Friday, March 30, 2012

Tungsten filled gold bars

"Roughly 15 years ago – during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] – between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes].  Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day. "

Wow.  The article claims that about 50% of all the large gold bars are tungsten filled, including those at Ft. Knox, and I assume those in the basement of the FRBNY, which may hold 25% of all the gold in the world.  It shouldn't be too hard to check.  Figure out how much volume the bar displaces and then calculate the expected weight and compare.  Tungsten weighs slightly less than gold.

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