Mike Fuljenz comments on Counterfeit gold bars discovered in New York City

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What Others Are Saying

"The fact that since 1986 Mike Fuljenz has won so many major awards in so many diverse categories, including the NLG top award 'The Clemy,' underscores how important his peers in the rare coin and precious metals markets view Mike's excellent analysis and reporting."

Ed Reiter, Executive Director,

Numismatic Literary Guild &

New York Times Former Columnist

"The Congressional Medal of Honor Foundation salutes Mike Fuljenz for all he does to support our men and women in uniform who defend our freedoms."

Nicholas Kehoe, Former President

Congressional Medal of Honor Foundation & Lieutenant General USAF (Ret)

"Count me among Mike Fuljenz's numerous admirers. His strong leadership, input and support of the American Numismatic Association were instrumental in formulating ANA's coin grading and authentication policies, which is a testament to his commitment to the industry. He is a leader in the coin industry."

Robert Leuver, Former Director,

Bureau of Engraving & Printing

Former Executive Director,

American Numismatic Association

"Mike Fuljenz has been a member in good standing of the American Numismatic Association (ANA) since 1980. Mike has taught seminars for ANA almost every year since 1982 on advanced coin grading, detection of counterfeit coins, and our "super course" on gold, silver and commemorative coins…He is simply a terrific teacher."

James Taylor, Former Director,

ANA Educational Services

The people who get hit are not the bigger dealers...

Whoever is making the fake gold bars seems to be running a complex operation. "I can't imagine how they cut the bar clean, and cut, and took everything inside out and left the shell to fit the tungsten in," Fadl told NY1 News.

According to WNYW, the deception happens when a hollowed-out, real gold bar with serial numbers and papers is filled with cheaper tungsten, since it weighs nearly the same.

For merchants like Fadl, it's a costly mistake: A counterfeit 10-ounce gold bar bought for almost $18,000 ends up only being worth $3,600, WNYW reported.

NY1 News asked Fadl how he felt after he discovered the four bars he bought were fake. "Sick to my stomach, but I thank god we didn't sell this to somebody," he said.

Gold expert Mike Fuljenz, told NBC News that counterfeiting like this has been going on for a long time. "The people who get hit are not the bigger dealers," Fuljenz said, since they often use machinery to detect counterfeits. However while it's easier to pinpoint counterfeits in thinner materials like coins, Fuljenz said it's more difficult with a big, thick bar.

The Secret Service, which is reportedly investigating the case, was originally founded in 1865 for the purpose of stopping the counterfeiting of U.S. currency. The agency said Wednesday they won't provide further comment.

This New York incident could be a sign of a more widespread criminal effort. Gold bars filled with tungsten were discovered in England back in March, according to WNYW.

LINK: http://usnews.nbcnews.com/_news/2012/09/19/13963728-counterfeit-gold-bars-discovered-in-new-york-city