High-quality counterfeit gold bars – buyers beware

[Y_Participant 4591]

Winnipeg police are advising extra caution after a series of “suspicious transactions” at locations in the city.

The transactions took place on Nov. 30 2016 at a number of pawn shops and gold buyers, police said, involving the sale or pawning of counterfeit one-ounce gold bars.

City police said officers in other Canadian cities also investigated similar incidents. Police said the bars and packaging were very high-quality counterfeits.

They were bearing either Perth Mint or PAMP (Produits Artistiques Métaux Précieux — Switzerland) stamps.

Police say anyone purchasers should take extra steps to ensure authenticity. It has long been known that low -quality fakes were available in the USA (see video below) – but these new ones found in Canada are a notch up.

Caveat Emptor friends.

http://www.cbc.ca/news/canada/manitoba/counterfeit-gold-bars-1.3911346

How to tell if gold is real
http://www.wikihow.com/Tell-if-Gold-Is-Real

[PistolPeteParticipant 27143]

Yes indeed and there is another test—scratch the surface, if there is Chocolate underneath—it is fake gold—but usually good chocolate.

[TattooDaveParticipant 6952]

I was very successful buying gold from 1991 to 2000. My average cost per Oz was around $400. Sold at 1800 – 2100….

Unfortunately I lost a lot of it in my divorce.

My one rule for buying gold. Always buy coins minted in your local governments currency. Most of the time you can avoid taxes on the sale if it is a local mint. Another thing to consider with coins is the intrinsic value of the gold itself but also the fact that the currency value represented on the coin is an absolute minimum . If gold went to zero the coin would still be worth its face value in that currency .

This is why it’s important to buy local currency gold coins. In the United States we can buy Gold Eagles and sell them without having to report the gains. If you couple that with the fact that it is the most recognized gold coin in the entire world and convertible to $50 an ounce us by virtue of its mint value. This is why coins are actually a very good investment.

However the counterfeit issue can still exist even with currency coins like gold Eagles. People have been known to drill out the center of the coin and replace it with LEad pb… they then electroplate the edges. The best way to tell if a coin is authentic is to put it up on the tip of your finger – balance it right in the middle – and take another gold coin and just give it a light tap. It should ring like a bell. In fact I had a golden eagle that sounded like a “c” on a tuning fork. If your coin sounds like a thud you might have a dude….

it takes patience to go through coins but you certainly don’t want to get ripped off when you’re paying $2,000 an ounce for gold. Any questions I’d be glad to answer

I can see their heads have been twisted and fed with worthless foam from the mouth. Bob d

[Faust For ScienceParticipant 22521]

Never buy gold bars unless you can electronically test it beforehand. The test in question sends electric currents through the bar to measure the electrical resistance the gold bar has. Pure gold has a very specific electrical resistance. This is the only way to check if a bar of gold is solid gold all the way through without cutting the bar in half.

Weighing and magnets are no longer reliable tests of purity because the major gold counterfeits use tungsten. Tungsten is very close to the weight of gold and tungsten is not magnetic.

And the largest known tungsten reserve in the world is in northeastern China.

[Anonymous 0]

Thanx guys. I live near Winnipeg and I have not heard a single peep about this.

[Faust For ScienceParticipant 22521]

Anonymous wrote:

Thanx guys. I live near Winnipeg and I have not heard a single peep about this.

Well, this is only the tip of the iceberg. Look up the rigging of the silver markets.

All the markets are rigged. If you are looking to try to make money from any part of the markets, don’t bother. It is all rigged to steal from the people and give to the 1%. Even if you get lucky and make money from the markets, government will come down on you, imprison you for “insider trading” and seize your assets.

[hmskl’dParticipant 6406]

I wonder if buying only from the two or three top mail order retailers might protect us from fraudulent gold .. or can the counterfeits slip past them as well?

[Jan SobieskiParticipant 28791]

What about goldschalger. Cinnamon goodness.

Don’t forget to pick it out of your poo.

Love is just alimony waiting to happen. Visit mgtow.com.

[TattooDaveParticipant 6952]

Jan Sobieski wrote:

What about goldschalger. Cinnamon goodness.

Don’t forget to pick it out of your poo.

Thanks to you & Pistol Pete I now have chocolate envy

I can see their heads have been twisted and fed with worthless foam from the mouth. Bob d

[Jan SobieskiParticipant 28791]

Silver coin.

If you balance on a finger and strike it..it should ringgggg.

Amen, those 50 cent pieces make a lovely sound.

Love is just alimony waiting to happen. Visit mgtow.com.

[Y_Participant 4591]

The established gold sellers know how to authenticate the gold – make sure you ask for the test results and a certificate of validity or purchase (the actual gold bar number is on the bar) and that they will do a buyback. If you store in seller’s vaults then they have to buy back if you did not take it out.

Fakes have already been proven to be from China and sent through smaller merchants and gold retailers that do business with China – suspect anyone who has a China import connection. As gold prices are expected to soar in the coming inflation this is the first wave.

[Y_Participant 4591]

hmskl’d wrote:

I wonder if buying only from the two or three top mail order retailers might protect us from fraudulent gold .. or can the counterfeits slip past them as well?

If you use a reputable dealer who is known in the industry then there should be no problem. If you not sure about bars then buy eagles as they are hard to replicate correctly. (This has been tried by the way).

The problem starts when people want to buy gold at a ‘discount’ below spot price. Then they get hammered as smaller shops do not know enough of or test for fakes. Reputable dealers will charge a minimum of a 3% margin above spot price -so know both before you shop.

[Veritech AceParticipant 699]

There are a lot of bogus silver coins (including the silver eagles) that have steel slugs inside them. They’ll pass the scratch test because the outer part of the coin is real silver. Consequently, it’s always best to examine the coins you buy closely. First check them with a magnet to verify there is no slug inside. Second, try the ring test by balancing the coin on your finger and strike it with another coin; this will give off a distinctive ring. You should familiarize yourself with that sound, because if the silver is impure, or has any kind of slug inside, the ring will sound different. Finally, a freshly minted coin will have a very crisp image, and the edges will feel a little sharp. Fake coins typically look dull and worn. Silver coins should not appear worn because they don’t change hands that often, and if you’re buying from a reputable dealer, they are usually fresh from the US Mint.

[rubenParticipant 119]

The easiest solution to this is to buy gold coins rather than gold bars. Coins have a larger premium above spot due to higher costs of fabrication. They are much harder to forge however and often have security features such as the laser mark on the Canadian maple.

The higher preimium for coins can usually be recouped upon resale. If its just a 1oz gold investment I therefore think that coins are superior (they are also considered more “liquid” with a greater market for them) and not having to think about such forgeries helps.

[Y_Participant 4591]

ruben wrote:

The easiest solution to this is to buy gold coins rather than gold bars. Coins have a larger premium above spot due to higher costs of fabrication. They are much harder to forge however and often have security features such as the laser mark on the Canadian maple.

There is agreement among the PM experts that gold and silver eagles are better in terms of security features. Counterfeiters have tried duplicating these but the fakes so far have been easy to spot. It is possible that better fakes are now on the market so be careful and purchase with due diligence.

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