Not all that glitters is gold

(Before It's News)

This week we saw another gold counterfeit scandal, this time out of New York, with tungsten-filled gold bars being discovered by a highly reputable dealer. It is very hard to detect tungsten fakes by traditional measures, since tungsten (atomic number 74) has a high density, which is 19.3 times that of water, and comparable to that of gold (atomic number 79). In other words, its weight is very similar to that of gold.

However GoldMoney’s ultrasound testing of gold bars is the perfect solution, as it can easily detect impurities of this sort and ensures that the bars meet the stringent GoldMoney Standard of quality. This latest technology guarantees that there is not a single gram of tungsten in the GoldMoney vaults.

South Africa’s Lonmin miners ended their strike yesterday after almost a month of violent clashes between miners and police with over 46 dead. It is easy to forget what a gruesome task it is to get gold out of the ground and how harsh conditions are at many mines. It is also important to note that rising costs at many mines have been driven by increases in the cost of energy and other factors of production, not just by declining ore grades. The gold price might be rising, but so is the cost of mining it.

Gold represents a physical and real touchstone in our modern, almost completely virtual financial system. It helps us to keep our feet on the ground in times when some believe that wealth can be created by waving a magic wand. As James Grant said yesterday, “QE forever” will have great unintended consequences, but it will very directly and very obviously punish savers and reward speculators.

Owning some gold now can still protect you from the insecurities in the financial markets. Thanks to the GoldMoney Standard you can make sure that it is 999 pure gold, with not a trace of impurity.

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