Is it Live or Is it Memorex

From the News:

It is one thing for tungsten-filled gold bars to appear in the UK, or in Germany. However, when a 10 ounce 999.99% gold bar bearing the stamp of the reputable Swiss Produits Artistiques Métaux Précieux PAMP and a serial number #038892, (likely rehypothecated in at least 10 gold ETFs across the world), mysteriously emerges in the heart of the world's jewelry district located on 47th street in Manhattan, things get real quick. Moments ago, Myfoxny reported that a 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit. The discovery was made by the dealer Ibrahim Fadl, who bought the PAMP bar in question from a merchant who has sold him real gold before. "But he 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."

What makes it so devious is a real gold bar is purchased with the serial numbers and papers, then hollowed out.   The hollowed bar is filled with tungsten and is neatly 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, they admit, is that Ibrahim Fadl is a very reputable merchant.

Raymond Nessim, CEO of 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.
 

***** 

 

My old friend constantly laments that “...it's all a sham now, you can't trust anything, it's all a scam. Cans of tuna weigh 5oz, coffee isn't a pound, it's 10.5 ounces, stock...mortgages..nothing's real anymore.”

“All they do is find a way of digging deeper into you pocket.”

I'd hate to be the one who laid out $100,000 for a pile of tungsten.