Select Page

​Some people have been scammed into buying fake gold bullion and coins online. If you are looking to invest in gold coins and bullion, you should be careful before making the purchase. Moreover, you can also verify your gold bullion and coins for authenticity.

Salient Features Of Fake Gold Bullion and Coins

  • Fake gold coins do not feel, look or sound like real gold
  • Physical differences also exist between fake and real gold

Verifying Your Gold For Authenticity

  • Properly measure your gold assets. Since gold bullions and coins are made to fit particular size specifications, even a small millimeter off than the actual specification means the metal is fake. For example, the 1 pz. Gold American Eagle measures 32mm in diameter whereas the size of UK Sovereign is 22mm in diameter.
  • Get the weight chart of gold coins/bullions and measure your gold against those specifications. Even a slight deviation from the actual weight means the metal is fake.
  • Fake gold coins are either extremely shiny or dull. Therefore, it is important to check the surface of the gold you have at your disposal, whether it be coins or bullion. Moreover, fake coins or bullions lack detail. Whenever you are checking for authenticity, compare the fake ones with real ones to ensure you have your hands on an authentic piece.
  • Real gold coins make authentic sounds when dropped. In order to conduct a legitimacy test, drop the gold coin or bullion hard on the surface and check its sound. Compare the sound with that of a real gold coin or bullion. A real gold coin is said to produce a ringing sound whereas the fake one make a loud thud. However, the sound test is not recommended in most cases as it ends up damaging the quality of the metal
  • You can also check the feel of the metal to find out whether it is fake or real. Fake coins are slippery or are sometimes too smooth. Certain coins also have sharp edges. Check the coin by holding it in your hand; close your eyes and check its feel. Place a real one in one hand and the fake one in the other to determine the differences between the two.

However, if you are not sure about the authenticity of your gold coin or bullion, you should seek immediate help from a gold expert as some of the fake gold coins are not easily distinguishable.

While I personally don’t do any gold coin investing, I do believe in retirement investing backed by precious metals like gold, silver, and platinum.

Tim Schmidt

About 

A Florida-based Entrepreneur, Author, and Life Hacker, Tim Schmidt decided to take control of his retirement portfolio several years ago by setting up a self-directed IRA. This blog shares his thoughts and opinions on the top of retirement and investments. You can follow his career and travels on his Official Website as well as on his Instagram page.

Money MGMT.

What is a Perfect Credit Score?

A lot of people think that to be considered to have "perfect" credit, you need to have a score of 850. After all, that is the highest credit score possible on the standard range of credit scoring. However, as described in the previous post about the possibility of...

Is a 900 Credit Score Possible?

When you check your credit, you will likely see a note on the site that indicates that the range of possible scores go from 300 to 850. These are the most common models of credit scores, so to answer the question in the title above, no, a 900 credit score is not...

Precious Metals

Why Investing in Precious Metals is Wise

Gold has always been a sexy investment, however investors have also turned to the merit of precious metals for investment.Just like gold, precious metals such as platinum, silver and so on are also equally capable of retaining monetary value even if the economy goes...

Retirement Tips

Money Saving Tips from a 24 Year Old

​I like people who think ahead.  In the case of Tori Dunlap, who wrote this article for Forbes, she’s thinking very far ahead.  I was intrigued by her contribution and ability to forward think enough that I thought I’d come and share what she’s doing in...

Retiring to Latin America on $2,000 a Month

When it comes to places to retire, it seems like most Americans (especially those from the Midwest and the Northeast) make their way down to warmer climates in the south like Florida and Arizona where they can spend their days golfing and not having to worry about...

Stock Market

How to Invest in Dividend Stocks

Know what feels even better than getting some money from a hard day's work? Making money passively! While some investments take a lot of research and speculating to choose the right place to put your money in a growth stock, you can rest easy when putting some of your...

Monroe Capital Corp Currently Offers a 14% Yield

​Those of you who are holding cash in retirement accounts may want to consider some stocks that yield high dividends.  I just came across this gem of a stock called Monroe Capital that is currently paying a 14% yield.  If that’s not jaw dropping, I don’t...

Making Money Investing in Gold Stocks

Among other precious metals, gold has been the most popular choice among investors. Most people today view the metal as a hedge against inflation and a measure of protection in stringent economic times. Many people choose gold to diversify their portfolios.There are...