Rumor: Gold Bars Filled with Tungsten at Major Banks
Harvey Organ's: have you already ordered your tungsten Bar?
THE BURNING PLATFORM
October 17, 2009
Good morning to you all:
Gold closed up 1.70 to 1050.70. Silver rose by a penny to 17.40
On Thursday, it was disclosed by Rob Kirby that in an "Asian depository" , gold bricks were found to have been filled with Tungsten.
I will again highlight that section for you to read:
I discussed these irregularities with a very informed source [the same one who informed me of specific [allocated] trades settled last week] and the reply I received was as follows:
“What can I tell you that you don't already know?
They are all scrambling big time since a number of large interests have demanded audits. Independent auditors are NOW descending onto the various vaults to verify, validate and certify.
They can move this as many times in circles as they like to try to fool people.
In an Asian depository they’ve found “Good Delivery” bricks that had been gutted and filled with tungsten.
Soon, there will be xxxx hitting the fan all over place.”
by Rob Kirby
end.
There are two foreign depositories for gold:
1. Bank of England
2. Bank of NY
There is no doubt that the source of the "tungsten" is the Bank of England.
Tungsten is unique and one of its chief characteristics is that it has the same density of gold. Gold is very dense and so is tungsten. Tungsten is also very cheap.
One of the oldest scams is making a brick of tungsten and covering the brick with gold, sealing all the edges and covering the whole surface with real gold.
A London Good Delivery Gold Brick is a 400 oz gold brick, stamped on the bottom with the assayer (e.g. Johnson Mathey). The stamp would have the serial number and the weight of the bar to 3 decimal places.
If I were to buy gold from London and ship to say the bank of Nova Scotia, Scotia Macotta, the agent for the bank and for me would guarantee to me the purity and the weight.
For this I pay insurance, shipping fees and storage fees. If the gold comes from their own inventory, they would not assay. If it comes from another vault, then one or two bricks would be assayed.
The assay requires a hole to be drilled to make sure that gold is uniform. The core and the brick is then heated and reweighed and stamped and that new brick would have Good Delivery Status.
It would be a nightmare to assay every brick that comes to a bank.
It now seems that the Chinese asked for an assay on some of their bricks and lo and behold, some were filled with Tungsten. You can imagine the nightmare that this presents itself.
Here is Jennifer Barry's account on these findings by Rob Kirby:
Speaking of fraud and the grim reaper…doctored gold bars
Dear Bill,
That was quite the bombshell from Rob Kirby yesterday about the "good delivery" bars filled with tungsten. When I was a bullion dealer, I was always on the lookout for counterfeits and tampered bars. In the last PM bull market, some 100 oz silver bars were drilled and filled with lead. However, this can be easily detected by weighing with a decent scale, as lead has a different density than silver.
However, the tungsten filled gold bars indicate a very sophisticated fraud. Not only is tungsten cheap, it has the SAME density as gold - 19.3 g/cc. Assuming the ends are sealed smoothly, you can touch and weigh the bars all you want, you can't be sure they are pure gold without cutting into them. Panic is likely to break out among professionals as the news of this fraud spreads. If you can't trust the "good delivery" bars what can you trust? These are supposed to have a guaranteed purity and then never leave the custody of trusted individuals so that investors don't have to assay them. Who knows what will be found as more large investors demand full audits?
It's amazing how lately so many gold stories back up GATA research. GATA has pointed out repeatedly that swapping, leasing, and paper games were necessary to keep the gold price down as the central banks didn't have the metal they claimed. Here is yet another instance of investors believing they hold X amount of bullion but in reality owning a mere fraction. It's a Ponzi scheme just like the Madoff scandal, and will end just as badly.
All the best,
Jennifer Barry
www.globalassetstrategist.com
end.
And this, from Dave Kranzler on the Kirby findings:
Dave from Denver...
Some thoughts on Rob Kirby's GLD article Someone on my blog asked me if I had any more info/insight on the Rob Kirby/GLD scandal. This was my response:
I don't know any specifics on that situation other than what Rob Kirby has reported. I have exchanged emails with Rob about the delivery situation he reported last week. I know enough about how deliveries work and have experienced delays in silver from the Comex via HSBC to know that what he reported about the delivery situation with gold on the LME is most likely 100% authentic.
We also know that China has publicly announced that they are recalling ALL gold being safekept in London and other cities and moving it to Hong Kong. If there is a game of musical chairs being played with 400 oz. bullion bars, that may be related to the China situation. There is absolutely no doubt in my mind that a massive trend of legal owners of physical bullion are seeking to take actual physical possession of the gold they own, or at least move it to a depository they can monitor. Given the size of the "paper short" position vs. physical supply, I suspect we are on the cusp of seeing the massive shortage of physical vs. paper outstanding exposed, masssive defaults on paper obligations, and a MASSIVE move higher in the price of gold.
I also suspect that China's announcement that they may default on oil derivatives a few weeks ago may be related to the risk they feel they are exposed to of the UK and US banks defaulting on gold/silver contracts.
***
In summary, we have learned that the Bank of England had three types of gold in its foreign depository
1. London Good Deilvery bars
2. Gold of Coin Melt (.90000 gold ) received no doubt from Fort Knox
3. Gold bars filled with Tungsten and not .999 gold.(discovered by Chinese owners of gold at a foreign depository)
I can see gold auditors descending both of our foreign depositories and I can assure you that French authorities are now descending into their vaults beneath the Seine River to conduct assays on every gold brick that they have received in trade with other nations.
Posted by PIMPIN TURTLE at 11/9/2009 7:39 AM 
Categories: Latest News,Other Stuff,Economics,Corruption and Lies
Tags: tungsten bar fort knox bank of england gold bars fake gold
Categories: Latest News,Other Stuff,Economics,Corruption and Lies
Tags: tungsten bar fort knox bank of england gold bars fake gold
NOW it finally makes sense why China is recalling all gold...probably so they can figure out if they have gold or fool's gold!
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Refutation of this story:
http://www.rapidtrends.com/2009/11/14/why-gold-bugs-are-considered-nuts/
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Looks like the best place to invest is in the mining stocks like Yamana, Goldcorp and San Gold.
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The only problem is that it is NOT TRUE that "Tungsten has the same density as Gold". The density of Gold is 19.30 g/cm³ as you say, but Tungsten is 19.25 g/cm³ so a Tungsten bar only weighs .9974 of a gold bar. This is EASILY revealed by weighing the bar in air and in water and using the formula : Density = (weight in air) / ( ( weight in air ) - ( weight in water ) )
This entire story is a hoax.
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Jennifer Barry states above that the density of gold and tungsten are the same. The facts are that gold is 19.3 g/cc and tungsten is 19.5 g/cc. Therefore, it is not necessary to test a brick's purity by drilling and inspection, but just determine its mass and weight.
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