Apparently, the ˜gold bars' were partially made of gold.
It's an old scam that's been around for centuries. In this case,the centers of the bars were gutted and filled with tungsten, a very heavy, relatively cheap industrial metal that is about 9% lighter than gold.
Some myths say that tungsten and gold weigh the same, but they don't. The atomic number for gold is 196.9. and the atomic number of tungsten is 183.8.
Fortunately for gold fraudsters, tungsten is as dense as gold, making it difficult to detect the slight weight difference. This weight difference, however, should have been noticed, as gold bars are supposed to be weighed whenever they are moved to a new location.
In ˜On Doing God's Work', Kirby writes:
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.
The balance of this 1.3 million " 1.5 million 400 oz tungsten cache was also plated and then allegedly "sold into the international market.
Apparently, the global market is literally "stuffed full of 400 oz salted bars .
Another similar fraud like this turned up in Ethiopia in March of 2008. It should be noted that Ethiopia is the second poorest nation on the planet (Burundi takes first place).
In ˜Fake Fears Over Ethiopia's Gold' (http://news.bbc.co.uk/2/hi/africa/7294665.stm), Elizabeth Blunt writes that Ethiopia's national bank had been told to inspect all the gold in its vaults to determine its authenticity because some of the gold that it bought was gold-plated steel.
Almost two weeks later, Elizabeth Blunt reported that 26 people were arrested for the gold fraud (http://news.bbc.co.uk/2/hi/7315137.stm).
In 1933, President Roosevelt made it illegal for U.S. citizens to own gold bullion. Most nations have made similar laws.
Basically, the only private gold ownership allowed to people is ownership in jewelry or coins like the English sovereign or South African Krugerrand.
The problem is that most "gold purchases" by private individuals are really paper purchases. If ˜paper gold' is based/backed upon the tungsten ˜fool's gold' that central banks and governments are trying to keep secret, how deep does this go? And if so, where did the real gold go and/or did it ever exist? Is this another gigantic fraud going on here, like the other ponzi and shadow/dark pool money scams of wal-street?
Many investors and commodity brokers are aware of the fraud in selling paper gold bullion (How much imaginary gold has been sold? - click here).
Adrian Douglas writes in his October 10, 2009 article, ˜The explosive dynamics of the gold and silver markets' (http://www.gata.org/node/7887):
It's an old scam that's been around for centuries. In this case,the centers of the bars were gutted and filled with tungsten, a very heavy, relatively cheap industrial metal that is about 9% lighter than gold.
Some myths say that tungsten and gold weigh the same, but they don't. The atomic number for gold is 196.9. and the atomic number of tungsten is 183.8.
Fortunately for gold fraudsters, tungsten is as dense as gold, making it difficult to detect the slight weight difference. This weight difference, however, should have been noticed, as gold bars are supposed to be weighed whenever they are moved to a new location.
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.
The balance of this 1.3 million " 1.5 million 400 oz tungsten cache was also plated and then allegedly "sold into the international market.
Apparently, the global market is literally "stuffed full of 400 oz salted bars .
Another similar fraud like this turned up in Ethiopia in March of 2008. It should be noted that Ethiopia is the second poorest nation on the planet (Burundi takes first place).
In ˜Fake Fears Over Ethiopia's Gold' (http://news.bbc.co.uk/2/hi/africa/7294665.stm), Elizabeth Blunt writes that Ethiopia's national bank had been told to inspect all the gold in its vaults to determine its authenticity because some of the gold that it bought was gold-plated steel.
Almost two weeks later, Elizabeth Blunt reported that 26 people were arrested for the gold fraud (http://news.bbc.co.uk/2/hi/7315137.stm).
In 1933, President Roosevelt made it illegal for U.S. citizens to own gold bullion. Most nations have made similar laws.
Basically, the only private gold ownership allowed to people is ownership in jewelry or coins like the English sovereign or South African Krugerrand.
The problem is that most "gold purchases" by private individuals are really paper purchases. If ˜paper gold' is based/backed upon the tungsten ˜fool's gold' that central banks and governments are trying to keep secret, how deep does this go? And if so, where did the real gold go and/or did it ever exist? Is this another gigantic fraud going on here, like the other ponzi and shadow/dark pool money scams of wal-street?
Many investors and commodity brokers are aware of the fraud in selling paper gold bullion (How much imaginary gold has been sold? - click here).
Adrian Douglas writes in his October 10, 2009 article, ˜The explosive dynamics of the gold and silver markets' (http://www.gata.org/node/7887):
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