There have been infrequent reports over the decades of genuine gold bars that were drilled and filled with tungsten. He never discussed them because they were isolated small-scale activities.  However, the story of large quantities of possible counterfeit large gold bars is a story that, if true, the public would really need to know.

The information about the possible counterfeit gold-plated tungsten bars came to me from sources with a good track record of reliability.  Still, when he discussed them last fall, I was careful to indicate that they were rumors.

In his October 19, 2009 column at Numismaster.com, titled “What A Run On Gold Looks Like,” in the middle of the essay, he started one paragraph with, “There is a story now circulating that I have to classify as a rumor.”  It goes on to discuss the possibility that some of the gold bars provided on the London exchange by the Bank of England may have been filled with tungsten.  He further explained in that column that some of the gold bars held by the US and British governments were probably of lower purity, about 90%, than would be acceptable for delivery on the London market.

In the November 4, 2009 issue of Liberty’s Outlook he mentioned to readers, under the headline titled “Rumor—Counterfeit Gold Bars Discovered In Central Bank Vault,” about the China central bank story.  He also listed a website address of a Chinese company offering gold-plated tungsten products that showed a photograph of a small gold bar on the home page of its internet site.  He mentioned that if the China central bank story turned out to be true, it would have significant ramifications.

In the December 2, 2009 issue of Liberty’s Outlook, under the headline “Reasons Why Gold And Silver Are Likely To Rise Much Further,” he passed on subsequently received information that there were supposedly four counterfeit bars detected by China’s central bank and that the counterfeits came from bonded warehouses in the US.  The discussion uses several qualifiers such as “allegedly” and “could.”  At the end of that section he disclosed that reporters trying to cover this issue were sitting on additional damning information because they were unable to obtain sufficient corroborating evidence.




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