Avoid Fake Gold & Silver Bullion Coins And Bars
Recently industry leaders met to discuss the problem of counterfeit Gold and Silver coins and their packaging.
And last week there was a the discovery of a series of fake Gold bars professionally packaged in an exact replica of the packaging design of a leading Swiss precious metals dealer.
Experts believe this “work” originates in China.
The “.9999 Gold” was counterfeit, as was the packaging. Also, there are documented cases of counterfeit American Eagle bullion coins and fake 1oz rounds.
One analyst notes that previous years, he has seen Tungsten bars finished with Gold leaf and Gold bars with tungsten filling.
In a recent TV interview about Tungsten-filled “Gold” bars, he said, “The people who get hit are not the bigger dealers,” since they have the knowledge and the tools to detect counterfeits, but smaller dealers are sometimes fooled.
Whenever Gold makes a positive, as it has in Q-1 of Y 2016, consumers see lots and lots of ads from coin dealers.
Publications really have no way to check-out advertisers, as their Key criterion is whether the checks for the ad’s payment are good.
Prudence dictates checking the industry credentials of any dealer a prospective precious metals a buyer contacts.
The Professional Numismatists Guild (PNG) launched the PNG Accredited Precious Metals Dealer (APMD) program to help protect consumers and investors in the buying and selling of precious metals.
APMD is composed of many of the profession’s most highly-regarded dealers.
The experts recommend that when buying precious metal bullion coins, that it pays to deal with a reputable dealer who is not only honest in business practices but one who is skilled in numismatics, particularly the detection of counterfeit goods.
Consumers can get hurt by dealers who are not an experts, or by a fraud who poses as a numismatist who is out to cheat the unsuspecting and trusting buyer.
If you need help with a suspected counterfeit product then contact a PNG-APMD member (www.PNGdealers.org) and NCIC (www.NumismaticCrimes.org).
Have a terrific weekend.
Paul Ebeling
HeffX-LTN
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