must be true that aliens abduct humans.
<< <i>
Isn't it amazing how, in a society where nothing can remain hidden, nobody has yet been able to produce one of these ALLEGED tungsten bars????????
Interview 1,000 people on the street and you have a good chance of finding one who says he has been abducted by aliens, so it must be true that aliens abduct humans.
That's all I'm saying. I've seen literally a dozen reiterations of the rumor, but not so much as a quote from an official at a bank or refiner or government agency.
One of the reasons I have PMs is because I'm skeptical. I don't blindly trust paper, institutions, statistics. The story doesn't sound impossible, but that's why con jobs are called con jobs. They're just believable enough that you have confidence in them.
I'll continue to watch the rumors. But until I see something considerably more legit than what I've seen so far: It's just a rumor.
--Severian the Lame
<< <i>
<< <i>
Isn't it amazing how, in a society where nothing can remain hidden, nobody has yet been able to produce one of these ALLEGED tungsten bars????????
Interview 1,000 people on the street and you have a good chance of finding one who says he has been abducted by aliens, so it must be true that aliens abduct humans.
That's all I'm saying. I've seen literally a dozen reiterations of the rumor, but not so much as a quote from an official at a bank or refiner or government agency.
One of the reasons I have PMs is because I'm skeptical. I don't blindly trust paper, institutions, statistics. The story doesn't sound impossible, but that's why con jobs are called con jobs. They're just believable enough that you have confidence in them.
I'll continue to watch the rumors. But until I see something considerably more legit than what I've seen so far: It's just a rumor. >>
While I agree that I'd like to see real proof, I do take umbrage with "reputable news organization." An unfortunately modern-day oxymoron... Noted your pun and add a double entendre...
<< <i>
<< <i>
Isn't it amazing how, in a society where nothing can remain hidden, nobody has yet been able to produce one of these ALLEGED tungsten bars????????
Interview 1,000 people on the street and you have a good chance of finding one who says he has been abducted by aliens, so it must be true that aliens abduct humans.
That's all I'm saying. I've seen literally a dozen reiterations of the rumor, but not so much as a quote from an official at a bank or refiner or government agency.
One of the reasons I have PMs is because I'm skeptical. I don't blindly trust paper, institutions, statistics. The story doesn't sound impossible, but that's why con jobs are called con jobs. They're just believable enough that you have confidence in them.
I'll continue to watch the rumors. But until I see something considerably more legit than what I've seen so far: It's just a rumor. >>
Yes, it's really amazing we haven't heard a government official come out and say "We are incompetent and were fooled by fake gold bars and therefore should be fired and prosecuted." This happens all the time and if the rumors were true surely the government workers at fault would immediately step forward and take responsibility.
<< <i>
<< <i>
<< <i>
Isn't it amazing how, in a society where nothing can remain hidden, nobody has yet been able to produce one of these ALLEGED tungsten bars????????
Interview 1,000 people on the street and you have a good chance of finding one who says he has been abducted by aliens, so it must be true that aliens abduct humans.
That's all I'm saying. I've seen literally a dozen reiterations of the rumor, but not so much as a quote from an official at a bank or refiner or government agency.
One of the reasons I have PMs is because I'm skeptical. I don't blindly trust paper, institutions, statistics. The story doesn't sound impossible, but that's why con jobs are called con jobs. They're just believable enough that you have confidence in them.
I'll continue to watch the rumors. But until I see something considerably more legit than what I've seen so far: It's just a rumor. >>
Yes, it's really amazing we haven't heard a government official come out and say "We are incompetent and were fooled by fake gold bars and therefore should be fired and prosecuted." This happens all the time and if the rumors were true surely the government workers at fault would immediately step forward and take responsibility. >>
OH, NO!!!!!
IT MUST BE A COVERUP!!!!!!!!!!!!!!!!!!!!!!!!!!!!
<< <i>I just wish I could find a pound of tungsten for anywhere NEAR $20!
You can get a pound of tongue down at the deli for about $8.99.
Don't know where you can get a pound of sten for the remaining $11.01.......
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One of the reasons I have PMs is because I'm skeptical. I don't blindly trust paper, institutions, statistics
You must have worked at a financial institution, I see.
I could tell you a few stories that would make your hair stand on end.
<< <i>I'd like to see at a minimum an article from a reputable and unbiased news organization, stating fact and not rumor, ... >>
That could only be Fox News. Nothing aboot it there.
<< <i>I have seen this rumor lots of times on the internet. There is no mainstream news source that I can find that verifies the story. Can anyone find one? >>
You can't get anymore mainstream than this!
What's not to believe?!?!?!?!
Repeating a rumor does not make it true.