I heard a rumor today about counterfiet bullion from China.

One of my large silver buying friends told me he physically handled and really got to inspect some counterfiet stamped 5oz and 10oz silver bars. He said they were stamped and looked really nice...even proof like surfaces... but their weights were off. They turned blue on a wet stone with nitric but he said that it looked like it wasn't high grade silver. One of the bars is off being melt assayed to see it's real content. I have seen them drilled out and replated and so has he and he said that this was not the case here... they were fake all the way.

I was told they were J & M's.

I'm hoping to get to be able to inspect and photograph these bars sometime in the future. I just wanted to let folks know that it appears that the Chinese aren't only counterfeiting coins. Be on the lookout and you might want to get a scale and start weighing your bars.

Matt

 

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I guess it had to happen sooner or later. Thanks for the heads-up.

 

If you find out more about the weight and purity of the silver content and can post some photos, please keep up updated. Big problems often start out as small ones.

 

I hope AMPEX doesent get any! I plan to but some 5 and 10 ouncers this week!

 

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So as a neophyte investor - what can a newbie do to protect himself - or at least diminish the risk of buying counterfeit Chinese bullion?

Secondly, I assume the Chinese would do this to try and bring about a collapse in our system - and maybe their hope is that it will induce market panic - driving the price of gold down and thus allow them to scoop more gold off the international market. Am I on to something, or do I sound like a conspiracy nut?

 

Personally, I think this is just some groups of knuckleheads trying to turn a buck. This is a drop in the bucket compared to other counterfeiting operations...such as software and DVDs...and the Chinese government is cracking down on those.

The Chinese have probably lost 10 times that amount of money just on the recent tire tariffs imposed by the Obama Administration. I don't see them supporting PM counterfeiting...but, then again, I don't see them cracking down unless a complaint is tied to some sort of WTO action.

Write your Congressman. :hammer: