Apparently, as many as 10 fake gold bars-mainly made of tungsten-have been sold to unsuspecting dealers in Manhatthan’s Midtown Diamond District.
The 10-oz. gold bars are popular with Main Street investors and it is not known how many fake gold bars were sold. One gold dealer found out that four of the 3-inch-by-1-inch gold bars he bought-worth about $72,000 retail-were counterfeit.
Ibrahim Fadl, 62, who has been the owner of Express Metal Refining, a Midtown gold-refinery business, for the last 11 years, purchased the four fake bars from a well-known Russian salesman with whom he had previously done business.
Fadl became suspicious when he offered the salesman a deep discount for the investment-grade gold bars and he quickly accepted it. Fadl drilled into the bar and discovered that the majority of the makeup was tungsten.
Buying Gold in Thailand
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