Do you worry counterfeit gold?

Discussion in 'Financial Cents' started by Game Ends, Dec 27, 2015.

  1. yes

    5 vote(s)
  2. no

    19 vote(s)
  1. Game Ends

    Game Ends Monkey++

    Do you worry counterfeit gold?

    Where do you get your gold to make sure it is true?
    pearlselby and Motomom34 like this.
  2. Pax Mentis

    Pax Mentis Philosopher King |RIP 11-4-2017

    I happen to live in a mining area and buy from people I know who dredge for it...and pay right at spot. They get more than a dealer pays and I buy for less than a dealer sells for.
  3. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Buy from reputable dealer that stands behind their product/sale.
    Bring your scale, calipers, micrometer and test kit.
    Don't buy for numismatic prices, content only.
    Buy known coin from national mint (Eagles, Maple Leafs, Kruggerands, Australian Kangaroos)
  4. AD1

    AD1 Monkey+++

  5. UncleMorgan

    UncleMorgan I like peeling bananas and (occasionally) people.

    The likelihood of getting fake gold and silver has skyrocketed recently. The Chinese are faking well-known and trusted brands left & right. Morgan silver dollars, Credit Suisse, you name it.

    The only sterling silver I really trust is old tableware. It's perfect for preps. It isn't counterfeited because it's so much easier to fake coins and bars. Every piece has a checkable pattern, size & weight. Each piece is individually marked (925) and Hallmarked by the maker.
    You can buy by weight, and sell by beauty and antique value. You can sell whole sets or by the piece for cash or barter.

    And you're always selling Grandma's last silver spoon, so you don't look too wealthy....
  6. Tully Mars

    Tully Mars Metal weldin' monkey

    DAMN good idea @UncleMorgan!
    I've always bought from known dealers in the past for silver. I haven't bought any PM in awhile. 99% of my gold I took out of a mountain stream that runs near some property I used to own. You would be surprised how much a pill bottle of gold dust adds up to. It was a fun way to pass the time and the place is so remote that I really doubt if any, or many folks know what's in the stream.
    And no, I didn't tell any one what I was up to. As far as the kids or anyone knew I was off trout fishing.;)
  7. Airtime

    Airtime Monkey+++

    A buddy of mine buys lots of gold and silver. He buys some on eBay. He weighs and measures it when it comes in. Recently had some clearly not measure up, literally. He contacted seller who promptly gave him a refund with no hassle and then didn't care if he sent the non-gold back. Kind of confirmed the seller was committing fraud.

    Another buddy buys lots of sterling silver placewear at auctions. He too thinks a good way to go and scores some good deals sometimes. He has tried to get me into it, just haven't had time to do it.

  8. 3M-TA3

    3M-TA3 Cold Wet Monkey Site Supporter++

    I usually just enjoy the delicious chocolate center...
  9. Pax Mentis

    Pax Mentis Philosopher King |RIP 11-4-2017

    That's a great idea. I just get junk coins since it doesn't take as much study, but your way also has potential for profit.
    UncleMorgan and Tully Mars like this.
  10. Tully Mars

    Tully Mars Metal weldin' monkey

    Same here Pax, a lot of our silver is junk coins.
    UncleMorgan likes this.
  11. stg58

    stg58 Monkey+++ Founding Member

    Tully Mars and UncleMorgan like this.
  12. UncleMorgan

    UncleMorgan I like peeling bananas and (occasionally) people.

    A while back a bunch of gold ingots went to the Bank of England. They passed thru the bank where a friend of mine worked at the time.

    On arrival, the English discovered they were Tungsten, thinly coated with gold--at $500,000.00 apiece. The gold had been shipped from China. The Chinese government squeezed some people and found out within 48 hours where the bars originated.

    They originated in the US, during the Clinton administration (2009). A HUGE number were made. About half were sold overseas (as pure gold) and the rest went to Ft. Knox.

    So, guess what's in Ft. Knox, now.

    I remember that for the better part of a year afterward, you couldn't get a commercial assay done, because they were all booked solid checking out the bars that were being held by the banks.

    It's a hell of a story--probably the largest gold heist in the history of man--and you can bet Bill and Hillary were in it up to their eyeballs.

    Chinese Discovered Fake Gold Bars of Tungsten in 2009 | Banksters
    Last edited: Dec 27, 2015
    Motomom34, Tully Mars and stg58 like this.
  13. The company that I work for participated in a trade show for the Jewelry industry a number of years back. At this show, the booth next to us was populated by a company called Halach Gold, which appears to be a subsidiary of a large Turkish gold firm.

    This firm, and others like it, are what jewelers use for their gold. For what its worth. Well it seems I can't post links yet, but if you google the company name above, you will see their website.
    UncleMorgan and BTPost like this.
  14. sec_monkey

    sec_monkey SM Security Administrator





    melbo, UncleMorgan, Motomom34 and 3 others like this.
  15. Dunerunner

    Dunerunner Brewery Monkey Moderator

    It isn't just gold, my buddy collects Morgan Dollars and bought one off eBay that was fake. Oh, it looked good; very good even when examined with a loupe, but the weight wasn't quite right and neither was the "ring" when it was dropped onto a table top. The vender refunded his $57 no questions asked, and didn't ask for the coin back. My friend reported him to eBay and within a few days he was gone.

    Fake Counterfeit Morgan Silver Dollar Images Facts
    Last edited: Dec 28, 2015
  16. Rural Alaskan Survivalist

    There is a tool that will let you see tungsten inside of gold. It uses the difference in magnetic susceptibility between tungsten and gold. Tungsten is para-magnetic and is mildly attracted to magnets. Gold is dia-magnetic and is repelled. This scanner illuminates disturbances that are caused by the difference in these magnetic properties. You can get one for $19.99 at TheGoldLock
    UncleMorgan likes this.
  17. UncleMorgan

    UncleMorgan I like peeling bananas and (occasionally) people.

    pearlselby likes this.
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