Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Fake gold bars filled with tungsten have duped purchasers of the precious metal in New York.
Fox News reports that Ibrahim Fadl drilled into a number of gold bars purchased from a reputable supplier to discover they were counterfeits filled the grey heavy metal which currently goes for only a dollar an ounce.
The counterfeits are products of remarkable sophistication, entailing the purchase of genuine gold bars with proper serial numbers and certification. The bars are then hollowed out, filled with the cheap tungsten, and re-sealed to dupe unsuspecting purchasers.
Fake tungsten gold bars first appeared on the radar of law enforcement in the UK earlier this year and an international counterfeit ring is currently suspected.
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