Saturday, November 19, 2011
Fake Gold Coins Flood the Markets
With precious metals prices poised to be the biggest price explosion in centuries, fake gold and silver products are becoming a booming industry say Global Piracy & Counterfeiting Consultants (GP&CC).
According to GP&CC, "One Chinese counterfeiter openly bragged about producing 100,000 fake U.S. Silver Dollars per year, and that’s just one counterfeiter. There are many others jumping on the band wagon.
Some of the Chinese counterfeit coins are of very high quality, making it difficult for even some experts to tell the difference. And worse, the U.S. Federal Government is a no show-once again."
Most fake coins can be detected by their weight which will be different to the genuine article. In addition the milled edges on fakes are slanted and not vertical.
Also deal with multiple established dealers who have been around for many years.
When you buy from one dealer, get your gold and silver coins appraised by another independent appraiser. If you’ve invested $10000.00 into precious metals, the additional 100 or so cost to have your investment appraised is a small price to pay to verify the authenticity of your coins.. If you were sold a fake, you can then take immediate action against the offending dealer. It is illegal to sell fake gold and silver coins in the US and in most other western countries so most dealers will make a point of ensuring their coins are genuine.
Knowing the dimensions, weight and exactly how your gold and silver coins should look is important also. Doing your own due diligence is a must.
Despite fake gold and silver coins flooding the market you can still take steps to protect yourself. Don’t let the fact that counterfeits are out there dissuade you from making a good investment decision. Buying gold is still an excellent way to preserve asset value.