The gold market is experiencing a surge in demand, with prices reaching record highs of over $5,300 an ounce. However, this increase in demand has also led to an increase in counterfeit gold, with scammers trying to cash in on the trend by selling fake gold bars and coins online. As a result, buyers are being warned to be cautious and ensure that they are buying from reputable sources.
How Fake Gold is Made
Fake gold bars and coins are being sold on online platforms like eBay and Facebook Marketplace, falsely bearing the Perth Mint branding and packaging. These scams include fake products made from copper and zinc that are then gold plated, and dodgy marketing schemes in which people bidding for gold find themselves unable to retrieve their funds.
- Copper and zinc-based fake gold bars are being sold as authentic Perth Mint products, complete with fake packaging and branding.
- These scammers are using advanced technology to gold plate the copper and zinc-based products, making them appear as real gold bars.
- Dodgy marketing schemes are also being used to lure people into bidding on gold, only to find themselves unable to retrieve their funds.
Red Flags to Watch Out For
When buying gold, there are several red flags to watch out for, including:
- Unusually low prices: If the price of gold seems too good to be true, it probably is.
- Lack of transparency: If the seller is not providing clear information about the gold product, it may be a scam.
- Poor packaging and branding: If the packaging and branding of the gold product do not match those of reputable sellers, it may be a counterfeit.
How to Buy Gold Safely
The simplest way to ensure that what’s for sale is real gold is to buy from the Perth Mint or one of its reputable dealers. The Perth Mint plays a valuable role in maintaining the integrity of the Australian gold industry, and its dealers are known for their expertise and commitment to authenticity.
| Perth Mint | Phone: 1800 555 050 | Email: [info@perthmint.com.au](mailto:
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