Obama Did Not Buy Michelle Rare Gold Ring, Says Spokesperson

UPDATE: The Obama camp flatly denies that Obama bought his wife Michelle a $33,000 rhodium ring as a thank you gift, according to The Chicago Sun Times. "'No ring was purchased,' said [Obama spokesperson Ben] LaBolt." The statement was made in response to a Daily Mail article claiming that he would.

Here is an excerpt from the original Daily Mail story:

Michelle Obama is to receive this £20,000 thank you from her husband for her support during the election.

The Harmony ring is made of rhodium - the world's most expensive metal --and encrusted with diamonds. It is being hastily made by Italian designer Giovanni Bosco in time for January's inauguration ceremony.

Only about 25 tons of rhodium are mined each year, mostly in South Africa, and as a result its price is typically around £5,000 an ounce.