Fake Gold Bars-Link

I thought that those of you who are collecting or investing in gold might want to read about this. FYI.https://www.msn.com/en-us/money/mar...into-world-markets/ar-AAGqyGV?ocid=spartanntp

 

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Wow. Thanks for posting.

 

I appreciate the heads up and happy to say I don't own any gold bars, only a couple of silver bars. China has been screwing the US for years and since we owe them $1.11 trillion dollars, we are double screwed!

 

I was never a big fan of gold for some unknown reason, never figured it out. Even my rings are all white gold or sterling, maybe it was the color. But I only have a small amount and purchased it a long time ago.

 

Well it is both directions. The US was sending recyclables by the shiploads to China to be processed and not sorting out the ones that were dangerous or incapable of being reprocessed. So now it is back on USA refuge processors , so most just shred and dump into the ocean ( if they aren't caught) or buried on public land, or burned and producing lung disease.

Neither country are big on protecting the public when it comes to $$$. Jim

https://www.theatlantic.com/technology/archive/2019/03/china-has-stopped-accepting-our-trash/584131/
https://www.npr.org/sections/goatsa...lastic-trash-go-now-that-china-doesnt-want-it

 

For the average investor, as always buy from a reputable dealer like JM Bullion
to insure quality and satisfaction, people that buy off a street corner deserve
to get burned !

 

Do people (on this forum and commenting elsewhere) read the article? Do they comprehend it? The gold isn't fake. It is REAL gold. But it is illegal, smuggled gold. In other words, it is gold that has been illegally mined, or it is gold stamped to appear to be in a form acceptable to take across boarders to avoid being detected for laundering.

This scheme has nothing to do with ripping someone off by selling them gold that is actually a different metal. This is about selling gold that is real gold but is stamped to make it appear to be a legally produced bar from a reputable brand.

Furthermore, none of you on this board will be buying kilo gold bars, so please stop replying as if this affects you in anyway.

 

It's about laundering gold.....
Originating from another country?
Questionable gold karat weight would be more of a concern, I mean SURE it says .999 BUT is it.
Wouldn't know for sure till they tested it by melting it out.

 

The real problem is not the purity of gold but the origins of them.

How would you like it if they came from questionable places I.e. mines with poor safety record or from dictatorship countries such as North Korea, Congo etc.

It's not any different from blood diamond.

 

READ THE ARTICLE! OH MY GOD. Are people lazy, or just stupid?

"An analysis of three counterfeit-branded bars by one Swiss refinery showed that two of them were 99.98% pure, and the third 99.90%."

There is no mention of there being any issue with karat purity. Even the counterfeits would be considered 24k, i.e. pure. THE ONLY ISSUE is they are not of the brand listed.

 

Thank you for restoring my faith in humanity. I'm glad someone understands the article.

 

You need to calm down dude. Find some yin to go with your yang or something.

 

There are some natural things that cannot easily be identified as "blood whatever" because there is an extremely low possibility of scientifically identifying it as to origins, once it has been processed. Minerals ( gold) out of the ground can be identified by impurities, but not when processed to 99+ %, a bag of blood diamonds raw from a deep mine before cutting ?~ yes, from alluvial surface mines in small individual lot? No, as the rivers carried them through multiple countries.

Since 90% of all diamonds are now cut in India, as with most precious gems, why not hold India responsible~ No, they are allies. and the diamond companies will not pay for testing the stone before cutting it.
Also if we also talk about oil and oil products? Same reasoning.

It is very acceptable to extremely dislike the use of slave labor or extreme conditions for certain products to be allowed to be sold for support of such, but you can not tell the non-conflict material from the conflict material unless it is done at the borders of said origins, which is unlikely to occur. I dislike the situation as much as most do, but there is little coordinated action against it. Google " blood diamonds charity" if you wish to support their work against such. IMO, Jim

 

The only thing I would change about posting this, is I should have titled it "Fake Branded Gold Bars ". The purity does not matter. Fake, Counterfeit, or Copy, it's still against the law(s). For someone to say no one here is buying kilo bars is wrong. Many people hold kilo bars in their investment portfolios and have it vaulted by another party. How would anyone like it if they took physical possession of their vaulted gold at some point and found that maybe one or possibly all were illegal bars? They take to a dealer to sell and he can recognize them and reports them to the FBI. You lose your gold unless you had a stipulation that covered this type of fraud. I don't even know if that's a possibility. Usually insurance only covers theft or fire or some such problem. I don't think anyone here is going to tell anyone here they are holding these at home if they are. And it's none of anyone's business but it is important for anyone holding them in a vault somewhere.

 

There are many people who could have those bars on the forum, but the smart ones won't say. Jim

 

Well even more people have some of those! I still have a roll I bought from my favorite dealer moderator

 

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Illegal adds a cool factor for me.