Wreckage
Banned
- Jul 1, 2005
- 5,529
- 0
- 0
If this is true the price of Tungsten is going to skyrocket!!! Buy!,buy!, buy!
I still maintain that something is only worth what someone will pay for it. The gold standard is just as shaky as any other commodity.
Although this seems like an extremely far fetched conspiracy theory. If someone has the original docs they could just fax them to the New York Times.
I still maintain that something is only worth what someone will pay for it. The gold standard is just as shaky as any other commodity.
Although this seems like an extremely far fetched conspiracy theory. If someone has the original docs they could just fax them to the New York Times.
sort of an update.
very interesting story. i don't trust the source.
basically says that a shipment of about 5650 400 ounce bars that went from London vaults to Hong Kong vaults, where they were drilled and assayed, were found to have tungsten cores.
$456,840 per bar - $2,581,146,000. ouch. that's a lot of money to pay for a few tons of tungsten.
luscious gold-plated tungsten bars. chewy gold on the outside, creamy filling - if you're a dragon.
Kitco has prices for 400 ounce bars -
https://online.kitco.com/bullion/completelist.html
http://www.daily.pk/fake-gold-bars-in-bank-of-england-and-fort-knox-14477/
"Fake gold bars in Bank of England and Fort Knox
Written by (Author ) World Jan 11, 2010 It’s one thing to counterfeit a twenty or hundred dollar bill. The amount of financial damage is usually limited to a specific region and only affects dozens of people and thousands of dollars. Secret Service agents quickly notify the banks on how to recognize these phony bills and retail outlets usually have procedures in place (such as special pens to test the paper) to stop their proliferation.
But what about gold? This is the most sacred of all commodities because it is thought to be the most trusted, reliable and valuable means of saving wealth.
A recent discovery — in October of 2009 — has been suppressed by the main stream media but has been circulating among the “big money” brokers and financial kingpins and is just now being revealed to the public. It involves the gold in Fort Knox — the US Treasury gold — that is the equity of our national wealth. In short, millions (with an “m”
of gold bars are fake!
Who did this? Apparently our own government.
Background
In October of 2009 the Chinese received a shipment of gold bars. Gold is regularly exchanges between countries to pay debts and to settle the so-called balance of trade. Most gold is exchanged and stored in vaults under the supervision of a special organization based in London, the London Bullion Market Association (or LBMA). When the shipment was received, the Chinese government asked that special tests be performed to guarantee the purity and weight of the gold bars. In this test, four small holed are drilled into the gold bars and the metal is then analyzed.
Officials were shocked to learn that the bars were fake. They contained cores of tungsten with only a outer coating of real gold. What’s more, these gold bars, containing serial numbers for tracking, originated in the US and had been stored in Fort Knox for years. There were reportedly between 5,600 to 5,700 bars, weighing 400 oz. each, in the shipment!
At first many gold experts assumed the fake gold originated in China, the world’s best knock-off producers. The Chinese were quick to investigate and issued a statement that implicated the US in the scheme.
What the Chinese uncovered:
Roughly 15 years ago — during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] — between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day.
According to the Chinese investigation, the balance of this 1.3 million to 1.5 million 400 oz tungsten cache was also gold plated and then allegedly “sold” into the international market. Apparently, the global market is literally “stuffed full of 400 oz salted bars”. Perhaps as much as 600-billion dollars worth.
An obscure news item originally published in the N.Y. Post [written by Jennifer Anderson] in late Jan. 04 perhaps makes sense now.
DA investigating NYMEX executive ,Manhattan, New York, –Feb. 2, 2004.
A top executive at the New York Mercantile Exchange is being investigated by the Manhattan district attorney. Sources close to the exchange said that Stuart Smith, senior vice president of operations at the exchange, was served with a search warrant by the district attorney’s office last week. Details of the investigation have not been disclosed, but a NYMEX spokeswoman said it was unrelated to any of the exchange’s markets. She declined to comment further other than to say that charges had not been brought. A spokeswoman for the Manhattan district attorney’s office also declined comment.”
The offices of the Senior Vice President of Operations — NYMEX — is exactly where you would go to find the records [serial number and smelter of origin] for EVERY GOLD BAR ever PHYSICALLY settled on the exchange. They are required to keep these records. These precise records would show the lineage of all the physical gold settled on the exchange and hence “prove” that the amount of gold in question could not have possibly come from the U.S. mining operations — because the amounts in question coming from U.S. smelters would undoubtedly be vastly bigger than domestic mine production.
No one knows whatever happened to Stuart Smith. After his offices were raided he took “administrative leave” from the NYMEX and he has never been heard from since. Amazingly, there never was any follow up on in the media on the original story as well as ZERO developments ever stemming from D.A. Morgenthau’s office who executed the search warrant.
Are we to believe that NYMEX offices were raided, the Sr. V.P. of operations then takes leave — all for nothing?"
very interesting story. i don't trust the source.
basically says that a shipment of about 5650 400 ounce bars that went from London vaults to Hong Kong vaults, where they were drilled and assayed, were found to have tungsten cores.
$456,840 per bar - $2,581,146,000. ouch. that's a lot of money to pay for a few tons of tungsten.
luscious gold-plated tungsten bars. chewy gold on the outside, creamy filling - if you're a dragon.
Kitco has prices for 400 ounce bars -
https://online.kitco.com/bullion/completelist.html
http://www.daily.pk/fake-gold-bars-in-bank-of-england-and-fort-knox-14477/
"Fake gold bars in Bank of England and Fort Knox
Written by (Author ) World Jan 11, 2010 It’s one thing to counterfeit a twenty or hundred dollar bill. The amount of financial damage is usually limited to a specific region and only affects dozens of people and thousands of dollars. Secret Service agents quickly notify the banks on how to recognize these phony bills and retail outlets usually have procedures in place (such as special pens to test the paper) to stop their proliferation.
But what about gold? This is the most sacred of all commodities because it is thought to be the most trusted, reliable and valuable means of saving wealth.
A recent discovery — in October of 2009 — has been suppressed by the main stream media but has been circulating among the “big money” brokers and financial kingpins and is just now being revealed to the public. It involves the gold in Fort Knox — the US Treasury gold — that is the equity of our national wealth. In short, millions (with an “m”
of gold bars are fake!Who did this? Apparently our own government.
Background
In October of 2009 the Chinese received a shipment of gold bars. Gold is regularly exchanges between countries to pay debts and to settle the so-called balance of trade. Most gold is exchanged and stored in vaults under the supervision of a special organization based in London, the London Bullion Market Association (or LBMA). When the shipment was received, the Chinese government asked that special tests be performed to guarantee the purity and weight of the gold bars. In this test, four small holed are drilled into the gold bars and the metal is then analyzed.
Officials were shocked to learn that the bars were fake. They contained cores of tungsten with only a outer coating of real gold. What’s more, these gold bars, containing serial numbers for tracking, originated in the US and had been stored in Fort Knox for years. There were reportedly between 5,600 to 5,700 bars, weighing 400 oz. each, in the shipment!
At first many gold experts assumed the fake gold originated in China, the world’s best knock-off producers. The Chinese were quick to investigate and issued a statement that implicated the US in the scheme.
What the Chinese uncovered:
Roughly 15 years ago — during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] — between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day.
According to the Chinese investigation, the balance of this 1.3 million to 1.5 million 400 oz tungsten cache was also gold plated and then allegedly “sold” into the international market. Apparently, the global market is literally “stuffed full of 400 oz salted bars”. Perhaps as much as 600-billion dollars worth.
An obscure news item originally published in the N.Y. Post [written by Jennifer Anderson] in late Jan. 04 perhaps makes sense now.
DA investigating NYMEX executive ,Manhattan, New York, –Feb. 2, 2004.
A top executive at the New York Mercantile Exchange is being investigated by the Manhattan district attorney. Sources close to the exchange said that Stuart Smith, senior vice president of operations at the exchange, was served with a search warrant by the district attorney’s office last week. Details of the investigation have not been disclosed, but a NYMEX spokeswoman said it was unrelated to any of the exchange’s markets. She declined to comment further other than to say that charges had not been brought. A spokeswoman for the Manhattan district attorney’s office also declined comment.”
The offices of the Senior Vice President of Operations — NYMEX — is exactly where you would go to find the records [serial number and smelter of origin] for EVERY GOLD BAR ever PHYSICALLY settled on the exchange. They are required to keep these records. These precise records would show the lineage of all the physical gold settled on the exchange and hence “prove” that the amount of gold in question could not have possibly come from the U.S. mining operations — because the amounts in question coming from U.S. smelters would undoubtedly be vastly bigger than domestic mine production.
No one knows whatever happened to Stuart Smith. After his offices were raided he took “administrative leave” from the NYMEX and he has never been heard from since. Amazingly, there never was any follow up on in the media on the original story as well as ZERO developments ever stemming from D.A. Morgenthau’s office who executed the search warrant.
Are we to believe that NYMEX offices were raided, the Sr. V.P. of operations then takes leave — all for nothing?"
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
- 5
- 0
Go back to post #16. This was bullsh*t then and still is now. Until a real source of news carries the story it remains rubbish. A site from Pakistan and one that sells gold doesn't count.
I think this story is below P&N.
Really. Where is that statement?
I think this story is below P&N.
halik
Lifer
- Oct 10, 2000
- 25,696
- 1
- 0
Haha the ironing of gold turning into a fiat currency is delicious.
If all 400oz bar of gold have a the same probability of not being 400oz of gold, does it change its value?
I hope I'm not the only one giggling about the fiat aspect story; it's no different than the big stone wheels (http://economistsview.typepad.com/economistsview/2005/09/yapping_about_m.html)
If all 400oz bar of gold have a the same probability of not being 400oz of gold, does it change its value?
I hope I'm not the only one giggling about the fiat aspect story; it's no different than the big stone wheels (http://economistsview.typepad.com/economistsview/2005/09/yapping_about_m.html)
Last edited:
QuantumPion
Diamond Member
- Jun 27, 2005
- 6,010
- 1
- 76
i was one of the people that called Jim Puplava and asked him to talk about this.
he said a bunch of people called him & they were trying to find out more. this is the first i've seen him. he generally follows an old-school news approach where they won't report something unless there's meat to it.
the article at Financial Sense
http://www.financialsense.com/fsu/editorials/kirby/2009/1112.html
the conference where the coin dealer was warned about it was early November.
Puplave is the kind of guy that takes his precious metals very seriously - he bought a ton (2000 pounds, 30,000 ounces, unless it was a metric ton) of silver a year ago when it was about $10 an ounce (today it's $18.50).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Gold Finger - A New Take On Operation Grand Slam With A Tungsten Twist
by Rob Kirby | November 12, 2009
Ive already reported on irregular physical gold settlements which occurred in London, England back in the first week of October, 2009. Specifically, these settlements involved the intermediation of at least one Central Bank [The Bank of England] to resolve allocated settlements on behalf of J.P. Morgan and Deutsche Bank who DID NOT have the gold bullion that they had sold short and were contracted to deliver. At the same time I reported on two other unusual occurrences:
1] - irregularities in the publication of the gold ETF - GLDs bar list from Sept. 25 Oct.14 where the length of the bar list went from 1,381 pages to under 200 pages and then back up to 800 or so pages.
2] - reports of 400 oz. good delivery bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong.
Why Tungsten?
If anyone were contemplating creating fake gold bars, tungsten [at roughly $10 per pound] would be the metal of choice since it has the exact same density as gold making a fake bar salted with tungsten indistinguishable from a solid gold bar by simply weighing it.
Unfortunately, there are now more sordid details to report.
When the news of tungsten salted gold bars in Hong Kong first surfaced, many people
who I am acquainted with automatically assumed that these bars were manufactured in
China because China is generally viewed as the knock-off capital of the world.
Heres what I now understand really happened:
The amount of salted tungsten gold bars in question was allegedly between 5,600 and 5,700 400 oz good delivery bars [roughly 60 metric tonnes].
This was apparently all highly orchestrated by an extremely well financed criminal operation.
Within mere hours of this scam being identified Chinese officials had many of the perpetrators in custody.
And heres what the Chinese allegedly uncovered:
Roughly 15 years ago during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day. I know folks who have copies of the original shipping docs with dates and exact weights of tungsten bars shipped to Ft. Knox."
he said a bunch of people called him & they were trying to find out more. this is the first i've seen him. he generally follows an old-school news approach where they won't report something unless there's meat to it.
the article at Financial Sense
http://www.financialsense.com/fsu/editorials/kirby/2009/1112.html
the conference where the coin dealer was warned about it was early November.
Puplave is the kind of guy that takes his precious metals very seriously - he bought a ton (2000 pounds, 30,000 ounces, unless it was a metric ton) of silver a year ago when it was about $10 an ounce (today it's $18.50).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Gold Finger - A New Take On Operation Grand Slam With A Tungsten Twist
by Rob Kirby | November 12, 2009
Ive already reported on irregular physical gold settlements which occurred in London, England back in the first week of October, 2009. Specifically, these settlements involved the intermediation of at least one Central Bank [The Bank of England] to resolve allocated settlements on behalf of J.P. Morgan and Deutsche Bank who DID NOT have the gold bullion that they had sold short and were contracted to deliver. At the same time I reported on two other unusual occurrences:
1] - irregularities in the publication of the gold ETF - GLDs bar list from Sept. 25 Oct.14 where the length of the bar list went from 1,381 pages to under 200 pages and then back up to 800 or so pages.
2] - reports of 400 oz. good delivery bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong.
Why Tungsten?
If anyone were contemplating creating fake gold bars, tungsten [at roughly $10 per pound] would be the metal of choice since it has the exact same density as gold making a fake bar salted with tungsten indistinguishable from a solid gold bar by simply weighing it.
Unfortunately, there are now more sordid details to report.
When the news of tungsten salted gold bars in Hong Kong first surfaced, many people
who I am acquainted with automatically assumed that these bars were manufactured in
China because China is generally viewed as the knock-off capital of the world.
Heres what I now understand really happened:
The amount of salted tungsten gold bars in question was allegedly between 5,600 and 5,700 400 oz good delivery bars [roughly 60 metric tonnes].
This was apparently all highly orchestrated by an extremely well financed criminal operation.
Within mere hours of this scam being identified Chinese officials had many of the perpetrators in custody.
And heres what the Chinese allegedly uncovered:
Roughly 15 years ago during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day. I know folks who have copies of the original shipping docs with dates and exact weights of tungsten bars shipped to Ft. Knox."
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 21K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
Facebook
Twitter