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 Replies: 38 / Views: 7,941 |
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Pillar of the Community
Canada
2366 Posts |
Edited by kuh_85
10/30/2017 09:50 am
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Valued Member
Canada
367 Posts |
This is troubling, because 1) there could be many such fake gold bars out there, and 2) this is likely an inside job. Is a RCM gold coin more difficult to be faked than a bar? |
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Pillar of the Community
Canada
5324 Posts |
One would think there is no need for RCM employee's to fake gold coins or bars, but most likely down stream of the sales system |
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Rest in Peace
Canada
1360 Posts |
*** Removed by Staff - This is a Family Friendly Forum. ***But seriously, the Chinese (Hong Kong) had discovered counterfeit gold that was delivered from USA - Gold on the outside, but were only gold plated tungsten. http://www.gold-quote.net/en/articl...old-bars.phpThis is beginning to become very worrisome for investors that just 'stack' their precious metals.
Edited by Dcadon
10/30/2017 11:45 am
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Pillar of the Community
710 Posts |
I hope the security footage and investigation determines exactly what happened here!
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Pillar of the Community
Canada
798 Posts |
You can buy fake Perth Mint gold bars on ebay that look 100% real right now if you wanted. Where is the enforcement? These bars in question have been long available on (Not Allowed). Many are made in Hong Kong. |
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Moderator
 United States
54280 Posts |
When not enough is done to stop counterfeiting, more and more people will feel like they can get away with it.
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Valued Member
Canada
343 Posts |
As disturbing here is the fact that RBC and the RCM failed to take any responsibility until the story was made public. One would like to think that buying precious metals from a bank would mean a greater sense of protection than if one were to buy off ebay or craigslist (buyer beware) - but this seems not to be the case. |
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Pillar of the Community
Canada
5324 Posts |
Should always wait for the rest of the story first
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Pillar of the Community
Canada
798 Posts |
John, regardless of this I can tell you that many many many of these fakes have been produced. I have contacted the RCM about one particularly bad company in Shenzhen, China and 3 years later they are still operating with annual revenues of $5M to $10M dollars!! Often they use tungsten and they 3D print the reverse image of the actual coin to create a new die. This way, even the radial lines and security maple leaf can be reproduced at the exact same weights and diameters. |
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Pillar of the Community
Canada
5324 Posts |
Yes I agree the only reason for fakes are up to no good, but you still only have half or part of the story, the blister pack was cut by third party to be rolled into what ever, left RCM to RBC to customer, could have been switched anywhere in the process. One would think the RBC bullion department would use a state of the art XRF before any bullion leaves their vaults but maybe not? Recently a well known GTA coin dealer was stung with a fake Pamp platinum pack, they are out there yet he still doesn't spend the money for a handheld XRF. |
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Pillar of the Community
Canada
1192 Posts |
Fake bar in fake packaging. Looking at the one decent picture they have of the bar, the font looks wrong on the bar.
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Pillar of the Community
 Canada
2366 Posts |
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Pillar of the Community
Canada
798 Posts |
Legal action against the producers is all that is needed .... but the RCMP and BoC have known who they are for years and do nothing because of the political implications. I've spoken to the BoC enforcement and compliance officers many times about this, and all they do is block Canadian access to the webpages or remove the items off ebay. The compliance officers say that the infringement is the copyrighted use of the Queen's image as opposed to going after them for counterfeiting. This all gets me very upset because it is something I have been fighting for a while, but all that happens is that I get tangled up in bureaucracy and red tape. |
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Pillar of the Community
Canada
3690 Posts |
This quote taken from a Global News story from Mints spokesperson Alex Reeves says a lot:
"This is not widespread; this is a very isolated case," Reeves said. "It didn't come from the Mint, it's not one of our bars. It imitates one of our bars, but that's the extent of it unfortunately." It is up to the bank to investigate the problem, he said.
Most companies would be very concerned that counterfeits of their products are being sold, never mind via an authorized distributor. But for the Mint is 'not their problem'.
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Pillar of the Community
Canada
798 Posts |
Exactly CC-Ottawa. I could buy 1000 of them for $3000 USD right now if I wanted and have them mailed right to Alex Reeves' doorstep. They are almost impossible to identify unless you bite them or ring test them. This is not an isolated case. People don't even buy 10oz gold bars anymore because it is so common to drill and fill them with lead or tungsten.
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Replies: 38 / Views: 7,941 |
Posted 10/30/2017 11:05 am
