How to Protect Yourself From Buying Fake Gold

Table of Contents

Using the density of gold as a benchmark, producers produce gold coins to fit extremely uniform specifications. You might see they have somewhat different measurements if you take a couple of pennies and stack them in your palm. Theres a lot less variety when it concerns gold.

We left a couple of strategies off the table, for brevitys sake. Youll should use these too, if your mind is set on running your gold through the entire gauntlet.

On the other hand, if you end up with a whitish color on the gold, it implies youve got sterling silver beneath the gold. If nothing occurs with the nitric acid at all, youve most likely got genuine gold.

The Acid Test.

Some very high quality gold is mixed with other metals to harden it versus wear. If you do have gold that fails the magnet test, its time to bring it into a dealership (see below for advice on selecting a respectable one) for more testing.

Some folks have even made products that can serve as verifiers for particular makes of gold coin. Theyre essentially little piggy banks that change the size of the coin slot to enable a coin of a given year to slide through.

Because gold is even denser than lead. Silvers lovely thick too, but gold is one of the densest base metals anywhere in the universe. Thats why experts enjoy the weight test.

Rust test – real gold doesnt rust.
Skin test – a great deal of the metals used in phony jewelry will turn your skin greenish-brown with handling. Genuine gold doesnt have any result on your skin whatsoever.
Float test – Fake gold drifts (some of it, anyhow). Genuine gold, and only the finest fakes, will sink.
Sound test – If youve got a keen ear, give this one a shot: balance a coin on your finger and strike it with another coin. Real gold will produce a various sound than other metals (Youtube is filled to the brim with guides for “hearing” the distinctions in metals).

You can basically think about this test as a forensic one. Start by scratching a piece of gold or isolating a little sliver of it. By applying a percentage of liquid nitric acid (also commonly available) to the scratch, you need to motivate a chemical response.

Since any person can do it, the weight test is popular. The measurements and densities involved arent challenging to remember, and even the best counterfeiters cant get dimension and density proper simultaneously. Tungsten, a very heavy metal, is a contemporary choice that comes dangerously close, however not close enough.

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Unlike its name suggests, this test will not require you to run off into the woods with friends to have fun with glowsticks. Simply put, this is an extremely, very precise methods to determine whether or not a piece of gold is genuine. Youll be testing your gold on a chemical level, which will leave you with some wonderfully accurate results.

For manufacturers of fake metal, the big dollars lie in other places; the genuine cash is in creating superior fools gold that, like its name, can fool almost anyone. If you can find fools gold from across the space on a Halloween outfit or in a music video, thats good– hold onto that impulse.

In a recent piece, we went over the presence of fake gold in the international market. In short, that piece evaluated the international need for phony gold (for uses both genuine and otherwise), and the desire of some significant players to supply it.

We likewise noted that learning about phony gold is just half the fight. In order to be a savvy, genuine purchaser, youll require to bring yourself up to speed on the approaches used by likewise savvy, clever counterfeiters. The strategies theyre using to trick you, and even your gold dealership, are ever-evolving.

Faking the chemical structure of gold is nigh difficult for counterfeiters. The only bad thing about this test is that you will need to ruin … yes, destroy … a very smidgen of your gold to attain results.

As a buyer, there are a few methods you can grab onto that lifeline. To name a few:.

Honorable Mentions.

Its insufficient to be able to spot costume jewelry.

Youre dealing with a fake if the acid/gold turns greenish. The majority of “scrap” metals will react this method to nitric acid.

Keep in mind– gold behaves considerably various than other metals on a number of fronts. Thanks to its unique residential or commercial properties, gold is near-impossible to counterfeit completely.

The Weight Test.

Being rather useful, smart individuals themselves, they aim to make their product as close to the genuine thing as it gets. In other words, its scarcely possible to take gold and successfully evaluate its credibility by look alone.

Due to the fact that of this, any fake coins that weigh the very same as true gold will inevitably be too large in size and size. You require more metal in the coin to make it weigh as much as gold. On the flip side, any fake coins with the appropriate dimensions are likely to weigh less than a genuine gold coin.

Gold, in its purest kind, is not magnetic. Not even a bit. Refrigerator magnets arent rather strong enough for this test, but if you head to your regional hardware store youll be able to choose an excellent one up. Run the magnet across your gold– if anything relocations, other metals exist.

Is that all?

Were not stating all the gold in America is genuine– that definitely isnt the case. New York City might simply have more phony gold for sale than real.

You need to definitely have actually the gold tested by several celebrations if you purchase gold from an unknown source. Now, if you purchased 100 coins, you should not need to have them all checked. Screening every 8th or 9th coin would be enough. What actually matters is that youre getting expert confirmation on any batch of gold you buy from outside the U.S., or better yet, anything you buy outside of your network of relied on dealerships. If youre being perfectly mindful, youll have that gold checked, too.

Utilizing the density of gold as a benchmark, producers produce gold coins to fit really consistent specs. On the other hand, if you end up with a whitish color on the gold, it suggests youve got sterling silver beneath the gold. If you do have gold that fails the magnet test, its time to bring it into a dealership (see listed below for guidance on picking a trustworthy one) for more testing.

Deal with a credible U.S.-based dealership who has period, organisation, and experience infrastructure.

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Whichs simply the tip of the iceberg. Stay tuned for more.

Seek confirmation from multiple outlets.

Also, ask yourself if your dealership has a store, or their own large inventory. These are all great indications, as a dealer with his/her own biking stock of gold is most likely to have strong testing methods under their employ.

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You can also secure yourself from a wicked case of buyers regret by following a couple of finest practices, which weve noted below. These have nothing to do with screening your gold when youve bought it, but following these suggestions will assist your possibilities while youre still out there buying it. Take an appearance:.

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We recommend picking somebody who has actually been in company for years. Individuals state the piano is simple to get, however almost difficult to master. The gold market is the exact same method– just someone whos put in loads of effort, time, and effort into their company over the years is likely to understand the marketplace like a true pro.

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Theres a catch. America, while rather an impressive star on the worldwide stage when it concerns confirming the integrity of its imports, is still the largest target in the world for counterfeiters. Americans love to spend, and theres more people spending money here than nearly anywhere else. That alone doesnt rather negate the import laws that protect us, however it does indicate theres a continuous struggle in between counterfeiters and world governments to keep gold stocks pure. Because battle, its best to err on the side of whichever government fractures down the hardest on knock-offs. That is and constantly has actually been America.

If you purchase gold from us, and have it checked down the street at another gold store, we will not be offended. If you order gold from an unknown source, you must absolutely have the gold tested by multiple parties.

If you buy gold from us, and have it checked down the street at another gold store, we will not be upset. We recommend all gold buyers be as cautious as they can be. Possibly even be a bit paranoid when you purchase gold; it may pay off in the long run.

The most rigid customer defense laws and safeguards anywhere in the world remain in America, so it behooves any prospective purchaser (you!) to deal within the country. Thanks to import and export standards alone, youll be handling a cleaner marketplace than if you were shopping an oversea dealerships stock.

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Trading in gold and other precious metals is risky because the market is volatile. Past performance is not indicative of future returns. This is why we encourage you to read Our Terms and Conditions carefully before making purchases, selling, or placing orders with BULLIONTRADING LLC. Refer to Safety Tips from the CFTC (Commodity Future Trading Commission). These terms and conditions apply to all orders, all purchases, and all sales made through our website, telephone, or other channels.

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Market Loss Policy Explained

An order starts when you finalize the deal with our agents, not when the payment is made. We generate an invoice immediately the deal is sealed either through our website or phone. We also count the bullion coin or bar as sold and will have hedged ourselves accordingly.

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All investments involve risk – bullion coins and bars are no exception. The value of bullion coins (e.g., American Eagles or Maple Leafs) is affected by many economic factors. The current market price of bullion coins and bars is determined by perceived scarcity and other factors. Some of these factors include quality, current demand, and general market sentiment.

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