How to Avoid Buying Fake Gold Coins and Bars
Making sure that you are buying authentic gold coins and bars is not always easy. Bullion fakes, forgeries and counterfeits can be found around the world, and if you choose to buy your bullion from unscrupulous sources, you are likely to discover fake gold coins and bars sooner rather than later.
So how are you supposed to avoid buying fake gold coins and bars?
Trust Mints’ Security Features
The world’s finest mints take gold counterfeit very seriously. They spend countless amounts of time and money ensuring that their gold coins are bars are as difficult to replicate as possible. Many gold bars have serial numbers, which allow mints to provide accurate information on that bar’s production. Swiss mint powerhouse PAMP has a technology called Veriscan so that buyers of its bars can actually check on the authenticity of their product. Other
Some world-class mints, such as the Royal Canadian Mint, has innovative gold security features like special engravings, laser-marking technology and very precise radial lines that complicate forgeries. Take a second to learn more about the Royal Canadian Mint’s Bullion DNA.
The famous “Britannia” gold coins from the Royal Mint have wave patterns in the background, security details in the shield and even a hidden image when you rotate the coin.
Many gold bars can also be purchased in assay “tamper-proof” packages that are sealed at the mint. This security further helps to reduce the amount of illegal replication that takes place.
Compare the Current Spot Prices
If the price is too good to be true, it probably is. Check the latest gold spot price here. The price of the gold bar or coin should be more than the spot price to take into account the costs of the dealer. If someone is trying to sell you a 10-ounce gold bar for $1,000 it is likely a scam. We encourage you to report the seller to your local police.
Do Your Own Authenticity Testing
If you are able to see the physical gold coins or bars before purchasing them, you can do some simple tests yourself.
Check the weight. For popular gold bars and coins with published weights and dimensions, you can do your own measurements and compare the listed dimensions with the actual dimensions. Do keep in mind that not all weigh scales are built the same. You would need to use a very precise scale to ensure that it can accurately measure your gold coin or bar down to a fraction of a gram.
You can also do a quick and easy magnet test. Gold and silver are non-magnetic, while many fakes are made of base metals (copper, lead, nickel, tin, aluminum, and zinc) which are magnetic. So, if your magnet sticks to the product, you have a fake.
There are many other tests you can do, such as acid tests. They take a little more effort, but it could be worth it.
Buy from a Reputable, Licensed Canadian Precious Metals Dealer
Perhaps the easiest and most reliable way to avoid buying fake gold bars and coins is to trust well-known Canadian dealers like Royal Bull. Royal Bull does not sell “silver-plated”, “replica” or “silver-cladded” precious metal products. Each listing on our online precious metal shop is 100% authentic and backed by our Canadian guarantee.
There are many unlicensed gold dealers who sell counterfeit gold products on sites like eBay with no repercussions when you clue in years later that your product is fake. Trust the long-standing reputation of Royal Bull to ensure complete confidence and transparency on every gold bar and coin we sell.
Now it’s time to explore the large selection of authentic gold bars and coins available right here at www.RoyalBull.ca. If you ever have questions about the authenticity of the products we have for sale, reach out to us at any time. Happy shopping!