English News Gold

Counterfeited bars at Internet auctions: Precious metal traders give the alarm

Online shopping has become self-evident for most people: it is convenient, allows quick price comparisons, and there is now almost nothing that is not available online. Gold and other precious metals can also be purchased online at the dealer – or auctioned in Internet auction houses.

In the second variant, however, caution is advised, as the precious metal trader “MP Edelmetalle” explained in his blog.This is because more and more counterfeits of gold bars have been circulating here, which mislead buyers bydeceptive descriptions.Actually, imitation coins and bars are not allowed to be sold in internet auction houses.But almost daily, new bar imitations are offered and sold to the current gold price.The dubious vendors seem to try to move their fraud activities into a legal gray area.The business is profitable for the fraudsters, they can get fake coins and bars in China already from one euro apiece.

Among those counterfeits, one bar of the Perth Mint is particularly widespread.The mint explains in its blog that replicas, fake pieces and unauthorized copies are an ever-increasing problem.Fake bars can however be recognized by the inscription “CertiCard @ SECURITY CASE” – the original is labeled “The Perth Mint tamper-evident case”.Fake bars do not have any letters in the registration number, but usually have only a six-digit number.

While the counterfeits offered are to recognize difficult for the laity, skilled traders know what they need to look out for and also have suitable test methods at hand.This means that the buyer can be sure to buy original gold bars at reputable dealers.For example, by means of X-ray fluorescence analysis, the authenticity of a bar can also be checked through a hard plastic package.

About the author

Sebastian Wieschowski