US and UK produces tons of fake gold... Will gold be backed by Bitcoin ?

[ShadowOfHarbringer]

So i guess gold will be backed by Bitcoin some day after all...

http://www.daily.pk/fake-gold-bars-in-bank-of-england-and-fort-knox-14477/

It’s one thing to counterfeit a twenty or hundred dollar bill. The amount of financial damage is usually limited to a specific region and only affects dozens of people and thousands of dollars. Secret Service agents quickly notify the banks on how to recognize these phony bills and retail outlets usually have procedures in place (such as special pens to test the paper) to stop their proliferation.

But what about gold? This is the most sacred of all commodities because it is thought to be the most trusted, reliable and valuable means of saving wealth.

A recent discovery — in October of 2009 — has been suppressed by the main stream media but has been circulating among the “big money” brokers and financial kingpins and is just now being revealed to the public. It involves the gold in Fort Knox — the US Treasury gold — that is the equity of our national wealth. In short, millions (with an “m”) of gold bars are fake!

This also would explain too highlow prices of gold.
They are not doing that since yesterday, it was probably going on for decades...

[grondilu]

Don't forget about my ongoing auction for a nice classic french gold coin on biddingpond.

http://www.biddingpond.com/item.php?id=246

Only a few days left!

[fabianhjr]

Dunno, maybe it is tungsten! xD </jk>

Should this be in a conspiracy forum? What is going to happen to the USA since allegly it is were this fake gold bullions came from? Are there going to be penalties/retaliation towards the USA?

So many questions. xD

[ribuck]

I had often heard the conspiracy theories, but I had never realised there were so many aspects of the gold market that don't make sense.

More details here, with references:
http://www.marketoracle.co.uk/Article14818.html

[ShadowOfHarbringer]

I had often heard the conspiracy theories, but I had never realised there were so many aspects of the gold market that don't make sense.

It "doesn't make sense", because simply, there is a strong fetor of fraud in gold matters from a long time...
Of course, US and UK will never allow this news to be published in mainstream media, because that would destroy their reputation.

Well, i hope that Wikileaks gets them.

[markm]

How much of it could they earn back by making blockbuster movies about how it vanished?

-MarkM-

[Timo Y]

Who cares if the gold bars are real or fake?

It's not like have ever been used, or will ever be used, for anything other than sitting in a safe anyhow.

And gold plated lead bars do that job equally well.

They're a bit like the Yap money stone that fell into the ocean, that the natives continued trading anyhow because they all agreed among themselves that it must still be down there.

[grondilu]

Who cares if the gold bars are real or fake?

It's not like have ever been used, or will ever be used, for anything other than sitting in a safe anyhow.

And gold plated lead bars do that job equally well.

They're a bit like the Yap money stone that fell into the ocean, that the natives continued trading anyhow because they all agreed among themselves that it must still be down there.

You can't create as many real gold bars as you can create fake gold bars.

Gold is useful as money because it can not be created out of nothing.  It is therefore reliable as an accounting tool.  Tungsten is not.

See my thread "money as an accounting tool":  http://bitcointalk.org/index.php?topic=2866.0

[ShadowOfHarbringer]

Who cares if the gold bars are real or fake?

What do you mean ? This is the basic lesson about inflation. The more gold is there in the circulation (fake or not), the less every piece of gold is worth.
Making fake gold is the same way of stealing money from people owning gold as printing dollar is a way to steal value from people owning dollar.

Inflation == Tax. Making fake gold = inflation = tax.

[rebuilder]

Does anyone have anything other than hearsay on this (the fake gold bars)? I haven't been able to find any remotely reliable sources to back these claims up.

[ribuck]

Does anyone have anything other than hearsay on this (the fake gold bars)?

No. It's all hearsay. But then again, the gold in Fort Knox has not been audited for decades.

People are looking at what's happening (e.g. Rothschilds quitting the London gold bar quotations business) and trying to come up with explanations.

[ShadowOfHarbringer]

Does anyone have anything other than hearsay on this (the fake gold bars)?

No. It's all hearsay. But then again, the gold in Fort Knox has not been audited for decades.

If you have nothing to hide and you're 100% real, then you simply show what you have. It is that simple. If US really had the gold, they would show it and allow experts to scan it, because that would strengthten te belief in US gov & US power in other nations. But they are not doing it for decades, which means they have something to hide.

Also, there is simply no country in the world with enough balls to call the bluff on US.

[fabianhjr]

I, an embassor of Nutopia, call the United States of America a rip off that is filled with tungsten instead of gold defrauding the public trust any living being in the planet has on their fiat currency or gold "present" at their treasury vaults. Therby I declare Bitcoin to be the new official currency of any living being on the planet as a proof of work. This status is shared with Gold and Silver for which the purity must not be less than six nines per million. Anyone that attempts or archieves to trade gold or silver of lesser purity on conciences of the act is therby commiting counterfit.

[apoloo]

Its a long time ago you didn't spoken about the fakes

[Hydrogen]

The rumor of Fort Knox being robbed & replaced may have been intended to reduce the overall value of gold, in order to create a lower buy in point.

The references you see above from 2011 about tungsten refer to an isolated case in the mainstream news where a gold bar purchased from a reputable buyer had its core drilled out and replaced with tungsten rods. Tungsten rods weigh close to the same as gold making them difficult to detect but of course are far less valuable.

That story about tungsten too, may have been intended to reduce the overall value of gold, to create a buy in point. It was an isolated case from what I remember.