Bullion
I decided to update this guide because of the growing number of fake gold coins that have been bought on eBay over the past years. Now, with gold soaring to new highs and getting alot of attention, the shinny metal is also attracting alot of buyers and new sellers to enter the market. One of my favourite places to purchase items is eBay. Whether it be gold, computer hardware or socks, its easy, fast, almost always cheaper and usualy hassle free.. Well, until you get that dreaded "Item seriously not as described" scenario. In the case for gold, the cost of receiving a fake item could be an immense loss. Heres my knowledge on how to best not get cought with "fouls good" and no where to go...
Tips to follow to spot fake bullion:
1 - When it comes to gold, ALWAYS buy from a trusted seller. Its just not worth the 10$ you would save if were to receive a fake 900$ coin from a relatively shaddy seller.. Ive been lurking on eBay for several years now and I have never seen a fake or fraudulent account with more than 10 positive feedback, (usualy from accounts with random characters, so obviously fake themselves) . Stick to purchasing your gold from people with over 50 feedback and is 100% positive. This GREATLY reduces your chances of getting a fake gold coin or bar.
2 - Now lets say you just received your coin or bar or nugget. Weight it. Buy a digital scale if you need to and weight the coin, it will be worth it in the long run, these types of scales have multiple uses. (As a reference - [1] ounce of gold, silver, platinum, palladium, etc.. weights 31.1 grams.). After weighting the item, measure it. Google the particular item along with the "dimensions" and measure you item to make sure its EXACTLY the same size. Gold is unique in the way that it is very heavy for its size. A gold coin in noticeably heavy when its laying in the palm of your hand, something that is impossible to immitate if the size is exactly the same.
3 - As a last resort, if you are still anxious about your purchase, you can bring it to a coin shop or a trusted jeweler and have the owner appraise its value.
Gold chains
I know this might be hard for some of you to believe, but chances are that if you are a gold investor or simply an enthusiast and you are purchasing your gold over eBay, some of your pieces might be fake. I recently purchased a chain from someone over eBay and he claimed it to be solid 14kt gold and believed it was so becase it was stamped 14k and italy on one of the ends of the chain. When I received the chain I noticed the "look" wasnt quite what it should be for 14kt gold so I brought it to a jeweler. The jeweler said "its stamped 14kt, that means it is 14kt"... Well that wasnt enough for me because I simply knew that this chain was fake and needed reassurance. For one thing, the sound of the metal shuffling in my hand didnt sound like gold would sound like, and also, the metal used in the chain was slightly magnetic, whereas gold is not magnetic at all. So I brought the chain to another jeweler and I explained why I was worried and what my reasons were for feeling that way. He scratched the chain surface on a special type of scrapping rock and confirmed what I had being saying. It was actually gold plating over sterling silver...
Tips for how to spot fake chains:
1 - The markings, gold is very precious and when making a piece of jewelery out of gold it is typical for marking the gold content at several places and not only one. Typicaly, the markings are on each end of the chain and also it is stamped in very small print either 585, 750, 379, 14kt, 18kt, 9kt, depending on the karatage on the toungue of the clasp.
2 - The physical characteristics of the metal, over time you will easily be able to identify real from fake by listening and feeling the metal, also a magnet is very usefull.
3 - And of course it goes without saying, always verify the sellers feedback and make a good judgement call on your behalf. A return policy is always good insurance.
Well that was my two cents and this knowledge has helped me save hundreds of dollars so I wish to pass it on to anyone interested.
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Thank you for your time, best of luck and God bless to all.
Orignal From: Fake Bullion and Gold Chain Scams
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