Skip to content
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Fox News)   Not news: Chinese bank uses gold bars as collateral for loan. News: 83 tons of gold in exchange for 4 billion in loans. Fark: The gold is all fake. Ultrafark: No one checked until the loans were issued   (foxnews.com) divider line
    More: Fake, Public Company Accounting Oversight Board, People's Liberation Army, United States, People's Republic of China, Public company, Influenza, Wuhan, Government-owned corporation  
•       •       •

3488 clicks; posted to Main » on 01 Jul 2020 at 2:36 PM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



61 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2020-07-01 1:46:20 PM  
What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.
 
2020-07-01 1:57:40 PM  

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.


Well this has been covered
 
2020-07-01 2:10:59 PM  
Guessing the same pile of "gold" was used as collateral at five other banks before this one.


Hopefully, the borrowers are HK protestors.
 
2020-07-01 2:24:44 PM  
If no one knows it's fake, it's as good as real gold.
 
2020-07-01 2:41:13 PM  
Isn't the whole thing fake to begin with?
 
2020-07-01 2:42:15 PM  
Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?
 
2020-07-01 2:45:03 PM  
Was a contract signed, contingent on the collateral actually measuring up? Cancel the deal, take back the loans.

\no, I'm not gonna RTFA
 
2020-07-01 2:45:46 PM  
This is basically an episode of Hogan's Heroes.

How do say "I know nothing!" in Mandarin?
 
2020-07-01 2:46:32 PM  
Genuinely kind of impressed. Ballsy, considering that this is the sort of fraud that's been going on for millenia. I mean, who would seriously expect this to actually work in the modern world?
 
2020-07-01 2:46:50 PM  
Very interesting story - but why provide it as a foxnews link? Just to discredit it?
 
2020-07-01 2:47:47 PM  
afterwards, they paused to pee in a few cokes
 
2020-07-01 2:48:26 PM  
First someone got the German payment processor for 2.1 billion.

Now a Chinese central bank for 4.

This is an EPIC year for thievery, and the US election is still coming.

Remember the old quip 'Nobody can tell you're skinny dipping until the tide goes out'. Tides out. Bad time to be highly leveraged.

There are a _lot_ of gold covered tungsten bars/coins out there today. IIRC the best non destructive test is a specialized ohm meter.
 
2020-07-01 2:50:48 PM  
If you owe the bank $100, that's your problem. If you owe the bank $4 billion, that's the bank's problem.
 
2020-07-01 2:51:06 PM  

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.


One in ten, that's interesting. When we are doing testing on multiple container deliveries of pharma raw materials (from the same mfg. lot) we do (SQRTn)+1, where we round imperfect roots up to the next whole number (e.g., a 15 container shipment would have 5 containers sampled & tested).
 
2020-07-01 2:51:15 PM  

Sin'sHero: Guessing the same pile of "gold" was used as collateral at five other banks before this one.


Hopefully, the borrowers are HK protestors.


I wouldn't be surprised if fake gold like this is more common in shadier transactions.

Legend is that the German Reichsbank during WW2 salted their 99.9% gold with 10% lead and passed it as 99.9.
 
2020-07-01 2:51:40 PM  
watch out for glares of disapproval
 
2020-07-01 2:51:44 PM  

FrancoFile: This is basically an episode of Hogan's Heroes.

How do say "I know nothing!" in Mandarin?


我什么都不知道!
Wǒ shénme dōu bù zhīdào!
 
2020-07-01 2:57:41 PM  

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.


Wow, your friend is a bullionaire??

/sorry
//the people in the article broke the most important law in China
///don't get caught
 
2020-07-01 2:59:03 PM  

Sin'sHero: Guessing the same pile of "gold" was used as collateral at five other banks before this one.


Hopefully, the borrowers are HK protestors.


You don't know how collateral works
 
2020-07-01 3:00:31 PM  

Sword and Shield: Sin'sHero: Guessing the same pile of "gold" was used as collateral at five other banks before this one.


Hopefully, the borrowers are HK protestors.

I wouldn't be surprised if fake gold like this is more common in shadier transactions.

Legend is that the German Reichsbank during WW2 salted their 99.9% gold with 10% lead and passed it as 99.9.


I don't think it passed for long. Ian Flemming didn't think so.
 
2020-07-01 3:05:29 PM  

chitownmike: Sin'sHero: Guessing the same pile of "gold" was used as collateral at five other banks before this one.


Hopefully, the borrowers are HK protestors.

You don't know how collateral works


Ghost collateral.
 
2020-07-01 3:05:46 PM  

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.



True.  Silver and gold are soft, ductile metals.
 
2020-07-01 3:06:06 PM  

Marcus Aurelius: If no one knows it's fake, it's as good as real gold.


Yeah, but when it turns to trash or outright disappears at sunrise, that's usually a pretty good tell.
 
2020-07-01 3:08:19 PM  
Fake gold? What's the Trump angle on this Fool's Gold story. There has to be one.
 
2020-07-01 3:09:14 PM  

PhoenixFarker: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

One in ten, that's interesting. When we are doing testing on multiple container deliveries of pharma raw materials (from the same mfg. lot) we do (SQRTn)+1, where we round imperfect roots up to the next whole number (e.g., a 15 container shipment would have 5 containers sampled & tested).


None of that is interesting
 
2020-07-01 3:11:13 PM  

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.


I seem to recall brass gives an inconclusive reading to one of the electronic sensors or the magnet test or some such.  Vague memory from one of the silver/gold hoarder/"collector" youtube channels testing some fakes they got in a batch of coins.
 
2020-07-01 3:14:56 PM  

croesius: Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?


medias.spotern.comView Full Size


More Gold than Fort Knox.
 
2020-07-01 3:17:25 PM  
they bough shares of legit companies with that money doh so bank can probably recoup alot of those loans.
 
2020-07-01 3:20:41 PM  

Marcus Aurelius: If no one knows it's fake, it's as good as real gold.


Fark user imageView Full Size
 
2020-07-01 3:22:18 PM  
I see this a different way... I have a feeling this guy is being framed by the Chinese government as an excuse to destroy him and/or take over his bank.
The news makes us all jump up and say "wow! How did they fall for this? Didn't they check the gold??"
And the Chinese government says "We can't believe this has happened... maybe this free market and open banking thing needs to be controlled! Wow, capitalists can't be trusted."

When in reality, it probably was real gold and it got swapped out for fakes by the Chinese government and they pin it on the guy who was not loving his Communist party enough.

/could be totally wrong, but I have a hard time China would have let this story come out if they didn't want you to know this narrative.
 
2020-07-01 3:24:37 PM  
"So this is like real gold, right?"
"Yeah bro, yeah. This is real primo shiat right here. Top shelf stuff. Ain't nothing wrong with this gold, no siree."
"Well... okay."

How I imagine it went down.
 
2020-07-01 3:27:25 PM  
I have a feeling that Jia fellow, if he's still alive, has a pretty good stash of the real stuff squirreled away somewhere. Probably a good time to disappear, if possible.
 
2020-07-01 3:28:34 PM  

Vespers: Genuinely kind of impressed. Ballsy, considering that this is the sort of fraud that's been going on for millenia. I mean, who would seriously expect this to actually work in the modern world?


Difficulty...China

Where anything goes, as long as it makes you money.
 
2020-07-01 3:33:31 PM  
Patrician seeks interview with Mr. Von Lipwig.
 
2020-07-01 3:34:53 PM  
Fark user imageView Full Size
 
2020-07-01 3:36:18 PM  

The knight who says EkiEkiPoontang: There are a _lot_ of gold covered tungsten bars/coins out there today. IIRC the best non destructive test is a specialized ohm meter.


Tungsten sounds different from gold on my $40 harbor freight metal detector. You can fiddle with the settings to get it to discern a bit more clearly, but while tungsten sounds similar to iron, it's very difficult to tell gold from copper with it. I don't have a more expensive metal detector to play with but it's really fast and easy for tungsten vs gold. Not sure how it performs with gold cladden coins or bars but if both are present next to each other it still sounds "dirty" to me.
 
2020-07-01 3:49:33 PM  

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.


All it takes to detect fake gold is a scale, a ruler, a calculator, and around eight brain cells. And if you're going to be loaning money based on it it's a good idea to cut a few bars in half.
 
2020-07-01 3:59:08 PM  
As the news surfaced late Monday, shares in Kingold plundered 23.77 percent overnight, and the Shanghai Gold Exchange has reportedly canceled Kingold's membership.

"plundered"?
 
2020-07-01 4:10:52 PM  

BeotchPudding: croesius: Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?

[medias.spotern.com image 640x360]

More Gold than Fort Knox.


Especially since they have not allowed anyone to do inventory in decades.
 
2020-07-01 4:12:38 PM  

Russ1642: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

All it takes to detect fake gold is a scale, a ruler, a calculator, and around eight brain cells. And if you're going to be loaning money based on it it's a good idea to cut a few bars in half.


Drill samples, but yeah same idea.
 
2020-07-01 4:17:14 PM  

Xcott: As the news surfaced late Monday, shares in Kingold plundered 23.77 percent overnight, and the Shanghai Gold Exchange has reportedly canceled Kingold's membership.

"plundered"?


plundered, plummeted, toMAYto, toMAHto.
 
Oak [BareFark]
2020-07-01 4:17:33 PM  

Xcott: As the news surfaced late Monday, shares in Kingold plundered 23.77 percent overnight, and the Shanghai Gold Exchange has reportedly canceled Kingold's membership.

"plundered"?


Yarrrrr...
 
2020-07-01 4:29:29 PM  

croesius: Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?


Should be fine - unless some idiot let Jared in.
 
2020-07-01 4:35:14 PM  

BeotchPudding: croesius: Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?

[medias.spotern.com image 640x360]

More Gold than Fort Knox.


Anyone know if three brightly painted Minis were seen speeding away from the bank?

This is the self-preservation society
This is the self-preservation society

Go wash your German bands, your boat race too
Comb your Barnet Fair we got a lot to do
Put on your Dickie Dirt and your Peckham Rye
Cause time's soon hurrying by

Get your skates on mate, get your skates on mate
No bib around your Gregory Peck today, eh?
Drop your plates of meat right up on the seat

This is the self-preservation society
This is the self-preservation society

Gotta get a bloomin move on
Babadab-babadabadab-bab-ba
Gotta get a bloomin move on
Babadab-babadabadab-bab-ba
Jump in the jam jar gotta get straight
Hurry up mate - don't wanna be late
How's your father?
Tickety boo
Tickety boo
Gotta get a bloomin move on

Self-preservation society
This is the self-preservation society
Put on your almond rocks and daisy roots
Wash your Hampstead Heath and wear your whistle and flute
Lots of lah-di-dahs and cockneys here
Look alive and get out of here

So get your skates on mate, get your skates on mate
No bib around your Gregory Peck today, eh?
Drop your plates of meat right up on the seat

This is the self-preservation society
This is the self-preservation society

Italian Job theme with lyrics
Youtube HbeXL6AXmi0
 
2020-07-01 4:36:06 PM  

The knight who says EkiEkiPoontang: First someone got the German payment processor for 2.1 billion.

Now a Chinese central bank for 4.

This is an EPIC year for thievery, and the US election is still coming.

Remember the old quip 'Nobody can tell you're skinny dipping until the tide goes out'. Tides out. Bad time to be highly leveraged.

There are a _lot_ of gold covered tungsten bars/coins out there today. IIRC the best non destructive test is a specialized ohm meter.


Its gold.  It can't be easily destroyed.  Worst case scenario, you might have a few bars cut in half or with holes drilled in them.

If it really upsets you, they can be melted down again.

For $4B in loans...  Id be doing a hell of a lot of random sampling.
 
2020-07-01 4:42:04 PM  

GrogSmash: The knight who says EkiEkiPoontang: First someone got the German payment processor for 2.1 billion.

Now a Chinese central bank for 4.

This is an EPIC year for thievery, and the US election is still coming.

Remember the old quip 'Nobody can tell you're skinny dipping until the tide goes out'. Tides out. Bad time to be highly leveraged.

There are a _lot_ of gold covered tungsten bars/coins out there today. IIRC the best non destructive test is a specialized ohm meter.

Its gold.  It can't be easily destroyed.  Worst case scenario, you might have a few bars cut in half or with holes drilled in them.

If it really upsets you, they can be melted down again.

For $4B in loans...  Id be doing a hell of a lot of random sampling.


Coins command a premium price. Because they are harder to fake. Drilling holes in them costs $.
 
2020-07-01 4:43:20 PM  

MasterPython: BeotchPudding: croesius: Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?

[medias.spotern.com image 640x360]

More Gold than Fort Knox.

Especially since they have not allowed anyone to do inventory in decades.


There's hardly enough gold there to prop up the economy.  Maybe in 1935, but not now.  As for an inventory, I suspect it's because of other stuff they're keeping stored at Ft. Knox.  Rumor has been that it's millions of doses of morphine, national treasures from some unstable countries, etc.

You can see the Depository from US 31 quite easily, but if you try to drive up Bullion Blvd to the front gate, you'll get a stern warning via bullhorn from inside the building.  One warning, then they open fire.
 
2020-07-01 4:47:12 PM  

glassgnome: The knight who says EkiEkiPoontang: There are a _lot_ of gold covered tungsten bars/coins out there today. IIRC the best non destructive test is a specialized ohm meter.

Tungsten sounds different from gold on my $40 harbor freight metal detector. You can fiddle with the settings to get it to discern a bit more clearly, but while tungsten sounds similar to iron, it's very difficult to tell gold from copper with it. I don't have a more expensive metal detector to play with but it's really fast and easy for tungsten vs gold. Not sure how it performs with gold cladden coins or bars but if both are present next to each other it still sounds "dirty" to me.


Apparently that's what they used..Good thing no real money was riding on the accuracy of their
instruments..
 
2020-07-01 5:11:53 PM  

Russ1642: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

All it takes to detect fake gold is a scale, a ruler, a calculator, and around eight brain cells. And if you're going to be loaning money based on it it's a good idea to cut a few bars in half.


With tungsten/gold you'd need a pretty accurate ruler. A 10kg bar of each only differs in volume by 0.6cc.
 
2020-07-01 5:20:30 PM  
Geez, even the guys on Pawn Stars figured out how to make sure the gold they bought was real.
 
2020-07-01 5:27:49 PM  

Pinko_Commie: Russ1642: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

All it takes to detect fake gold is a scale, a ruler, a calculator, and around eight brain cells. And if you're going to be loaning money based on it it's a good idea to cut a few bars in half.

With tungsten/gold you'd need a pretty accurate ruler. A 10kg bar of each only differs in volume by 0.6cc.


huh, learn something every day.   Bulk tungsten you can buy at around $200 a kilo.  Gold is running at $60K.   there is some arbitrage available there if you are willing to commit epic fraud.
 
2020-07-01 5:32:04 PM  
i.ytimg.comView Full Size
 
2020-07-01 6:10:58 PM  

The knight who says EkiEkiPoontang: GrogSmash: The knight who says EkiEkiPoontang: First someone got the German payment processor for 2.1 billion.

Now a Chinese central bank for 4.

This is an EPIC year for thievery, and the US election is still coming.

Remember the old quip 'Nobody can tell you're skinny dipping until the tide goes out'. Tides out. Bad time to be highly leveraged.

There are a _lot_ of gold covered tungsten bars/coins out there today. IIRC the best non destructive test is a specialized ohm meter.

Its gold.  It can't be easily destroyed.  Worst case scenario, you might have a few bars cut in half or with holes drilled in them.

If it really upsets you, they can be melted down again.

For $4B in loans...  Id be doing a hell of a lot of random sampling.

Coins command a premium price. Because they are harder to fake. Drilling holes in them costs $.


I doubt coins were used in a $4B loan as collateral.  That kind of tonnage is done via bars.
 
2020-07-01 6:18:11 PM  
The Made In China stamp should have tipped them off .
 
2020-07-01 6:21:07 PM  
Sure, but for general gold buying advice, either get an resistance based tester or patronize a trusted source that has one (or a better non-destructive tester).
Don't assume anything about Krugerrands etc. Fakes are mass produced and available on Alibaba. Never trust anyone.

BTW. Just drilling in Tungsten-carbide is test enough. Density matches and drill bit didn't break, it's gold. Just have to make sure you go deep enough.
 
2020-07-01 6:21:13 PM  
Eighty three TONS, current rate, is $4,727,414,400. Was anyone even casually checking to see why the bank was willing to take a $727M risk on that deal?
 
2020-07-01 6:29:56 PM  

dbaggins: Pinko_Commie: Russ1642: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

All it takes to detect fake gold is a scale, a ruler, a calculator, and around eight brain cells. And if you're going to be loaning money based on it it's a good idea to cut a few bars in half.

With tungsten/gold you'd need a pretty accurate ruler. A 10kg bar of each only differs in volume by 0.6cc.

huh, learn something every day.   Bulk tungsten you can buy at around $200 a kilo.  Gold is running at $60K.   there is some arbitrage available there if you are willing to commit epic fraud.


On Alibaba: Custom 10oz tungsten gold bullion
https://www.alibaba.com/product-detai​l​/Custom-10-oz-tungsten-gold-bullion_60​727210335.html
Fark user imageView Full Size


Custom 10 oz tungsten gold bullion /Art&Collectible Use and Plated Technique tungsten gold bullion

FOB Reference Price:Get Latest Price
USD 28.00 - USD 30.00 / Piece | 100 Piece/Pieces Australia Kookaburra coin (Min. Order)
 
2020-07-01 7:40:53 PM  
A friend buys rare high grade metal alloys and happens to know way too much about the gold industry.  He claims that so much tungsten and zinc is being used to pad fake gold that alloys containing those two elements are often short or lacking entirely.
 
2020-07-01 9:10:25 PM  
And just think, "Doomsday Preppers" think this is going to be the only thing we can trust in a post-megawhoops society.
 
2020-07-02 3:12:40 PM  

Pinko_Commie: Russ1642: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

All it takes to detect fake gold is a scale, a ruler, a calculator, and around eight brain cells. And if you're going to be loaning money based on it it's a good idea to cut a few bars in half.

With tungsten/gold you'd need a pretty accurate ruler. A 10kg bar of each only differs in volume by 0.6cc.


Well, it'd certainly catch the copper fakes. Generally you ramp up the testing. Quick test can discover the copper fakes. Some electrical tests can detect the others. Measuring the density more accurately isn't hard (weight it dry then suspended in water). Then there's sampling, which involves actual lab work. I'm just guessing here but this has got to be a solved problem by now. If you handle billions of dollars in bullion you should have at least a small laboratory just to do this work.
 
2020-07-02 6:30:51 PM  

chitownmike: PhoenixFarker: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

One in ten, that's interesting. When we are doing testing on multiple container deliveries of pharma raw materials (from the same mfg. lot) we do (SQRTn)+1, where we round imperfect roots up to the next whole number (e.g., a 15 container shipment would have 5 containers sampled & tested).

None of that is interesting


I thought it was interesting. But I'm no fun at parties anyway.
 
Displayed 61 of 61 comments

View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter



  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.