Fake Gold Coins/Bars
1) Hi, I wondered if you or your readers might know anything about
fake gold coin/bars from China cropping up. It seems that tungsten
has almost the same density as gold and hence can pass the common
specific gravity test.
China has most of the world’s remaining reserves of tungsten and
some companies there are selling fake gold coins/bars on the Internet:
http://www.tungsten-alloy.com/gold-plated-tungsten-alloy-gift.html
http://www.encasedcollectorsinternational.org/chinese_coin_counterfeiter_legal.htm
2) This is not speculation — several fake gold bars , worth $100,000 , were found in
Manhattan a few months ago and others in Britain before that:
http://usnews.nbcnews.com/_news/2012/09/19/13963728-counterfeit-gold-bars-discovered-in-new-york-city?lite
http://www.nypost.com/p/news/business/fake_gold_hits_nyc_ECXVP5WQOvYwMVTi8CoHRL
3) The German Government has stored its gold reserves in New York for 70 years (to protect
them from seizure by the Soviets during the Cold War.) A few months after the news
reported gold fakes being found in Manhattan, Germany announced that it would ship its
674 tons of gold back to Germany:
http://www.nytimes.com/2013/01/17/business/global/german-central-bank-to-repatriate-gold-reserves.html?_r=0
4) However, fakes have also been discovered in Germany and Australia:
http://au.news.yahoo.com/latest/a/-/latest/15182799/counterfeit-aussie-gold-sold-in-china/
http://news.coinupdate.com/largest-private-refinery-discovers-gold-plated-tungsten-bar-0171/
5) As word of these fakes gets out and becomes widely known, it may
cause the price of gold to fall as investors sell in panic. Bad money drives
out good. Even if you have confidence that the gold coins you hold are genuine,
they will be of little value if most possible buyers will not buy them for fear
they are fake.
5) However, finding an alternative store of value is a difficult problem. It is difficult
to distinguish synthetic gems nowdays from the real ones. Platinum might be
a possible alternative.
Don-
problem and it´s only going to get worse as the price of precious metals (PM)
increases. If we think of a post economic collapse society where PM are a big
player, avoiding fakes and counterfeits would be a big challenge.
end up selling gold they’ve had for years without knowing they are selling a
bar or coin with a chunk of tungsten on the inside. This is happening right
now.
or price of PM to drop based on fakes alone, but I do see a problem where there
might be more distrust, and anyone that can verify the internal content of the
PM (x-ray?) would sure get the most customers, so maybe there’s a business idea
right there.
and coins, here are my recommendations:
dealers. This should be obvious enough.
PM. If you snatch some broken 14k or 18k junk gold at a fair price, broken
chains or wedding bands as “PM pocket change”, that’s fine, but your
bulk of PM should be in well recognized coins such as American Eagles. The more
detail the coin has, the harder it is to counterfeit. Avoid those bulk bars of
silver and gold that just have a stamp along with a card certification. Even
original ones (like credit Suisse) have been bough, drilled and emptied on the
inside and refilled with some other metal. They are original, the number and
certifications are correct, but someone just removed most of the gold leaving
just the outside layer. This is much harder to do with a small coin with
detailed impressions.
the images, letters and numbers on the coin. American Eagles have very fine,
crisp details that arent easy to counterfeit. Counterfeits will often have
slight differences, letters and numbers not looking as clean cut and the detail
of the liberty image may look worn or blurry.
you usually handle Eagles, that’s what you’ll know best. If you handle Maple
leafs or Krugerrands most of the time, that’s what you’ll know and be able to
tell between a counterfeit and the real one.
not as profitable to refill with another metal. While small gold coins can be
counterfeited, there’s greater chance of detecting it compared to a bigger bars
that is impossible to notice any difference but may have some other metal on
the inside. As long as you verify that its actually 24k gold with a tester, small,
well recognized coins with plenty of detail are therefore your safest bet.
Source: http://ferfal.blogspot.com/2013/08/fake-gold-coinsbars.html
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