# Fake Gold Bars Found in New York



## k0xxx (Oct 27, 2011)

Fake gold bars turn up in Manhattan

Another reason for those investing in gold to purchase smaller and known gold types. Personally, any gold that I am buying now is in the the form of used jewelry. It can be easily sold, a little at a time as needed, and not raise suspicion. My other gold will remain in the safes for emergencies and large purchases.


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## Sentry18 (Aug 5, 2012)

Oh great, that was what the US Treasury was going to do with what little gold is left in Fort Knox. Thanks for ruining our last chance to strengthen the dollar! Kidding of course. That is a scary article and makes me wonder how many fake bars are sitting in safes and safety deposit boxes all over the USA.


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## invision (Aug 14, 2012)

That is why everyone should have a couple gold test kits in their equipment. And a way to drill through the center of larger bars...

I know this will sound weird, but an episode of Pawn Stars had a guy bring in a huge bar of silver, they drilled a hole through it and tested the outside and inside... Smart move by them, and it was real.


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## LincTex (Apr 1, 2011)

invision said:


> an episode of Pawn Stars had a guy bring in a huge bar of silver,


The world is filled with idiots. A pawn shop?!?!? REALLY?

Same with people that haul good stuff to be sold for scrap metal: Absolute morons.


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## TheAnt (Jun 7, 2011)

Ha! The comments on that story are hilarious:



> I just tested my dollar bills, found out they were hollow and filled with shredded Obama healthcare documents.


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## BillS (May 30, 2011)

k0xxx said:


> Fake gold bars turn up in Manhattan
> 
> Another reason for those investing in gold to purchase smaller and known gold types. Personally, any gold that I am buying now is in the the form of used jewelry. It can be easily sold, a little at a time as needed, and not raise suspicion. My other gold will remain in the safes for emergencies and large purchases.


That's one of the reasons that China is taking their gold home and remelting it themselves. I wouldn't buy a gold bar or a silver bar. Only coins.


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## Woody (Nov 11, 2008)

Interesting, I never thought of that. I thought they were converting to metric from lbs/ounces. I wonder if we will ever hear of how many fake ones they found.


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## Jim1590 (Jul 11, 2012)

The pawn stars one was a 100lb bar so they had to drill it to make sure it wasn't filled with lead. They saved the shavings so it could be poured back into the hole. The silver ain't exactly evaporating.

They pay spot there (at least every episode I saw with gold/silver), every pawn shop I have been to does not.


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## LincTex (Apr 1, 2011)

JimMadsen said:


> They pay spot there (at least every episode I saw with gold/silver), every pawn shop I have been to does not.


Yeah, when the camera is rolling they do. Otherwise I doubt they pay spot.

100 lbs?????? = 1,458.33 troy ounces!!!! = $49,572

Where the hell did he find a 100 lb bar?


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## invision (Aug 14, 2012)

I believe they do when cameras aren't rolling, otherwise it would be bad for biz since they have on air.... its not you typical pawn shop...


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## invision (Aug 14, 2012)

LincTex said:


> Yeah, when the camera is rolling they do. Otherwise I doubt they pay spot.
> 
> 100 lbs?????? = 1,458.33 troy ounces!!!! = $49,572
> 
> Where the hell did he find a 100 lb bar?


That was just the bar... he had more than that (if i remember correctly)....


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## IlliniWarrior (Nov 30, 2010)

*Rough Poured Ingot*



LincTex said:


> Yeah, when the camera is rolling they do. Otherwise I doubt they pay spot.
> 
> 100 lbs?????? = 1,458.33 troy ounces!!!! = $49,572
> 
> Where the hell did he find a 100 lb bar?


it was rough poured and an odd weight ..... he said it was purchased in South America ....the guy had bags of old silver coin also ..... walked out with around $120K if I remember ....

they used part of the bar to make Pawn Shop medallions with the "the old man" idolized in silver ....


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## LincTex (Apr 1, 2011)

IlliniWarrior said:


> it was rough poured and an odd weight ..... he said it was purchased in South America ........


Wow, if you could hear the gears spinning in my head right now....


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## Jim1590 (Jul 11, 2012)

See if you can find a replay of Gold Rush In The Jungle. You could finance a gold mining operation pretty cheaply. The only problem is not getting screwed by your employees cause you are the ****** from out-of-town.

I in no means am trying to discriminate or stereotype any group of people based upon their locale. Merely thinking that large parts of jungle in S.A. are probably controlled by cartels and they are always the most trustworthy....


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## invision (Aug 14, 2012)

JimMadsen said:


> See if you can find a replay of Gold Rush In The Jungle. You could finance a gold mining operation pretty cheaply. The only problem is not getting screwed by your employees cause you are the ****** from out-of-town.


If you watched the after show episode, they said it would cost around a Million to start operations down there due to the remoteness of the claims... I agree that that is one rich environment, but a million in startup costs, wow... Although the said the gold bars that they melt every week at processing center is around $800,000....


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## Hooch (Jul 22, 2011)

seems to me that could have been a ploy to put doubt into folks who have been or want to buy gold as a hedge because they see what the train wreck comming down n are getting outta dollars...just my spidey sences beepin...


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## BlueShoe (Aug 7, 2010)

Yes, to discourage private gold purchases, I agree.
One story I heard last week was that one buyer had purchased several bars from a reputable dealer and then tested one to find it full on Tungsten. So he drilled the others and found more.

People have problems believing large corporations would defraud them, but everyone knows TV and radio commercials are mostly embellishment and lies.


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## BillS (May 30, 2011)

It's a natural story to make the news. The gold bar isn't fake. It just had some of the gold replaced by tungsten rods. I don't know how much gold was missing. I'm guessing it's 10% or 15%. A one kg bar is worth about $60,000. That's a lot of motive for fraud.

It's a good reason to only buy gold coins. It's worth the surcharge to make sure what you're getting is authentic.


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## Immolatus (Feb 20, 2011)

*More found...*

More have been found...

And in the comments someone posts this link to a Chinese company that makes them for 'gifts'???
On this page is a pic of a vault full of them? Scary...

I guess I need to check my collection of 100 lb bars!


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## Jim1590 (Jul 11, 2012)

Let me know if ya need any help, I could make a drive!


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