NSFW Anon Archived $50 Million worth of gold bars in circulation found to be fake. Some making it as far as JPMorgan and Chase & Co's vaults. (dailymail.co.uk)
submitted ago by 3403648?
Posted by: 3403648?
Posting time: 1.3 years ago on
Last edit time: 1.3 years ago on
Archived on: 11/27/2019 10:00:00 AM
Views: 297
SCP: 72
73 upvotes, 1 downvotes (99% upvoted it)
~91 user(s) here now
Subverse anonymized: usernames are hidden and votes don't count.
NSFW: Yes
Authorized: No
Anon: Yes
Private: No
Type: Default
NSFW Anon Archived $50 Million worth of gold bars in circulation found to be fake. Some making it as far as JPMorgan and Chase & Co's vaults. (dailymail.co.uk)
submitted ago by 3403648?
view the rest of the comments →
[–] 20365928? 0 points 3 points 3 points (+3|-0) ago (edited ago)
you are correct. it's fud. Buy from any major reputable dealer and you will get real gold. Also, stick to gold eagles and avoid anything packed in plastic.
If you buy from random people on ebay, that is not very smart.
If you are bvuying a lot of coins or bars, get yours a "sigma metalytics" analyzer and you can test them yourself.
And if you are a banker who buys pallet loads of 400oz bars, you get yourself an ultrasound tester and you can test those too.
EDIT: apparently I should have read the article a little closer... they are saying the gold is real but the stamps are fake. So this is apparently somebody with a large qty of illegally obtained gold that is laundering it.
[–] [deleted] 0 points 1 point 1 point (+1|-0) ago
[–] 20366958? 0 points 2 points 2 points (+2|-0) ago
No. You don't understand.
I'm talking about the non-numismatic, bullion ones, usually listed as "random year". (as opposed "proofs" or special editions).
US Gold Eagles also include some silver and copper for hardening. They are 22Kt - that is, exactly one ozt of gold, plus the other metals.
Additionally, the cost to fabricate a coin is higher than a generic bar.
Both of these features have value which is reflected in what you pay (premium) BUT it is also fully carried with the value of the coin, and you DO get it back when sell. We are not talking about numismatic or rarity value here.
Gold Eagles are the most liquid and widely traded bullion product in the USA. They do not generally have any numismatic value, although there are some special edition ones that you should avoid.
If you don't believe me, check the buy/sell spreads at your favorite dealers. You will probably find that gold eagles have the lowest trade spread of any bullion product. This was true last time I checked. For investment purposes that's what matters: your cost to actually trade them - not the premium per se.
In the context of counterfeiting, which we were discussing, Gold Eagles have an enormous advantage over generic bars because they are harder to counterfeit and the legal penalties for doing so are much higher (because it's official US legal tender).
Generic bars on the other hand, due to concerns of fraud, some dealers are melting down because they are not sure if they can verify the fineness by any other way. (I had this experience recently with APMEX). Meaning you get a significantly worse trade spread compared to AGEs because the cost to refine and re-cast must be covered.
Talk to some coin dealers. Any of them will corroborate what I'm telling you here.
[–] 20369632? ago
Excellent response. Excellent advice. There are a lot of vendors who work in small quantities by internet. Apmex, Gold Silver, ITM trading (plastic ok, they like collectibles in case confiscation), Silver Gold Bull. Feel free to respond with more I missed. Also, there is a gold store in Oakland: Oakland Silver and Gold. Very good for new buyers.
[–] 20371652? 0 points 1 point 1 point (+1|-0) ago
JM Bullion and Gainesville Coins are good. Nice people