When you're buying gold, you are investing a great deal of money into a product. You need to make sure that the money you are spending is not wasted on counterfeit coins that will be almost worthless when you try to sell them again. In order to make sure that you are able to make the most of your money, follow these tips.
1. Perform a Ping Test
The first step when you are looking at a coin or a gold bar is to perform a ping test. First, find an app on your smartphone or on your laptop that will broadcast the correct sound. This is the sound that, when you perform the ping test, your coin should make. Next, take the gold that you want to test and tap it with a small hammer. Make sure that you do not hit the hammer on the gold hard enough to dent it. When you hit the gold, listen to the noise that it makes. Play the ping test on your smartphone or your laptop in order to make sure that the noise that the gold makes
2. Ask for a Certificate of Authenticity
Another way to avoid counterfeit gold coins or bars is to request a certificate of authenticity from your dealer. Each of the coins has its own type of certificate and the dealer should be able to prove to you, with documentation, that the coins or bars that you are purchasing are legitimate and that you are not being ripped off.
3. Try the Magnet Test
This test does not work for all types of counterfeit coins, but it will be able to detect some of them. Gold is not magnetically charged. If you put a strong magnet near your gold bar or coin and it is attracted to the magnet, then you know that there is foreign metal in the coin or bar and that it is a counterfeit.
4. Look for Stamps
Finally, if you think that you have a certain type of gold coin or a bar from a certain company, look for that company's markings. If the stamp looks accurate, then you likely have a legitimate coin or bar.
For more information, talk to a bullion dealer. He or she will be able to provide you with tips for spotting fakes. To learn more about buying gold, contact someone like Rocky Mountain Coin Inc.Share