Gold dealer shouldn't complain -- at least he got metal, not paper

Section:

Fake Gold Bars Turn Up in Manhattan

From WNYW-TV5, New York
Tuesday, September 18, 2012

http://www.myfoxny.com/story/19578206/fake-gold-bars-turn-up-in-manhatta...

NEW YORK -- In jewelry stores on 47th Street and Fifth Avenue the important trust between merchants has been violated. A 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit.

The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce.

Ibrahim Fadl bought the bar 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.

What makes so devious is a real gold bar is purchased with the serial numbers and papers, then it is hollowed out, the gold is sold, the tungsten is put in, then the bar is closed up. That is a sophisticated operation.

... Dispatch continues below ...



ADVERTISEMENT

Special Offer for GATA Supporters from The Calandra Report


Financial journalist Thom Calandra, co-founder of MarketWatch.com and a longtime GATA supporter, has revived his weekly market letter, The Calandra Report, which is aimed at believers in natural resources and metals equities. His three recommended stocks so far -- prospectors in Nevada, Portugal, and Colombia looking for gold, silver, copper, and tungsten -- have risen since his recommendation, and he is traveling throughout the world to research more recommendations. Through Sept. 22 the TCR's subscription price is $48 per year and during that time Calandra will donate to GATA $5 for every GATA supporter who subscribes. After that the TCR's subscription price will rise to $54.

Calandra will join GATA's Bill Murphy and Chris Powell at the Toronto Resource Investment Conference on Thursday and Friday, Sept. 27 and 28 --

http://cambridgehouse.com/event/toronto-resource-investment-conference-2...

-- and at the New Orleans Investment Conference from Wednesday through Saturday, Oct. 24-27:

https://jeffersoncompanies.com/new-orleans-investment-conference/home

For a sample of a recent edition of The Calandra Report and to subscribe, please visit:

http://www.babybulls.com/index.cfm/page/THE-CALANDRA-REPORT:-AUGUST-26,-...



MTB, the Swiss manufacturer of the gold bars, said customers should buy only from a reputable merchant. The problem, he admits, is 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.

In March gold bars filled with tungsten showed up in England. With New York now hit, it may mean an international ring is involved.

* * *

Join GATA here:

Toronto Resource Investment Conference
Thursday-Friday, September 27-28, 2012
Toronto Sheraton Centre Hotel
Toronto, Ontario, Canada
http://www.cambridgehouse.com/event/toronto-resource-investment-conferen...

New Orleans Investment Conference
Wednesday-Saturday, October 24-27, 2012
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
http://www.neworleansconference.com/

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16



ADVERTISEMENT

Fred Goldstein and Tim Murphy open All Pro Gold

Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/.