African "Gold" Turns Out To Be Dust Upon Arrival In UAE; Millions In Ethiopian Central Bank Bullion Confirmed Fake

Tyler Durden's picture

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doolittlegeorge's picture

tungsten isn't worthless.  and from what my sources have told me "ethiopia has informed the UAE that they should be glad we gave you phrikkin' towel heads anything, now take your oil and shove it up yer ash."

thesapein's picture

You didn't read it. They didn't even get tungsten. The central bank had steel bars plated with gold. Still not as worthless as paper, perhaps.

Rusty Shorts's picture

Tyler, I thought I posted this, but no worries..


by Rusty Shorts
on Sun, 08/15/2010 - 10:13


"Several tons of gold imported into the UAE by traders and investors turned out to be fake on closer inspection, resulting in millions of dirhams in losses and high levels of stress to the victims."

“The fake gold issue has affected many people. Some of the traders got heart attack, after our inspectors said there is no gold in the tonnes of imports"

flacon's picture

"There's gold in them there hills!"

VWbug's picture

i hear the sounds of the survivalists frantically digging up their hoard and googling 'gold field test''s picture

I hear the sound of someone who, for some reason, desperately wants to convince people that the world's oldest and most trusted store of wealth is a bad, bad thing.

VWbug's picture

hehehe  naw i just enjoy the banter while i wait for trades to execute, it gets dull.

i'm fascinated (for the moment) by these survivalists and their irrational beliefs and behaviour's picture

i'm fascinated (for the moment) by these survivalists and their irrational beliefs and behaviour

You're the guy who believes that the physical properties of gold can not be ascertained and you think the goldbugs are irrational? How can a man who does not believe in calipers and a scale but rather puts his faith in any contrary idea which pops into his own head (and expects others to accept these baseless ideas) be thought of as rational?

VWbug's picture

what on earth are you talking about?

You must be getting frustrated...

I believe very much in gold and have owned it (both physical and otherwise) on and off for decades.

I merely asked how the looney doomsters were sure that the gold they were buying from ebay was what it purports to be.

Sorry if I struck a nerve, maybe you are worried about something?'s picture

Sorry if I struck a nerve, maybe you are worried about something?

Not in the least. Got any other tricks in your bag?

Temporalist's picture

What makes you think anyone here buys gold on ebay?

What makes you think everyone that believes gold will increase in price as the value of fiat drops is an armageddonist?

If you don't believe in survival why not just give up on life?

I'm only a "survivalist" in that I've survived this long and intend to survive longer.

VWbug's picture

hey if it doesn't apply to you, cool.

why would you be concerned if the comments don't apply to your beliefs?

Temporalist's picture

You are making generalzations and then try to run from them.  I am showing you your errors.

VWbug's picture

If you don't believe in survival why not just give up on life?

You seem to be the one who seems things in terms of survival or not.

I see things in terms of LIVING or not.

I refuse to build a prison around myself based on irrational fears (or even rational fears, for that matter).

I choose life, thanks, and am enjoying every minute of it.

ColonelCooper's picture

Hmmmm.  You see to think your idea of "living and loving life" is the only correct one.

I enjoy living in the middle of nowhere.  It gives me peace to work in my garden.  I am healthier because I raise most of my own food.  Cutting my own firewood is good exercise, and a source of inexpensive heat.

Spending my free time teaching my children to hunt and fish gives me satisfaction, and teaches them a skill.  The same goes for butchering, smoking and sausage making, canning etc...

I have guns, ammo, food, a little chunk of land and some PM's.  I'm no survivalist, but I have little doubt that I could survive longer than average if the shit actually hit the fan.  Do you see me as a bunker nut?  It's just the way I grew up. 

I just see myself as someone who likes to live where I don't hear cars going by when I'm at home. 

I choose life, thanks, and am enjoying every minute of it.  Now get off your high fucking horse and try to realize that some people live differently than you.  Not better.  Not worse.  Different.

Hulk's picture

Speaking of splitting wood colonel, watch this

been doing it the hard way for all my life. Woods are full of tires too...

ColonelCooper's picture

Pretty good vid, Hulk.

When I was a boy we lived in an OLD house, harder than Hell to heat.  We would burn 10 or so cords of wood every winter; which I split all of from the time I was around 10 until I moved out.  The summer I was 12-13 or thereabouts, Dutch Elm disease went through like wildfire.  We had two BIG ASS elms right up close by the house.  We're talking pushing 4' at the butt cutt. I remember me, my dad and my grandpa, block and tackle and both tractors to fell them and keep them away from the house. 

I split every damn stick of those stringy ass bastards by hand.  The pieces were so effing big, I had to move them with the bucket on the tractor.  We had an oil furnace in the house, we just never ran it.  I swore to myself that when I grew up I was never splitting a stick of wood again if my life depended on it.  Kinda funny how now I enjoy doing it to burn steam.  But mostly I enjoy telling my kid to hit the woodpile.  :)

Good to see you BTW. 

Hulk's picture

You must have one hell  of a grip Colonel! We will have to get together one of these days and drink a beer or two.

VWbug's picture

i get away every weekend to a cabin where i chop wood, clear land, etc. I have built a small log cabin from trees i felled and skinned myself using a drawknife and a portable chainsaw mill i bought at lee valley tools.

I do it for the joy of it.

Maybe you aren't reading the posts here, most I read are people preparing for civil unrest, stocking up on guns and ammo (which is to be used for what? shooting rabbits?)

as i said, if you don't cower in fear waiting for asteroids to hit, volcanos to blow, methane gas bubbles in the GOM to explode, tsunamis, etc., then more power to ya.

You;'d be an exception amongst the doomsters here.

So suddenly no one here  believes in the doom scenario? It's talked about endlessly with undisguised glee (read: desire to see the world brought down to their low level)

if the shoe fits, wear it, otherwise don't, no drama.

Johnny Bravo's picture

tmosley was just saying that he sells gold on ebay and gets the 8% premium he pays for physical back.

Or maybe he buys it there?  Maybe he was just saying he COULD sell it there?

I don't know.  All I know is that that fella was talking about gold and ebay yesterday.

ColonelCooper's picture

Hey Temporalist,

I bought a little gold bar/coin on E-Bay that supposedly dates back to mid eighteen hundreds Japan.  It wieghs about a gram and I paid like 40 bucks for it.  I also bought one like it in silver.

I have no idea if they're real or not; though they came from a "reputable" seller.  I put them in a coin album I have been working on for the kids.  I just thought they looked neat. 

So, I guess there's one guy on ZH who has bought risky goldon E-Bay.  I will say that I used to buy a fair amount of junk silver on E-Bay before everybody and their brother jumped in.

UGrev's picture

There's a difference between doomsters and survivalists. Doomsters are buried up to their assholes in conspiracy theories and shit like 2012. Survivalists are just doing what they've always done; what they're grand-parents and great-grand-parents have done. Someone called me crazy because I was canning my veggies and had a garden etc.. I just shrugged it off. It's nothing different than what was done in my family for centuries.

I've chosen to realize that the shiny veneer of malls and grocery stores is just that. Having my own garden is reassuring on many levels. So I find it laughable that people snicker at learning how to survive without the conveniences of today. Those people are the ones that end up "Up shits creek" when the TSHTF. I look at recent events such as the snow storms in VA and the subsequent clearing of the shelves in 3 days time. I would be able to avoid the stores completely and for the amount of time that the situation lasted, I would have been just fine and would have never needed to go to the store once. That kind of feeling of self-reliance is priceless. 

VWbug's picture

That kind of feeling of self-reliance is priceless.

Damn right it is, and I respect it. I'm couldn't grow a plant if my life depended on it (there's a straight line for someone), but overall I'm not too bad, self reliance wise. I did live on a small island for months at a time over several years and, although it was far from a survival situation (more like frozen daiquiris and hot tubs) I did learn a hell of a lot about how to obtain fresh water, especially in the winter.

I loved every minute of that experience and can't wait to do it again.

I thought i made it pretty clear, the discussion I enjoy fomenting here is around the lunatics who think they need guns and ammo to fend of their neighbours who are going to attack them at 3 am.

These same ones rant and rave about the coming end of civilization as we know it, where their few ounces of 'physical' they own will make them rich (like the greedy bastards they envy so much)

etc etc

I'm just against the irrational and the psychotic. if that doesn't apply, I applaud you. Seriously. I wish I knew how to survive off the land. Fortunately, I really, really don't think it will ever come to that. And besides, I have family members who do know. They even have gun collections.


ColonelCooper's picture

I replied to your above post before reading this one.  While it adds context, I would only add this: 

I wouldn't hesitate for one second to shoot someone who came into my house at 3:00 A.M. trying to take my shit.

Do I spend time worrying about it? No.  Do I have a .357 loaded with .38 wadcutters next to my bed?  Yes.  And a shotgun full of buckshot under it.


UGrev's picture

I was just replying to your inclusion of survivalist into the category of irrational, conspiracy theory, doomsters. That's not to say that I don't think we're in for a rough ride.. I just don't see it going Mad Max.. not even close.

VWbug's picture

yup, the conspiracy theorists are the real crazies, and being a survivalist doesn't make you one of them, but you and i both know a lot of the crazies become survivalists because they think 'the end is near'


hamurobby's picture

Nah, we actually use our gram scales for something other than drugs. 

uno's picture

I do wonder about that.  It is assumed the Eagles and Maple Leafs are legit (1 oz gold or silver).  With all the deception in wall street's pet project 'the US federal government', how can you trust there is 1 oz, when the entire US financial world is one big ponzi (currency, derivatives, etc.).  Canada does not have gold reserves, the US has IOU's for gold.


VWbug's picture

i think it would only make sense to investigate the incidence of counterfeit gold's only going to increase as the price rises of course.

i'm not at all sure weight alone is good enough, others commented that weight plus dimensions is sufficient. You better get a good set of calipers.'s picture

You better get a good set of calipers.

Exactly. Get the calipers and stop listening to the crackpot who says, "the world is unknowable and unmeasurable, we are lost, we are lost!"

The world is knowable. Gold can be defined, measured and authenticated.

VWbug's picture

wow so many straw men, so little time.

I believe in buying gold from a reputable bank, like scotiabank, where I buy mine.

I think it wouldn't hurt to also know how to test it.

What I am questioning is how you doomsters trust buying gold from a reputable bank, when YOU believe they are all manipulating, lying, fraudsters?

now that's irrational, get it?'s picture

now that's irrational, get it?

You say you already bought gold and NOW you want to learn how to test whether it's real? And in the meantime you laugh at people who do know how to authenticate gold and silver coins and jewelry?

No, that's not irrational at all.

VWbug's picture

wow, you are not quick on the uptake are you?

Yes, i have bought and sold gold many many times, both physical and etf versions, because I, UNLIKE YOU (get the difference?) trust scotiabank and even think that odds are good that i will get my money out of etf's in time.

I also think that paper money, although devalued, will be worth something in future, and so when i change my gold back into $$$ i will have made a profit, so I actually care if the price goes up and how quickly.

UNLIKE YOU doomsters and gold koolaid drinkers who say paper is worthless yet can't wait for the price IN PAPER (oh my god, it's so irrational I can hardly believe it) goes up.

starting to get it?'s picture

Please provide citations detailing the things you say I said but which I never actually said.

VWbug's picture

My comments have been directed at the looney doomsters, and you apparently decided to become their spokesman.

But I am glad you now agree with me that banks can be reputable, that there is no nefarious "PTB" manipulating gold prices, and that the paper price of gold does matter, as in future we'll still be using paper $$ and your neighbours won't all be starving to death and trying to kick down your door at 3 am.

(and further, if you REALLY believed in the madmax scenario, that telling the whole world you own physical gold would be a very irrational thing to do)'s picture

But I am glad you now agree with me that banks can be reputable, that there is no nefarious "PTB" manipulating gold prices, and that the paper price of gold does matter, as in future we'll still be using paper $$ and your neighbours won't all be starving to death and trying to kick down your door at 3 am.

That's a mixed bag. I would say that at least some of those things could occur without the world "falling apart." If you think that the failure of a few bullion banks wouldl result in the world falling apart, doesn't that make you the irrational doomster?

VWbug's picture

If you think that the failure of a few bullion banks wouldl result in the world falling apart

jeez, you are so lame. Where did i say that?

YOU guys dont trust banks, paper, etc, remember?

I (VWbug) am the guy that thinks we will see deflation, then inflation, and perhaps hyperinflation.

I TRUST the banks, do you?

I TRUST the gold I bought is real, as I bought it from an institution I TRUST, do you?

I do NOT believe the gold market is manipulated, do you?

I do NOT think the world is falling apart, do you?

I TRUST my Canadian paper dollars, do you?

I do NOT believe my neighbours are all going to go psychotic and start trying to steal my stuff, do you?

So you see, I can be perfectly rational and can buy gold, etfs, and get upset if the gold price in paper dollars goes down.

The rest of you are all freaking loonies : )'s picture

I TRUST the banks, do you?

In the United States we have to prop up our banks with taxpayer dollars because rich and powerful institutions really on their ability to fritter away all the money they borrow as well as all the money they create out of thin air, secure in the knowledge that the lunch money of American school kids will be made available to round out the next sheaf of bonuses.

I trust them to do that.

I do NOT believe the gold market is manipulated, do you?

Government and banking officials have in the past admitted to fixing the POG.

I trust them when they speak so candidly.

I TRUST my Canadian paper dollars, do you?

I have no Canadian dollars but I am aware that since the inception of the Federal Reserve Bank in 1913, the Federal Reserve Note has lost over 95% of its purchasing power to inflation.

I trust that will continue.

thesapein's picture

You got it backwards.

If the dollar survives, then the future looks more mad max like. Gold bugs picture a golden age, otherwise.

Temporalist's picture

I think the people that talk about TEOTWAWKI are gold haters that like to put words into other people's mouths.  Besides the end of the world is subjective.  Is China surpassing Japan and then the U.S. as the largest economy TEOTWAWKI?  How about Iran having nuclear weapons?  How about peak oil?  What about a mass earthquake and tsunami that levels a whole country?  Or a super geyser?  Asteroid impact?

Many things can happen and I don't see gold champions telling people that they will use their weapons to force their will over anyone but more likely to defend what is theirs from those who have no foresight now.  The gold haters, like JB, are the ones who say they will just kill the people with gold and food and take what they want.  That is some long term plan lol.

VWbug's picture

these are the ones I am talking about, that actually spend time worrying about asteroids, volcanoes, and nuclear war.

try enjoying life, it really ain't that scary (unless you live in a bomb shelter and read nothing but gloom and doom)

Temporalist's picture

You are dense.  The point was there are many possibilites of disaster so focusing on one isn't worth it just be prepared as best you can.

thesapein's picture

I'm not sure you understand what "irrational" means. Are you certain you are using this word correctly?

midtowng's picture

I don't think it is very cost effective to conterfeit 1oz gold coins. That's why you the fakes you hear about are large gold bars.

 Nevertheless, there are reasonably priced gold coin tests for weight and size. It's a perfectly legit way of testing your gold.

VWbug's picture

seriously? That a $1200 coin is not worth counterfeiting? People counterfeit $10 bills...

I'm willing to bet the counterfeit coin business is HUGE, and no I haven't googled it, as it's bloody obvious.

Kills me that the doomsters are paranoid about everything yet they blindly trust the gold they bought online, and that no one is paying attention to them telling the whole world how much they own.

i find it all quite fascinating : )

Tortfeasor's picture

How do you figure that it's huge?  Does it sound easy to counterfeit a 1 oz coin?

Sounds damn hard to me, actually, considering the properties of gold itself, considering the alternative metals you'd have to use, the ability to get an impression of each coin, and make it not look or sound like an oreo cookie.  Then, after all that, you have to market a shit-ton of coins to make some money, cause i'm thinking your profit margin is going to be slim.

VWbug's picture

it's just my guess, maybe it's only the really rare coins that have serious value that are forged, what do I know?

but i know that anything that is very valuable is forged at some point.

(including vintage automobiles, how easy do you think that is?)

DoChenRollingBearing's picture

They are even counterfeiting Korean bearings in Peru!  They buy unmarked Chinese, mark the brand and origin on the bearing, and put it into a fake box.


Sí, estimado señor, dueño de un VW Escarabajo, sí tenemos sus rodajes!

(Yessir Mr. VW Bug owner, yes we have your bearings)