Counterfeit Gold Bars In Ottawa

In any real world business situation one would consider this an opportunity to be proactive and responsible to a situation that is affecting the industry. Admitting some liability and coming up with solutions to the situation is admittedly initially more expensive yet often leads to positive outcomes and profits. The RCM saying that it is someone else's problem is the easy and cheap way out of the situation. Fast forward five years - does anyone think that counterfeiting technologies are not going to improve and become more of an issue not only for collectors and banks but for the RCM as well?

My concern about this is you KNOW that this isn't an isolated incident. It isn't the only one that is in RBC's vault, and that they are right now checking every bar they currently have in stock. I'm also betting that every person who recently purchased similar bars from RBC has a concern. BUT the worst part is the statement from the MINT>

"Counterfeiting of Royal Canadian Mint bullion products is extremely rare and this is an isolated case," the mint's statement continued. "We take suspicion of counterfeit seriously and work with law enforcement to support their investigations."

On this forum alone, we know of many times that bogus coins have shown up on ebay etc...and when advised about them, the mint has taken very little actions. The fact being that one of our members had taken it upon himself to rid ebay of bogus coins - more so than any police or mint employees.

I think that RBC should be advising all their customers of the possibility that their recent gold purchase could be fake....we'll see if they do. It'll be interesting to see if they name their own source - Why did they not ONLY purchase from the Mint? Of course, it was a better price wherever they got these bars.

Does anyone knows if the RCM packs have a serial number?

The bars have serial numbers. The bar from RBC was 373316. I wonder if the counterfeiters bother to change that number or if there are many out there with the same number. Check your stash.

You'd have to believe that RBC records the serial numbers when they buy and sell gold bars so they should easily know where it came from or if there was a switch after it sold - which is certainly possible.

Yet another fake on ebay. Caveat Emptor. These most faked years seem to be the 25th Anniversary coin from 2004, 2008, 2015 and 2016. This one is made to look like an NGC retro holder. This is a very poorly done fake, especially the obverse. Many of these reside in "NGC" holders with the serial number starting with "185". That is because NGC about 400 of the REAL versions of the 2004 coin were certified in by NGC, but they did not maintain a photo record of these coins by which an investor could compare to the real thing.

Many of the 2004 coins are sold on ebay in bait and switch schemes as well. This is where the seller shows a photo of a real coin, and mails the fraud coin instead.

One last little quip, Canadian coins are most often fakes, largely, because authorities are so soft on the fraudsters. In the US, these people would be facing some serious jail time. Here though, a request to cease at best after defrauding investors of $150K (angers me)

Just curious JGG but who called you back? The RCMP or ebay?




It's amazing that the media have not followed up on the original fake bar story and seem to take the Mint's word that this is an 'isolated case'. Maybe someone should point CBC and CTV to the " ebay Counterfeit Reporting for all Canadian Coins and Currency" section of this forum.

The RCM and Department of Finance will do nothing until there is enough public and political pressure for them to act. Is anyone directing this to Minister Morneau? Ultimately, it is his responsibly to set the tone. Though he might be a bit busy tying to fight other fires.

BOC only deals with currency issues, except the goofy offering of the gold coins a few years ago