Let's assume that a family inherits supposed 24 karat gold bricks, or ingots.
The members of the family have no idea how to verify the value of each bar. They are afraid that some could be counterfeit or not entirely 24 karat uniformly.
What would be the best way to ensure the composition is what it is purported to actually be? These gold bars currently reside in an attorney's office and the family is going to be taking possession of them. These verification methods ideally should be capable of doing these tests in an office environment if it all possible.
Finally, what type of documentation could be requested from the attorney to ensure that each bar is guaranteed to be what it should be? In other words, if the bar turns out not to be what it is supposed to be, is there some sort of company that would guarantee the composition and weight similar to what PCGS might do for gold coins?
There are approximately 150 of these gold bricks measuring 8" x 3" x 1 1/2" thick and appear to have been poured into a mold.
My local coin store has a professional large XRF analyzer. For hourly fee they test coins/bars for metal content and will provide a letter of the results and appraisal. Most portable XRF analyzers coin collectors use are small and good for coins, but they are not powerful enough to go deep into a large bar to see if it's gold all the way through. The family could try to find a coin dealer in the area, ask if their XRF can test large bars. Just a surface chemical test is not enough. They may need to contact a refiner or gold mining company.
If genuine, family needs to protect these. Options are bank safety boxes, good quality home safe, etc. Some insurance companies insure high dollar valuables as an addition to home owners policy. They usually want an appraisal or some other documentation of value. I think they charge so much per month for each thousand of coverage.
If family keeps these bars at home, advise them to NOT tell anybody. Keep it quiet. News reports of coin collections being stolen at home are often the result of someone learning about the collection being there.
If family wants to sell, they need to get several offers from several dealers, local coin stores, the major online dealers. My local jewelry store buys gold bars, jewelry, but I don't know if they are good offers. I would not sell at a pawn shop.
@mdp, not your question, but that is quite a tidy fortune someone left for their family! If my math is correct, then each 36 cubic inch bar contains nearly 365 ounces of gold or roughly $725K. And there are 150 bars?
"If you climb a good tree, you get a push." -----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed." -----King Adz
Without re-smelting the bars and taking out other impurities or metals, it is hard to know the true percentage of gold content. You can contact metal, mineral or gold assay companies, mining companies, and talk with them for more information. The bars could be gold plated as they were poured, but inside could hold for instance lead, iron, etc. Good luck in your findings.
XRF only tests the surface of the bar. Tungsten has a density very close to that of gold. A fake gold bar with a tungsten core will test genuine for weight and XRF.
Fake counterfeit Credit Swisse and Perth Mint bars with a tungsten core have been discovered, which easily pass any XRF test and also test very accurately for weight.
They were discovered by placing a suspect bar on a very sensitive scales and holding a very strong magnet about 1mm over the surface of the bar and measure for a very slight decrease in measured weight.
Hand held XRF instruments still unable to test for very high purity of gold; they are only good for about +/- 0.2% accuracy. They are no good to test for less than 0.1% impurities. They are, however, perfectly OK for testing deliberately alloyed jewelry gold, such as 9ct, 14ct, 22ct and .900 coin gold.
Yes an XRF only goes a little below the surface but would be a good first step in analyzing the bars. Here's an old YouTube video of someone using ultrasound waves to test through a large gold bar.
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