Posted on 06/06/2014 12:11:19 PM PDT by blam
Tyler Durden
06/06/2014
Two years ago, stories of fake tungsten-filled gold coins and bars began to spread; it appears, between the shortage of physical gold (after Asian central bank buying) and the increase in smuggling (courtesy of India's controls among others) that gold fraud is back on the rise. As SCMP reports, a mainland China businessman, Zhao Jingjun, discovered that HK$270 million of 998kg of gold bars he bought in Ghana had been swapped for non-precious metal bars. What is perhaps even more worrisome, given the probe into commodity-financing deals and the rehypothecation evaporation; these gold bars were shipped to a Chinese warehouse before Zhao was able to confirm the fraud.
As South China Morning Post reports, police were last night making arrangements with a mainland businessman to check whether HK$270 million of gold bullion he bought in Africa was genuine after part of the consignment was swapped with metal bars.
On Wednesday, Zhao Jingjun, 43, opened part of his shipment in front of his buyer in Hong Kong and discovered the gold had been switched for worthless metal.
A senior officer said it would be the city's biggest heist in a decade if it was confirmed that all the gold had been stolen.
An initial inquiry showed Zhao purchased 998kg of gold bars from a company in Ghana in mid-April, police said.
The consignment, in 14 cases, was escorted by his staff and delivered from Ghana on a chartered flight late last month.
"Officers were told that his employee confirmed the cases contained the gold before it was loaded onto the chartered flight in Ghana," a police source said.
The source said the employee left Hong Kong after the consignment was handed to the staff of a logistics
(snip)
(Excerpt) Read more at zerohedge.com ...
Is it a platinum or tungsten ATM card?
Is there a reliable, accurate and non-invasive way to analyze gold pieces and bars?
It’s gold. Do you think it’s valid?
Ultrasound. Google "gold bar ultrasound" to learn more.
Beware x-ray fluorescence. It's only a surface test.
Nope.
Only tungsten is good in Ghana.
My friend uses Aqua regia.
He has a rough stone that he rubs the gold object on, Aqua regia will remove the gold 'stain' but not much else. He buys gold a yard sales.
“source said the employee left Hong Kong after the consignment was handed to the staff”
A real co-inky-dink. Check recent home purchases in Brazil, or Costa Rica, or.....
Hmmm - I think I’ve been defrauded.
used quite a bit in welding process know as tig (tungsten inert gas) welding.
yes, but you wouldn’t want to pay gold prices for it. lol
Hello Goldline....? (He should have bought it from a real gold dealer)
I wish I could find the link to it, but there is actually a company in China that will make fake gold coins and bars for you. As noted in the article, they coat tungsten with a thin layer of gold.
Of course, the Chinese company says that their products are for "novelty" purposes only.
I am sure they would never lie.... heh
Goldbug ping.
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