Fake Silver Ingot Warning - Video

[ozcopper]

Watch the video here: http://www.youtube.com/watch?v=LgjGJtcgfuA

There are currently many fake gold and silver ingots and coins being sold out of China. Many of these items are made to a high quality and are hard to tell from the original for those not familiar with the original items. Below is a list of some of the current fake types available.

Some currently faked silver ingots:

1 ounce Sunshine Mint

1 ounce Scotsdale

1 ounce Pan American

American Prospector

[DirtyFingers]

Just the weight test alone would be enough for me to pass on a buy.

Engelhard 10 oz is my preference in 999....wonder if they've started counterfeiting them too.

Thanks for the info Oz.

[theo]

Great video. Thanks! I'm surprised such an effort is being made to create credible fakes while silver is below $30.

Is there any difference in the size?

[mbailey1234]

Isn't there some sort of acid test to check this? If it was silver plated would that give you an inacurate result?

What is the most economical way (time and cost) to test PM's?

[cesariojpn]

Hmmmm, think the guy selling fake Krugers and bars a while back scammed the guy?

http://www.ebay.com/itm/SILVER-BAR-LOT- ... 231796bf71

[newton7]

Thanks so much! I do not buy one oz bars as they are not my thing but any news about fakes is greatly appreciated.

[blackrabbit]

That is disconcerting!

[marblerye]

Thanks for the video, makes me feel less paranoid about bringing my digi-scale with me to the LCS. I weigh everything before I buy it now, and avoid Ebay.

[Cu Penny Hoarder]

How to avoid getting scammed:

1. Avoid Ebay.
2. Buy only ASEs, CMLs, or 90% junk silver coins. I have heard about fake ASE's, but from what I've been told there aren't very many out there.
3. You need to be careful with silver dollars... weigh them, ping them and run a magnet over them.
4. If the deal sounds too good to be true, it often is.
5. Only buy from reputable bullion dealers or coin stores. Pawn shops are shady.

[Market Harmony]

How to avoid getting scammed:

1. Avoid Ebay.
2. Buy only ASEs, CMLs, or 90% junk silver coins. I have heard about fake ASE's, but from what I've been told there aren't very many out there.
3. You need to be careful with silver dollars... weigh them, ping them and run a magnet over them.
4. If the deal sounds too good to be true, it often is.
5. Only buy from reputable bullion dealers or coin stores. Pawn shops are shady.

I do not know of any fake Market Harmony bullion bars. jussayin...

[Hades12]

Hmmmm, think the guy selling fake Krugers and bars a while back scammed the guy?

http://www.ebay.com/itm/SILVER-BAR-LOT- ... 231796bf71

He says they are layered so not really a scam right?

[TXBullion]

How to avoid getting scammed:

1. Avoid Ebay.
2. Buy only ASEs, CMLs, or 90% junk silver coins. I have heard about fake ASE's, but from what I've been told there aren't very many out there.
3. You need to be careful with silver dollars... weigh them, ping them and run a magnet over them.
4. If the deal sounds too good to be true, it often is.
5. Only buy from reputable bullion dealers or coin stores. Pawn shops are shady.

I do not know of any fake Market Harmony bullion bars. jussayin...

Very good news, because I just made a deal on a market harmony kilo bar for a great price over on bullinostacker.com this morning

[TXBullion]

How to avoid getting scammed:

1. Avoid Ebay.
2. Buy only ASEs, CMLs, or 90% junk silver coins. I have heard about fake ASE's, but from what I've been told there aren't very many out there.
3. You need to be careful with silver dollars... weigh them, ping them and run a magnet over them.
4. If the deal sounds too good to be true, it often is.
5. Only buy from reputable bullion dealers or coin stores. Pawn shops are shady.

I do not know of any fake Market Harmony bullion bars. jussayin...

is it just sayin or just assayin?

Im here all week folks!

[ozcopper]

Yes there are plenty of fake Maples, will do a video on them shortly!

[Jonflyfish]

Just goes to show that you can be robbed in any market.
Always DYOD.

Cheers!

[beauanderos]

Yes there are plenty of fake Maples, will do a video on them shortly!

ok, I gotta admit... you have one of the coolest avatars in here

[natsb88]

2. Buy only ASEs, CMLs, or 90% junk silver coins. I have heard about fake ASE's, but from what I've been told there aren't very many out there.

ASEs and CMLs are no harder to fake than any other bar/round. People make the argument that the respective government would shut down counterfeiters quickly, and that punishment is a deterrent, but do you really think the companies in China making this stuff care?

[beauanderos]

2. Buy only ASEs, CMLs, or 90% junk silver coins. I have heard about fake ASE's, but from what I've been told there aren't very many out there.

ASEs and CMLs are no harder to fake than any other bar/round. People make the argument that the respective government would shut down counterfeiters quickly, and that punishment is a deterrent, but do you really think the companies in China making this stuff care?

To take it one step further... do you really think the Chinese government cares that its companies are causing economic distress to elements of American society? Their laissez faire policy could even be deliberate, as they intentionally permit the counterfeiting to continue and Westerner's to foolishly invest in non-precious metals, while the East pursues pure mine output. A clandestine form of sabotage aimed indirectly at our nation through its citizens, these agents provocateurs would be personally designed fragment grenades the shrapnel of which is destined to shred one's financial security, rather than highly-placed sleepers risen through the ranks awaiting activation to commit subversion at the highest levels of govt in hopes of a disruptive coup de etat.

[beauanderos]

How to avoid getting scammed:

1. Avoid Ebay.
2. Buy only ASEs, CMLs, or 90% junk silver coins. I have heard about fake ASE's, but from what I've been told there aren't very many out there.
3. You need to be careful with silver dollars... weigh them, ping them and run a magnet over them.
4. If the deal sounds too good to be true, it often is.
5. Only buy from reputable bullion dealers or coin stores. Pawn shops are shady.

As silver price increases, counterfeiting will become even more prevalent than at present. As various pricing levels are broached, making smaller increments of fakes potentially gram wt profitable, you can be sure the counterfeiters will exploit these new niche markets. Do you not think they do their own form of market research? To predetermine their level of success as they target new tiers of silver products fabrication? How long will it be before they begin producing rolls of BU 1964 junk silver denominations? If they're doing one ounce silver bars now, it will only take a doubling of the silver price to make half dollars a worthy target. At $150 silver, EVERY form of secondary market silver could become suspect. For that matter, how hard would it be to plate AU Kennedy's with 100 mil silver, increasing their appeal to a broad audience of investors enticed by the allure of a "brilliant uncirculated" coin. All these musings tell me one thing. Time is running out to be able to take effective proactive measures against the devaluation of the dollar

[beauanderos]

Once the market becomes flooded with fakes, you have another problem which, at this time, you may not anticipate. As it stands now, caution is due when buying. But what will you do when it comes time to sell? How will you show provenance of your genuine coins? Will an internet buyer accept your assurances that your rounds were issued mint direct? And what would you do, if a buyer switched fakes for your real coins and sent them back with some other claim as to their unworthiness, demanding a refund? Paypal and ebay tend to side with the buyer, not the seller. Will you have to deal only in face to face encounters, dealing with a test kit for every transaction? Go ahead, scoff... it doesn't mean these aren't potentialities that could in time develop.

[Treetop]

Once the market becomes flooded with fakes, you have another problem which, at this time, you may not anticipate. As it stands now, caution is due when buying. But what will you do when it comes time to sell? How will you show provenance of your genuine coins? Will an internet buyer accept your assurances that your rounds were issued mint direct? And what would you do, if a buyer switched fakes for your real coins and sent them back with some other claim as to their unworthiness, demanding a refund? Paypal and ebay tend to side with the buyer, not the seller. Will you have to deal only in face to face encounters, dealing with a test kit for every transaction? Go ahead, scoff... it doesn't mean these aren't potentialities that could in time develop.

Im no going to list my picks on the internet... but I thought of this long ago and have moved my metals into things much less likely imo to be faked into the future....

[slickeast]

Just buy directly from your mint of choice. How long before these start showing up at your LCS

[DirtyFingers]

I read an article somewhere(searching, can't find it to post)about a year and a half ago that counterfeit
64 Kennedy's were starting to pop up. I believe the article stated that the coins were coming
from China and were packaged in square air tights with a sticker on the back that said "made in China". So if
that's true, 90% has already been breached.

I like 1964 90% but I've been alittle suspicious of the halves ever since I read that article. If I ever find it,
I'll post it.

[Hades12]

won't be long till all junk silver will have V filled in it.

[cesariojpn]

Hmmmm, think the guy selling fake Krugers and bars a while back scammed the guy?

http://www.ebay.com/itm/SILVER-BAR-LOT- ... 231796bf71

He says they are layered so not really a scam right?

People still can be scammed by this, either buy buying these and thinking their real, or people buying these items and then turning them to a metals buyer for a quick profit.