Scams are shortcuts taken by people who want to make quick money, and they succeed by tricking people with no knowledge of the difference between a real and fake gold bar. People who believe the fraudsters do not find out until they take it to another buyer to sell it. In the event they do find out sooner, it is often too late, as the fraudsters would have already made it out with their money.
Therefore, it is pertinent that you know how to distinguish between real and fake gold bars. Here is how you can tell the difference between the two:
Judge It by Its Size
Figure out the exact dimensions of the gold bars in order to have a rough idea of what it should be when you see it. You need to purchase a set of calipers to measure the thickness, diameter, and other dimensions of the gold bar.
Since gold is a dense precious metal, fraudsters will make the diameter of the gold bar wider to compensate for its denseness. To weigh the gold, remember that the weight of gold is equal to twice the size of iron. Fraudsters will combine other metals with the fake gold bar to get to the correct weight of gold.
Test It by Its Magnetic Properties
You can test the gold bar’s magnetic properties to determine if the gold bar is fake or real. Gold is not supposed to be magnetic and if the gold sticks, it is a fake. In order to conduct this test, you will need to purchase a very strong magnetic, which you will be able to find at a hardware store. Fraudsters are well aware of this fact and they will only use precious metals that are not magnetic. Therefore, do not conduct only this test.
You will need to purchase a high quality and sturdy scale to conduct this test. Remember that one troy ounce equals to about 1.09714 ounces.
Examine It Closely
Examine the gold bar from all angles to spot any irregularities in its design and shape. If it is your first time purchasing a gold bar, you can search up images of one online to get an idea of how it should look like. Do not examine the gold bar in a hurry, but take your time examining it.
You only want to purchase gold bars, coins, or any other precious metal from a reputable seller. When you are on the lookout for a seller, you do not want to select the very first one that makes you an offer, but make appointments with more than one.
Ask them to show you the gold before handing them the cash. Remember to conduct all of these tests before you purchase. If you suspect that they are selling fake gold bars, you need to report them to the police. When it comes time to sell your gold bars, do not sell them to the first buyer you meet.