| Author |
 Replies: 9 / Views: 4,060 |
|
|
New Member
Canada
3 Posts |
Hi folks, this is my first post here at this wonderful forum, so if posted in the wrong section etc. please let me know. This is something I wish to learn from all of you: what would you do (or have done) if you've bought precious metal bullions / bars from an *otherwise reputable dealer*, but later they turn out to be counterfeit? Long story short, less than a month ago I purchased some 1 oz gold bars from an online precious metal dealer. Since this was my first time buying gold and first time purchasing from a dealer (before this I've only bought silver coins directly from the RCM), I made sure to double and triple check the dealer's reputation online (it has good reviews on multiple sites, and is also an RCM certified reseller) before ordering. Still, this was the very first time buying gold so after the 3 day no-fault return window has closed I decided to open one of the bars' assay certificate packaging and give it a quick test. Now, I may be wrong, but the bar seems to only pass the weight test (31g). When it's hit with a spoon it does not give a clear and distinct "echoing" sound, and when tested by the water displacement method its specific gravity seems to be around 8 (pure gold is about 19). Will go visit a local dealer for a definitive metal analyzer test when the coronavirus is done, and I hope I was wrong, but at this point I have to assume the worst has happened. So dear friends, have you ever bought precious metal items from trusted dealers that are fake, and if so what measures have you taken in the past to solve the problem? Thanks for reading this! Edited by LuxMonte
05/10/2020 2:30 pm
|
|
|
|
Moderator
 United States
56855 Posts |
 to CCF. Go ahead and have it tested. If fake first ask for a full refund. If they give you a hard time,open a dispute case with ebay. John1  |
|
Pillar of the Community
Canada
5402 Posts |
No , even better if the dealer is as reputable as you say , report it to any of the associations they belong to and if no
satisfaction .......in Canada 1-800-THE - RCMP
|
|
Pillar of the Community
Canada
3733 Posts |
perhaps post some photo's of the packaging, and the bar, there are some known, things to look for.
|
|
Moderator
United States
189340 Posts |
to the Community! |
|
New Member
 Canada
3 Posts |
Hi folks, thanks for your replies! The dealer is not on ebay (the post seems to automatically link " RCM" to ebay results). The dealer has their own website, has good reviews on Trustpilot and other sites, and is listed on the Canadian Mint's own official page of certified bullion dealers. Not naming them now though because I could be wrong in my suspicions (and I hope so!). Wrote an email to them and still waiting for their response; RCMP will be last resort. As @silverwolf suggests, here's a photo of the gold bars in question. The bar's outside looks fine to me (again, could be wrong), but no "ding" sound when hit, and as mentioned before the water displacement test had me worried. I've also heard people talk about fishy details on assay certificates but I don't have the experience to tell. If you spot anything off be sure to enlighten me!   Edited by LuxMonte
05/11/2020 1:44 pm
|
|
Pillar of the Community
United States
4692 Posts |
It looks ok. Here is a pic of phonies that are prevalent  . But if you correctly measured specific gravity and it's that far off then obviously something is wrong. I would make sure you are performing the test correctly and retry. If you are convinced it's way off of what it should be then I see no reason to wait to return it. A s.g. that low would make me think it will be noticably larger than a standard 1 oz bar so if you have one to compare with that may help. Edited by jimbucks
05/12/2020 01:07 am
|
|
Pillar of the Community
Canada
3733 Posts |
I'm not seeing any red flags either, I have handled many fakes, at my local gold buyer/seller.
Almost all fake 1 ounce bars are much thicker than a normal gold bar. I just measured a fake one and it is close to 1/8 , or 5 mm thick. twice as thick as it should be if it were real.
|
|
Pillar of the Community
United States
1913 Posts |
Did the seller record the serial number on the receipt you received?
|
|
New Member
Canada
3 Posts |
Hi all, again thanks for your suggestions!
Sadly I don't have another bar to compare. Yes, I agree the bar looks legit in all other aspects, only problem is the water displacement test but as @jimbucks suggested there could be something I did wrong, but obviously I couldn't figure out what went sideways.
No, it's not printed on the receipt, but at any rate the dealer has agreed to do an exchange if there is indeed a peoblem. Will visit a local dealer soon & report back!
|
| |
Replies: 9 / Views: 4,060 |
|
Posted 05/10/2020 2:29 pm
