*Bad* Perth Mint Gold Bars - Be Careful!
asheland
Posts: 23,189 ✭✭✭✭✭
A dealer I know just got three of these in today. The PMV read bad, but, being in plastic we cut one open and investigated further. Acid text revealed the truth, plus they were significantly thicker!
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Comments
Google is your friend.
I personally avoid gold bars.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Dang
They didn’t even use tungsten
But every bar has been faked. The dealer needs more testing methods and comparison photos.
Nice copies - I have had people come in to sell them - people that know gold. A pawn dealer decided this was a great way to increase his profit margin.
I personally like to use specific gravity - then I can tell you what the gold is plated over.
I agree with derryb. I have zero interest in gold bars.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
Gold bars. I agree…yuck! Of all the options available to me why gamble?
OP, does this change your approach to buying gold bars?
5 gram,why bother?!
Good information to have but like others have said no way Jose do I take the chance on gold bars.
They bought them????
Font off immediatlely....
Yeah bad Perth mint gold bars everywhere for years now. Thanks for continuing to get out the word. BTW most of the PMV are EASILY fooled as well. Remain vigilant.
The whole worlds off its rocker, buy Gold™.
What process is used to fool them?
You have obviously no hands on experience with a Sigma PMV when it comes to plated bullion. I know from first hand experience that it is great for identifying plated bullion.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
The Sigma PMV will register a pure copper bar or round as .999 fine silver. The company knew about this when I called and just said that due to the similarity in conductivity, the detector couldn’t definitively distinguish them, and that the machine should only be used as “a test”, not “the test”.
I found using Sigma PMV in conjunction with a scale and magnet on coins works really well in finding fakes.
Before using a PMV one should obviously apply the "sight" test. My PMV is used for the items that get past my eyes.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I deal in U.S. gold coins... well, I do have a couple of Mexican gold coins, but I know they are authentic. For me, I stacked gold from the mint for many years - back when it was $3-400 toz.. I have also a lot of slabbed gold of interest, acquired back in the early 2K's, late nineties. I will not deal in bars or the dicey secondary market. Cheers, RickO
I think the company and most users are concerned with identifying things that are made to appear to be something they are not rather than weeding out the obvious (copper bar versus a silver bar). There is over a 15% difference in the density between copper and silver so weighing and measuring the size of a bar or round would reveal the difference if someone went through the trouble of making one to pass off as silver.
Lucky you....Congrats!!!! Some of us are still acquiring gold coins (or trying to anyway). PMV is just another tool, no better than many of the much cheaper options but fakes are getting better by the week. Regards!
The whole worlds off its rocker, buy Gold™.
What other tools are you referring to? Can they test coins in slabs or bars that are packaged?
I need a serial # on any gold bar I would consider.
A S/N on the actual bar does not guarantee authenticity
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Personally I do NOT like gold bars with some rare exceptions vintage, etc but the carded stuff, no way!
I work in a B&M and see this stuff come in often.
As for my taste in gold bullion, strictly bullion, eagles...
but as many know on here, I’m more into the numismatic gold...
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I have noticed the sigma passing copper under the 999 silver setting, however, it never in my observation passed copper under the 9999 setting.
You guys should test that with your PMV sometime and see if it’s the same with yours...
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I agree the Sigma is not foolproof, but it can be handy with other tests and, most importantly, experience!
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Sigma functions well through airtites flips and bar plastic.
It detected some bogus jm silver bars in sealed plastic sheets.
what a bummer