Fake gold bars, fake gold, fake gold chains, gas station gold, it is everywhere. But not at Idaho Pawn and Gold. Why, you ask? Because the pawn shop deals with precious metals, borrowing and selling customers who bring in gold, silver, bullion, gold bars, diamonds, gold jewelry, and other luxury items daily into the shop.
The shop has state-of-the-art testers they use to appraise each item brought into the store, so each transaction made is made on “real stuff.” Shoppers looking to purchase gold, gold bars, bullion, and silver can shop with the assurance that what they buy is real gold.
Let’s Talk about Fake Gold Bars
Fools gold is fake gold. No one wants to be “fooled” into believing they are buying genuine gold bars when the truth is the bars are made of anything but gold.
Counterfeit gold, silver, gold bars, bullion, designer handbags, and luxury watches like Rolex are everywhere. Why? Because technology has helped fine-tune how fakes are made, counterfeiters are making money selling something as genuine when it isn’t.
You can do some things to help reduce your risk when you purchase something that you really want or need but could be a fake.
Remember, all that glitters is not gold.
Do Your Research
With Google Reviews, the ability to search businesses on the Better Business Bureau or other regulating sites, and social media, it is fairly easy and common to check the reputation of the dealer you decide to purchase your gold bars from. Take the time to research local pawn shops, read the reviews, and ask around.
Idaho Pawn and Gold has been voted the best Pawn Shop in Idaho for the past three years, and they have 1378 Reviews and carry a 5-star rating. Reading a review can tell you a lot about a company and its employees.
You know what gold sells for and the spot price for other precious metals. Don’t be fooled by unrealistic sales prices and out-of-the-world discounts. There is nothing free in the world today so watch for “free” storage and “free” shipping if you don’t know the company.
Feel the Weight but Not the Weight of Being Snuckered
Gold is heavy. It is dense. Weight up whatever gold bar you are considering buying, gold coin that catches your eye or gold chain you hope to purchase. Use a digital scale and weigh the gold. A troy ounce is 31.1 grams. Does the gold piece weigh what it says it weighs?
If you drop a fake gold bar into water, it will probably float. Genuine gold will sink because it is dense and heavy.
Look at the Plastic Wrapping or Packaging
If you consider buying gold bars or gold bullion, they will come in a plastic wrapper. Fake gold bars come in thicker plastic because they hide the bar’s weight. It also distorts the details on the bar’s surface, so you may not notice imperfections or missing details.
Nearly every gold bar or piece of jewelry comes with a hallmark. The hallmark tells what karat weight the piece is and if it is 24k, 14k, 10k, or karats in between, like 18k. The mark can be manufactured so it “appears” you may notice some flaws.
Check the Pricing. If it is too good to be true, it is probably not true.
You can look at the spot price of any precious metal by searching for “spot price of gold today” in your web search bar. Pay attention to the price of the gold or any other precious metal you consider buying. Ask yourself why a troy ounce of gold at $1720.00 today would be sold for half that amount. Honest dealers are most likely to sell gold for a price above the spot, not below it.
Testing, so you find yourself “resting” well after your purchase of gold bars.
You can test a piece of gold to determine if it is a fake gold bar by a magnet test. Real gold is not magnetic. The magnet won’t stick to the gold bars if it does walk away. Like paper money, a magnet can’t connect with real gold.
Did you know you can use some liquid foundation makeup and rub the gold against it on your skin? If it leaves a black streak, it is more than likely gold. Find a friend with anemia or low iron. The same will happen because the gold reacts to the blood’s hemoglobin.
The makeup foundation and low iron tests are a bit extreme; what about finding an honest pawn shop like Idaho Pawn and Gold, which owns testing equipment? The shop offers free testing and appraisal on all luxury items. The testing is done while you wait.
Some gold bars have a layer of gold, and then they are filled with tungsten or another alloy, making them feel heavy and real. The testing equipment used at Idaho Pawn and Gold will be able the true content of the bars you are looking to buy, sell, or pawn.
Production of Fake Gold?
China is at the center of the biggest gold counterfeiting scandals in recent history. According to the Economic Times, China may account that 4 percent of China’s official gold reserves may be fake.
Gold bars are fraudulently stamped with the logos of major refineries. The fakes are often difficult to spot, and because of this, fake gold bars are ideal fund runners. There are several million bars stamped with refinery logos that weren’t actually produced by those facilities, reported JPMorgan Chase & Co. The fake bars are highly professionally done.
The fake gold bars are blocks of cheaper alloys or metal that are then plated with gold. There are also counterfeit gold bars with faked markings but real and have very high purity gold. These bars are used for money laundering.
Most pawn shops will get in fake gold bars that are bars made of cheaper metals and plated gold. If a pawn shop thinks the bars are iffy, they won’t take it. This is true for the pawn industry because they can’t afford to make mistakes.
The fake gold industry keeps up with financial times, and dubious dealers try to convince customers to invest in so-called genuine bars. Unknowingly, the customer buys a bar and then tries to sell it to a pawn shop where the industry is known for checking things, testing things, and authenticating things before a transaction is complete.
Security in the market
To help decrease the risk of purchasing a fake gold bar, security features in genuine gold bars help investors differentiate between real gold bars and fake ones. Some security efforts may include registered serial numbers stamped on the bar, certificates of authenticity with a matching serial number, and sealed packaging to prevent tampering.
Idaho Pawn and Gold
Idaho Pawn and Gold Opened its first pawn shop in 2014 under the name Sam’s Locker. The owner, Sam Reading, was dedicated to helping people and providing stellar service through a premier pawn company. Sam’s passion for pawn stems from his understanding that real community means helping one another, and that’s exactly what sets Idaho Pawn and Gold (Sam’s Locker) apart from other services.
For Sam, money, and profit will always be prioritized well after ensuring his customer’s needs are met and satisfied.
Idaho Pawn and Gold have three locations Boise, Meridian, and Nampa, Idaho. The shops offer selling, buying, and pawning services. There is no pawn loan or too big for Idaho Pawn and Gold. Idaho Pawn and Gold has been voted Idaho’s Best three years in a row because although the shop often deals with people in difficult positions, it is beyond important to do the right thing, keeping both parties’ interests in mind. This belief is the foundation of every transaction and is demonstrated throughout the shop’s entire process.
At Idaho Pawn & Gold, they aim to help people through their hardships, not make things more difficult. To that end, we offer as many options as possible to help people find solutions.
Flexibility is one of the greatest assets the business offers, and it offers flexibility because they really care. Because of these principles, Idaho Pawn and Gold has found a place in the great community and the Treasure Valley. Idaho Pawn and Gold (Sam’s Locker) is a great place for you to find the solution you are looking for.
Genuine Gold Facts:
Gold has different purity. All gold spot prices are based on gold being 99.9% pure.
24k gold is considered “pure” gold without traces of other metals. 24k gold is soft and bright yellow. It is mainly used in gold bars, bullion, and coins.
18k gold is 75% pure, 14k is 58.3% pure, and 10k is 41.7 pure.
The weight of gold is measured in troy ounces; however, its purity is measured in ‘carats.’ Since the spot price of gold is based on gold being 99.9% pure, the more other metals are in the gold, the less refined, the less it’s worth.
This is why it is important to understand how to spot or purchase fake gold bars. You don’t want to spend money on gold that isn’t real.
Spot prices change daily and are based on the current market value of pure gold. Depending on what money you have to spend on gold, make sure you are buying gold that is real not just a fake gold material.
Perth Mint in Australia and Other Gold Mints
It is a world-famous gold refinery. The company hasn’t encountered fraudulent branded Perth Mint kilobars. Still, with fake gold bars circulating around as a way to launder conflict gold, the mint will continue to test and examine the gold to make sure it is genuine.
eBay, Marketplace, and Other Online Requests
These forums may increase the risk that the gold bars, bullion, and rounds you want to buy for good money may be fraudulent. Make sure the price will match what you are buying. There may be a concern about cheap gold and a huge discount.
As a shopper of gold bars, a trustworthy pawn shop like Idaho Pawn and Gold may be the best place to shop. If you are a seller, they are happy to work with you to get you a fair market value offer. If you create a relationship with the pawnbrokers, read the feedback from other shoppers, and visit the store often, you will learn quickly the company’s delivery on their promises is 100%.