Tungsten Salted Gold – Investment scam of the century???
I found the article I was referring too. It wasn’t Rob Kirby as I’d thought. It was a guest article submitted by Casey Research on Zerohedge about a week ago, at http://www.zerohedge.com/article/guest-post-counterfeit-gold . Here’s an excerpt:
Predictably enough, counterfeiting concerns eventually hit the Internet. About a year ago, the blogosphere bloomed with doomsday warnings after the publication of a series of articles in Coin World, dealing with the subject of coin counterfeiting in China, where it’s quasi-legal. The Web was abuzz with the worries of coin holders and eBay shoppers, as well as the pontifications of pundits about the coming flood of knockoffs from the far East.
Now that didn’t seem right to us. We’ve been at this a goodly while, and we’ve never heard of anyone being slipped a fake Eagle or Maple Leaf. Just to be on the safe side, though, we checked with a dealer of 30 years’ experience and got the same answer. Nope. Only seen a couple over the past three decades.
The thing is, it’s really impractical. Any counterfeit bullion coin would have to be gold in order to pass. If it were pure, then what would be the point? And if the counterfeiter skimped on the gold content, the coin’s weight would be a dead giveaway. The only alternative would be to gold-plate a coin made out of some other metal. But again, getting the weight right while preserving the correct size would be a challenge. In the end, there’s just not enough of a profit margin to make it worthwhile.
The exception is rare coins. These can be made with the proper gold content, then artificially aged so that only an experienced numismatist could pick them out. Because of the premium they command, faux rare coins made with real gold could be highly profitable where a bullion coin would not.
This is one of the reasons (impartial grading is the other) why many collectors will only trade coins graded and slabbed by third-party specialists like Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corp. (NGC).
Ominously, though, some counterfeit coins are turning up inside phony slabs, and the graders are taking the threat seriously. Both the major services have warned about this, with NGC providing guidelines about how to spot fakes of their slabs here http://www.ngccoin.com/news/viewarticle.aspx?IDArticle=954 . The counterfeits all seem to be originating in China, so one prudent response would be not to trust rare coins offered for sale from that country, especially on eBay.
Gold bars are a separate category. Fakes do show up in the market from time to time, and they’re hard to identify. Generally speaking, counterfeiters don’t bother with the smaller ones, which are stamped, numbered, and sealed. They concentrate on 1-kilogram or larger sizes. These are poured, rather than stamped, and can be easily adulterated or even hollowed out and filled with some other, cheaper metal.
Yeah, that bit about coinds being hard to counterfeit put my mind more at ease as well!
Now, with the bulk of popular physical gold held in top secret, private warehouses around the world, where it allegedly backs the balance sheets of the world’s central banks, yet nobody can confirm its existence, nor audit the actual gold content, it is understandable why increasingly more are wondering: just how much gold is there? And alongside that – while gold, (or is it GLD?), can be rehypothecated, can one do the same with tungsten?
Not that I own any gold: I put my money into more sustainable things like a garden, since you cannot eat gold. I am aassuming that you cannot eat tungsten, either. And why do they use the euphemism “salted? ” Peanut are salted, Pretzels are salted. As well to say these are gold Twinkies, with a creamy tungsten filling.
At least you can eat Twinkies.
Dibs on the descriptive phrase “Twinkie Gold.” Remember, folks, you saw it here first.
Oh, and do you know why the tungsten filling is so creamy? It’s churned.
What if it’s not a scam.
What do you know about Tungsten?
Really only mined in South Korea, a country difficult to access
Highest melting point
Used as armor piercing bullets
Tungsten is more valuable to the United States government, then Gold
Maybe its not a scam
Maybe it’s the dirty little secret no one wants you to know