Analyst's notes:
Our readers may recall the story a few months ago regarding fake bars of gold being sold to banks. In that story a bar of gold was found to actually be gold-plated tungsten. There were questions about one of the largest private suppliers where the bar was said to have originated.
The run on gold is creating a lot of fraud, theft, and fear as individuals and companies are trying to hedge their bets. With questions about real versus vitrual inventories on precious metals the following news does not bode well as we are seeing problems with coinage now.... Moral of the story? Be very careful where you make your purchases and be sure your sources are reputable.
Click the title above to read more. Excerpt from the article
Here's a head scratcher: as everyone knows from elementary chemistry courses, gold is the most inert metal in the world - it does not rust, nor corrode. Yet this is precisely what Russian commercial precious metal trading company, International Reserve Payment System, discovered on thousands of (allegedly) 999 gold coins "St George" issued by the Central Russian Bank.....
....As a consequence of this discovery, IRPS decided to "rid itself of all stocks, bought up earlier from the Central Bank on behalf of investors. Investment coins "St. George The Conqueror", as well as other gold coins of the Bank of Russia, are now excluded from the company's operations until all circumstances in the case are determined." Additional, as disclosed in the interview below for Here and Now show on TVRainRu, the Russian Central Bank would buy back the coins at a price of 9,300 rubles, despite prevailing prices for the bullion at well over 10,000.
