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This blog discusses The Perth Mint's bullion coins and bars, providing information about our latest designs, mintages, sales volumes and sell outs. On a broader front, we share relevant research and opinions for anyone interested in gold and silver bullion investing.

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Golden Rule To Avoid Fake Bars

Topics [ fake gold bars ]

IN THE NEWS

Perth Mint Sales and Marketing Director Ron Currie appeared on radio 2GB’s Money News last week where host Ross Greenwood wanted to discuss the perennial problem of fake gold bars from China.

Ross Greenwood: There’s a problem here isn’t there because there are websites that are certainly accessible here in Australia that really are saying that they are capable of being able to sell what looks like a gold bar with your (Perth Mint) stamp on it… but it’s anything but a true gold bar, isn’t it?

Ron Currie: That’s true and it’s one of those unfortunate situations that when you have a good product people try to copy it. But it’s very difficult in actual fact to do much about that because although we’ve been to the Federal Police and… they’ve talked to Chinese authorities – we’ve even managed to get one place closed down – they just spring up again somewhere else.

Ross Greenwood: So here’s the thing – how do people really start to work out that what they might be being sold is a fake?


Radio 2GB’s Ross Greenwood and The Perth Mint’s Ron Currie
discuss how to avoid being duped when buying gold bars.

Download audio file of full interview courtesy of 2GB/873AM

The Perth Mint’s advice actually is pretty straightforward and is based on the old adage - if it looks too good to be true, then it probably is! As Ron said, gold is a commodity and therefore can’t be bought at a discount. So don’t be tempted if it’s being offered cheap down the pub and certainly don’t buy anything off the internet if you don’t know exactly who is behind the site.

The golden rule buyers are urged to always follow is to look for a trustworthy suppler: (i) a government-owned organisation (such as The Perth Mint) or (ii) a reputable dealer – for instance, one that is a member of the Australian Numismatic Dealers Association.  The Perth Mint also publishes its own list of reliable, fully-authorised dealers and by dealing with any of these groups you’ll know that what you going to get is what you paid for.

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