Fake silver bullion

http://www.ozcopper.com/fake-silver-warning/

 

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Good videos and info.

You want to put an end to consumers buying PM, let a major news source broadcast how good the fakes are and see the general public stop buying PM in their tracks. Its making me nervous enough to wonder if I should dump PM while there still is good demand for it.

Thanks again for the post. Much scarier than previous ones.

 

Nice informational video & post, thanks.

 

Good info... this will kill a lot of the auction site buying once it becomes common knowledge. God forbid its being sld by any of the major online retailers.

 

Now on coin dealers should offer file tools when they sell bullion ))

Just cancelled 3 orders from ebay. I'll better stay with junk silver Overall bad experience for me for the last month or so. One seller from ebay didn't send me 20oz of silver so had do escalate the claim. Now this news ...

 

The sad thing is i always see these elaborate "tests" to find if their silver or gold coins/bars are fake. They talk about the metal glows certain colors when heated, or how it sounds when you blow on it, or so many other unscientific methods that can just as easily fail as work simply based on human error.

You can not counterfeit an acid test. If you want to invest in PMs and know 100% what you are doing get some acid. It does not lie. People need to stop buying into all these funky so called tests that are all over youtube for seeing if you have a real silver or gold round. Get some acid, it is simple to use and 100% effective.

On another note @ Medoraman. I personally buy silver not as a PM but more as an industrial metal and PM. Its used more and more per year in industry every year consistently for the past 20 odd years. Its supply is also diminished vastly per year. The historical average compared to gold as we all know is 15 to 1. Well 3000 years ago there was about 15 times as much silver around as gold, give or take same with 1000 years ago and even 300 years ago. Well today there is roughly 130 tonnes of gold above ground compared to 28 tonnes of silver almost a 5 to 1 ratio for gold to silver, and while that gold amount continues to grow a bit more every year that silver amount gos down each year.

In our lifetimes without a drastic mining effort taking place or a entirely new element discovered in abundance that has all the fantastic properties which silver possesses being discovered, silver will become a supply and demand commodity no longer having any backstock available.

Many state that the silver market is manipulated by bankers to keep faith in our current currencies, driving prices artificially low so as to keep them under the radar of the general populace. While in the short term that is certainly a valid conclusion one must remember those with the money and power want to keep it and gain more if possible. They scheme and they plot, both trying to predict the future as well as trying to influence it. This is why I suggest that while in the short term that is why the worlds elite continue to keep silver artificially low, I believe it is also with the intention of acquiring a vast majority of the available metal before the paper currency does dwindle and fizzle out of use within the next 10-30 years. At which time silver will undergo a correction and those who were in power controlling the paper currency will continue to be in power having a large controlling percentage of the new transitional currency, Silver.

 

dfajktoi

 

Very good information for those who are new and experienced investors.

It's a shame that even these are been made to scam unsuspecting people. Really, who can you trust now a days? :dead-horse:

 

Thanks for posting a link to these videos. I wonder how these fakes would have fared with the simple white tissue test. Regardless, it pays to have knowledge of what you are buying and to buy from reputable dealers. I do not think publicizing this will reduce PM buying, maybe a bit on eBay or Craigslist, but actually lead people to buy more directly from US Mint, Perth Mint, RCM, etc. TC

 

Acid test is not 100 effective if the coin has thick layer of silver/gold plating so you really have scrap/cut away that plating (in which you can just as well cut the coin in half and check it) there is in fact a you-tube video showing that, for gold a simple density test will work all the time (only way to fake that would be use to Platinum or the fabled tungsten in place of gold).

 

This is so scary. Makes me wonder if any of my bullion coins are faked.

 

My worry is what if dealers need to start more further discounting silver purchases due to this risk of counterfeits. What if all ASE and maple leafs only sell at 90% or 80% of spot due to this risk. What will happen to sales of bullion if word starts to get out on the horrible discount you get charge with when it comes time to sell? That is what I think could throw a ton of cold water over all bullion sales, since people are buyign these to sell in the future, and if they know the spread is becoming much worst, it will be much harder for them to ever profit. Worst, they have to factor in the danger that maybe no one will buy at all for fear of them being fakes.

I also worry about how long will it be they are faking junk half dollars. Circulated coins like that I imagine are even easier to fake than BU or proof issues.

 

You know, each time this comes up (Plenty of times) I smile because people are learning that there are fake bullion bars/coins out there. It is very scary.

I'd also like to thank CT member Ozcopper for making this so that we are all aware.

 

Chris: You make valid points. This is definitely a concern and may cool off the market a bit if it hits the mainstream media. However, it could increase direct orders from the mints or their authorized purchasers and possibly even increase business for the TPGs, as long as they can detect fakes. I only buy bullion from either the government mint or a very select number of authorized purchasers. Interestingly, this could impact the "numismatic" bullion market, as low mintage and proof PM coins purchased at a significant premium (such as the dragon coins) may need to undergo the hacksaw at time of sale to verify authenticity...there goes the numismatic value. TC

 

How would this affect graded bullion? If those maple leafs are undetectable without the hacksaw method, or some other destructive test, if someone were to buy one/a bunch of the really good fakes, and send them into PCGS, they obviously aren't going to do any of those tests, so would they get sent back graded and therefore completely undetectable? Oh, I see in the post above me, you think that the TPGs have some other way of detecting fakes?

 

Well you can tell apart most fakes' apart by closely examining the coin and the sides and obv/rev carefully but that would require time and some expertise or a legit coin to compare to.

 

What is the "white tissue test "???

 

You take a piece of tissue paper and place it on the coin. If it's silver, it should show through as blast white. If it's some other composition, it will appear grey in colour.....

I wonder if Judas.........oh dang, never mind.

 

One must wonder if the tissue test works on these thicker plated fakes.

So whos going to be the guiny pig?

 

Pretty sure the tissue would not figure it out.
You'll need to beat or grind it. But you could do a specific gravity test too.