What really are the facts:
- Obama's spokespeople have already denied the reports.
- Solid rhodium is generally unsuitable (unheard of?) for jewelry because it is brittle and difficult to cast. The high price of the metal is less of a barrier than these other factors.
- Prices of Rhodium have plummeted from an annual high of $10,010 to $935. This is more expensive than platinum ($817) or gold ($782), but not much more so and nowhere near the prices being reported in the Obama reports. Take a look at this amazing chart of the price of rhodium:
Given the inconsistencies in the story, it is almost certainly fake. Michelle Obama would be getting ripped off based on today's rhodium prices. Anyway, its great publicity for Giovanni Bosco.