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Pillar of the Community
United States
4008 Posts |
UPDATE! Apparently, the good folks at Gold Money have a very sophisticated ultra-sound machine that has technology that is similar to that used in medical applications. This is not a cheap hand-held unit but it seems to work amazingly well. So well, in fact, that Gold Money is advertising that ALL of the gold held in their vault is tested with this machine and that they consider this good enough to be proof of authentic gold bars, rounds, and coins. See here: http://www.youtube.com/watch?v=rh0Mcagio5Q |
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Bedrock of the Community
United States
14454 Posts |
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Ed is this a solution? I saw one of those on hardcore pawn on TruTv and if I remember correctly it costs about $10,000.00 for the machine. If you are a bullion dealer it would pay for itself if it saves you from buying a fake one like this a couple of times but for the end user I wouldn't think it would be. It may be good for the end user to only buy from dealers that do have a machine like this and have them show them use it in front of them to prove its real. I know a long time ago when I purchased a diamond ring from a small place and the diamonds was VVS1 and looked fake so they used a diamond tester in front of me to prove they were real |
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Pillar of the Community
United States
830 Posts |
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I saw one of those on hardcore pawn... I saw that too, they were having a hard time justifying the price but ended up trying it out or something. Never have seen they using it though, wonder if they do. |
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Pillar of the Community
United States
830 Posts |
Quote:UPDATE! Apparently, the good folks at Gold Money have a very sophisticated ultra-sound machine that has technology that is similar to that used in medical applications. This is not a cheap hand-held unit but it seems to work amazingly well. So well, in fact, that Gold Money is advertising that ALL of the gold held in their vault is tested with this machine and that they consider this good enough to be proof of authentic gold bars, rounds, and coins. See here: http://www.youtube.com/watch?v=rh0Mcagio5Q Well there you go! Any chance we can get an audit of Fort Knox with one of those?  |
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Pillar of the Community
United States
4008 Posts |
Quote:Any chance we can get an audit of Fort Knox with one of those? Yeah, don't we just wish! The paperwork at Ft. Knox might be real interesting to a forensic accountant as well. Quote:
If you are a bullion dealer it would pay for itself if it saves you from buying a fake one like this a couple of times but for the end user I wouldn't think it would be.  . When I started looking at this, I was hoping to find a small unit that would be in the $100-200 range. At that price, a lot of bullion and coin collectors could afford to have one. I am still searching. Will update if anything of interest turns up. If not, I may need to get into my workshop for some development.  |
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Pillar of the Community
United States
1796 Posts |
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Valued Member
United States
200 Posts |
This is really scary. I have been buying silver till now and was thinking of buying some gold. I do see some good deals for gold locally in CL but I have not done anything yet. My biggest concern is how to be sure it is real. I am not a jeweller and I cannot tell gold if I see it. I can try to but american eagles or maples but even they can be fake. What is an easy way to find if it is actual gold?
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Pillar of the Community
United States
4008 Posts |
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XRF cannot penetrate deep enough to detect gold or silver plating. If not, then ultra-sound looks like the best option. |
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Bedrock of the Community
13014 Posts |
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My biggest concern is how to be sure it is real. The best way to protect yourself is buy directly from the mint, or buy from reputable dealers for bullion. Those CL deals can be tempting but theres a reason why theyre asking below melt, they may or may not be real. Anything that seems to good to be true more than likely is |
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Pillar of the Community
United States
3546 Posts |
Would a drill really assist a buyer when purchasing ASEs or junk silver dollars?
I have been primarily weighing these types of units but wonder if any type of non-magnetic metal naturally exits with a specific gravity at or near that of 90% silver.
Tungsten obviously mimics 24k gold but what is the equivalent substitute for 100% or 90% Ag(silver) units?
mdpmedia
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Bedrock of the Community
13014 Posts |
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Would a drill really assist a buyer when purchasing ASEs or junk silver dollars? Seems pretty unnecessary for their size. Molybdenum (which you wouldnt really have to worry about) and lead are close to the same mass as silver, but leads is higher. You could maybe sneak a little of it in a fake but the savings wouldnt be worth the effort with out a price increase. If you got it from a reputable place and the design/weight is right I wouldnt be too worried about it especially if a magnet doesn't stick. There may be some non magnetic metal that mimics silver but its not a common one (as far as I know) so you would have to consider the cost of it as well. Its likely if any metal did exist the cost of it would price it out of use at the current silver price |
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Pillar of the Community
United States
4008 Posts |
The easiest and cheapest way to make fake silver would be a pewter alloy of just the right combo of tin and lead to give the 10.5 g/cc density of silver. Silver plate that properly and you would have a fake that would be difficult to spot. Unlike gold, though, faking silver seems like more effort than it is worth.
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Pillar of the Community
United States
1812 Posts |
I posted this same story in another forum post from this weeks Coin World and was advised the link didn't work (guess you have to be a member). Anyway, after viewing this post on the same scam, and others thinking of staying with silver, I copy and pasted the end of the article below... The seller of this fake 10oz gold piece returned back to Russia, and the same scam was done to silver 100oz bars back in the 80's & 90's... -------cut & pasted from Coin World Article------------- Nessim said the seller of the altered bars was known on 47th Street by fellow merchants primarily as a finisher and polisher of jewelry. Nessim said federal authorities who went to the Brooklyn home of the seller of the altered bars learned from neighbors that he had returned to Russia. Scattered reports have surfaced within the precious metals industry of large silver bars being altered and filled with tungsten or other nonprecious metals to perpetrate a similar fraud upon unsuspecting buyers. Back in the late 1980s and early 1990s, Coin World published reports of genuine Engelhard 100-ounce .999 fine silver bars that had been drilled lengthwise and the cavities filled with rods of tungsten. The ends of each hole were capped off with silver to hide the alteration. The deception was later discovered when the bars were sent for refining and the capped ends popped off while being sent through rolling machinery. At the time of the earlier deception, silver was trading at less than $10 per ounce. Silver closed at $33.95 per troy ounce Sept. 27. â- |
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Bedrock of the Community
13014 Posts |
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Coin World and was advised the link didn't work (guess you have to be a member) The link worked just fine. Fuzzy was referring to this thread saying he thought the article in this thread was from somewhere else not that your link didnt work |
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New Member
India
1 Posts |
Nice article. Due to increase in the price of gold and the demand for it, increased the rate of counterfeit of gold.
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Posted 09/23/2012 12:53 pm
