Here is a quick collection of information items on the growing fake tungsten gold bars controversy:
Austrians Seize False Gold Tied to London Bullion Theft
Published: December 22, 1983
VIENNA, Dec. 21
The Austrian police announced the arrest today of 5 men and the discovery of 10 counterfeit gold bars stamped with numbers and refiner’s name to match 6,000 real bars stolen in Britain last month.
The police said the five arrested in Vienna on Tuesday night apparently planned to sell the counterfeit gold, passing it off as part of the haul of three tons of bullion stolen by masked gunmen from a warehouse near London’s Heathrow Airport on Nov. 26.
A police spokesman said the police did not know how the men had discovered the numbers stamped on the stolen bars.
The police at first suspected the counterfeit bars were part of the Heathrow booty, but the spokesman said tests showed the bars were made of tungsten and only coated with gold.
The fake bars were seized in a police raid on a hotel where the five men – four Italians and an Austrian – were meeting.
“LONDON, April 14, 2004 (Reuters) – NM Rothschild & Sons Ltd., the London-based unit of investment bank Rothschild [ROT.UL], will withdraw from trading commodities, including gold, in London as it reviews its operations, it said on Wednesday.”
Gld ETF Warning, Tungsten Filled Fake Gold Bars.
Nov 12, 2009. The Market Oracle.
Coincidentally [or perhaps, not?], GLD Began Trading 11/12/2004
In light of what has occurred – regarding the Gold ETF, GLD – after reviewing their prospectus yet again, it becomes pretty clear that GLD was established to purposefully deflect investment dollars away from legitimate gold pursuits and to create a stealth, cesspool / catch-all, slush-fund and a likely destination for many of these “salted tungsten bars” where they would never see the light of day – hidden behind the following legalese “shield” from the law:
Excerpt from the GLD prospectus on page 11:
Gold bars allocated to the Trust in connection with the creation of a Basket may not meet the London Good Delivery Standards and, if a Basket is issued against such gold, the Trust may suffer a loss. Neither the Trustee nor the Custodian independently confirms the fineness of the gold bars allocated to the Trust in connection with the creation of a Basket. The gold bars allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LBMA’s standards for gold bars delivered in settlement of a gold trade, or the London Good Delivery Standards, the standards required by the Trust. If the Trustee nevertheless issues a Basket against such gold, and if the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss.
German ProSieben TV Channel Finds 500 Gram Tungsten Bar At W.C.Heraeus Gold Foundry With Bank Origin.
March 1, 2010. Zerohedge.com.
German TV station ProSieben finds what appears to be some evocative proof of gold counterfeiting, in the form of tungsten gold substitutes coming to the W.C.Heraeus foundry, which is the world’s largest privately-owned precious metals refiner and fabricator, located in Hanau, Germany. The foundry has isolated at least one 500-gram tungsten bar due for melting, originating from a (so far) unnamed bank, which as the head of the foundry stated made the unpleasant discovery that “not all the glitters is gold.”
[Click on image to go to Youtube]