Krassimir Ivandjiiski
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The False gold affair, colossal mystery with tungsten

Krassimir Ivandjiiski /Красимир Ижанджийски/

First published in 2015

This story could turn to be the biggest fraud of the 21st century, though it began during 80s and 90s of the XX century.

As far as the gold, it is for sure the biggest in the history of humankind.

I  wrote several times before that the vaults of Fort Knox, the Bank of England and some other Central banks could house more than 10,000 metric tons of false gold. That is a colossal forgery and substitution of real gold bars by gold-plated full of tungsten imitations.

The information began to leak in October 2009 despite fearsome resistance of the so-called mainstream media. The fraud is unbelievable. There is a huge difference between forging a 20 or 100-dollar bill, and a counterfeit of huge amounts of gold, which has always been a universal l equivalent of any wealth - personal, national, state.

In short, millions of gold bars are fake.

In 2009, a shipment of gold bullions arrived in Hong Kong. Countries regularly exchange gold for repayment of debts or settle trade balances. Most of the gold in the world is kept in vaults under the supervision of a special organization based in London (LBMA). Upon receipt of the shipment, the Chinese government asked to do specific tests to ensure the purity and weight of the bars.

The test required drilling four small holes in the bullion and taking samples from the inside.

Officials were shocked to find that the bars were fake. They were tungsten-filled and had just a thin layer of coating by real gold on the outside.

The gold bars had regular serial numbers, originating from the United States and were held in Fort Knox. Some say that the consignment was of about 5,600-5,700 bars each weighing 400 ounces.

At the beginning, the experts assumed that the forgery is made by China but the Chinese came with a declaration that the said scheme is a US specialty.

What is all about?

Fifteen years ago, during Clinton administration and his advisors Robert Rubin, Alan Greenspan and Lawrence Summers, about 1.5 million 400 oz. tungsten bars were manufactured by some refiner in the US which estimates about 16,000 metric tons of false gold.

Subsequently, some 640,000 of these tungsten blanks were 24kt gold plated and sold on the international market. According to US sources, the fraud estimates between 600 billion and 1 trillion US dollars.

The tungsten in the form of gold bars enters in circulation somewhere in 1991-1992 when the then President George Bush Sr. starts his multibillion Hammer project for an economic destruction of the USSR and Eastern Europe, the theft of the huge gold reserves of the USSR, destabilization of the ruble and support of the Perestroika of Gorbachev and Yeltsin.   


It is not by coincidence when on November 1, 2001, his son George Bush Jr. as a President of the USA issued Executive order 13233 that required classifying and destroying the archives of his father and especially for the period 1990-1991. They also limited access to the records of Boris Yeltsin’s visit to the US in 19991 and his secret meeting with Gerald Calligan Chairman of the Federal Reserve System in New York.

The author of the Project Hammer was the long-standing CIA director William Casey. The tungsten came from a “certain East European country” but most probably from an old strategic reserve of the former USSR, that George Bush Sr. received as a trophy in 1991-1992.

1.3-15million ounces of tungsten have been dispatched from Eastern Europe to Panama and then sent by air to Mena/ Arkansas/ in the days when Bill Clinton had ran the Governor’s office, and before he has been elected as President of the USA.

From Mena, the tungsten have been shipped to be coated with gold and duly stamped. Later the bars returned to Mena for further dispatch to the vaults of Fort Knox or Panama.

At present gold reserves of all Central Banks, consist of about 30,000 tons. Some say that reserves of the FED are somewhat 7,000 tons (it might be around 2,000 only) followed by those of Bundesbank and IMF.

This means that the entire gold reserve of the West is a big fiction. No one knows what will happen if the credibility of gold disappears a total collapse of the West at times when the dollar lacks any confidence and a shift to the yuan and the euro.

We can assume that quantities of the real gold are very small and an ounce will reach US$ 30,000. It is not a mistake. We speak 30,000 dollars.

Initial information on the false gold sprung up at the end of January 2004 in the New York Post. The paper reported that Manhattan District Attorney investigated one of NYMEX’s (New York Stock Exchange) senior officials. It was about Stuart Smith, vice president of NYMEX operations. This was the person responsible for registration, (serial number of the manufacturer), of each gold bar that had ever appeared on the Stock Exchange. These officers are obliged to maintain this archive. The records make it possible to evaluate the physical volumes of gold that have passed through the stock exchange and to prove that they do not coincide, and namely that they are bigger than the gold that could have come from American gold mining and gold processing operations.

Nobody knows what happened to this Stuart Smith. He received an “office vacation” from NYMEX and since then nothing has been heard of him. 

At the same time, another surprising story emerged (which we reported in 2004). On April 14, 2004, it was reported that the Rothschild clan, namely NM Rothschild & Sons Ltd., based in London and a subsidiary of an investment bank traditionally dealing with gold , droped out gold trading. Then came the assumption that Rothschild did this because they knew that "a huge scandal" is on the horizon and they did not want to be part of it.

All questions with regard to profiteering issues and the situation on the gold market at that time came from GATA. What is it? GATA is an organization that is trying to understand the fraudulent schemes of the US Federal Reserve System. GATA's accusations are that this institution, with complicity of central and investment banks dealing with gold in the United States, has been manipulating gold price for decades.

What is GLD? This is the abbreviation of Good London Delivery, the Association of the London Gold Market, which determines whether the gold shipment comes from a supplier included in their lists and whether it meets the standards set by the association and updated from time to time.

The purity of gold bars should be from 995.0 to 999.9 per 1000. Weight - minimum 350 ounces of gold, and maximum 430 ounces (the weight is expressed in troy ounces, multiplied by 0.025 and rounded down to the nearest 0.025 troy ounce). Dimensions - the recommended sizes for a gold bar are as follows: an upper surface of 255x81mm, a lower surface of 236x57mm. Thickness - 36 mm. Marking - serial number, refinery seal, year of production. It was clear that GLD was a cover just to push these false tungsten bars on the market.

Why use tungsten? 

If you intend to forge gold, you should find a substitute with the same weight and characteristics as gold. The problem of making high-quality false gold is that it is too heavy. It is almost twice as heavy as lead, and two and a half times heavier than steel.

There are exceptions of course. The first is depleted uranium, which is cheaper if you are a government, but it is hard to find by individuals. It is also radioactive and not suitable for fake gold.

The second exception is tungsten. It is at least 40 times cheaper than gold and more importantly, it has exactly the same weight as gold up to three digits after the comma. The main difference is that it has the wrong color and is much harder than gold. True gold is very soft and can easily be scratched by nail.

Therefore, the tungsten should perfectly correspond to the color, surface hardness, and weight, chemical and atomic characteristics of gold. To achieve this, you can start with a tungsten bar, which is thinner by 1/8 inch of the size of the gold bar, then apply a 1,16-inch layer of real gold on it. This bar will have the same weight and the same sound when you tap it. It will react chemically "right" and will likely survive the X-ray fluorescence scan. The layer of gold is enough to stop the X-rays from penetrating to the tungsten. Only someone like the Chinese should think of making holes to find out what is inside.

Of course, there is another difference - the production of a false bar costs about 50,000 while the real gold bar is 400,000 dollars.

Today, nobody knows what will happen on the gold market but it is obvious that there are 16,000 tons of false gold and that the Federal Reserve and London refuse any information and are already pushed to the wall

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