10 Tips How to Avoid Buying a Fake Gold Bullion Online
1. Look At The Seller Feedback And Forums If Possible
If you are buying gold bullion online, if possible look at the feedback left by customers and search some of the gold investment forums. If a dealer is selling fake gold bullion, you will usually find complaints in the forums and possibly in the feedback section of the website.
2. Ask for An Assay Test
If you are buying scrap gold or other types of this precious metal, ask for an assay test, especially if you are buying a large lot. Do not trust any dealer who is not willing to wait for this test to be done.
3. Third Party Specialist Verification
Look for some type of third party verification, because this helps lower the odds that you are buying fake gold bullion. Make sure that the third party is reputable though.
4. Insist an Seeing The Certification
If you are buying coins, insist on seeing all of the certifications which apply. If a seller is trying to pass off fake gold coins they usually cannot provide this documentation, tipping you off.
5. Use Only Reputable Dealers
If you only use trusted gold bullion dealers, ones that have a solid business history and have made a reputation for being honest and ethical, you can greatly lessen your chances of buying fake bullion.
6. Insist on Only Stamped and Minted precious metal products For Small Amounts
If you are buying smaller amounts of bullion, only choose types which are stamped and have serial numbers for bars. This helps prevent fake gold bullion from entering the market, because the stamped and minted versions are much harder to copy.
7. Impartial Grading
When purchasing bullion online, ask for verification and documentation on the impartial grading of bullion products. This is one form of certification that should be made available when you request it from legitimate dealers.
Most of the time fake gold bullion will not include slabbing, but in rare cases there have been instances of genuine slabbing being used improperly. Make sure that the slabbing and the coin go together.
9. Test Using A Magnet
With the high market price of gold, you may come across fakes. Test the coins with a magnet (granted you are buying from a local coins shop), because gold is not magnetic but steel and some alloys are. If the coin or bar reacts to the magnet, it is a fake.
10. Evaluate Complaints and Negative Feedback Carefully
Look at the contents of any negative comments, complaints, and feedback. If any of these mention fake gold bullion, it is normally better to find another dealer instead.