How to verify that a gold bar is legit - MINING.COM (2024)

FAQs

How to verify that a gold bar is legit - MINING.COM? ›

Using an app on their cellphones, buyers can scan a gold bar's surface with or without packaging and verify whether it was produced at one of the refiner's facilities. The way it works is that each gold bar has a specific set of impressions or identifiers on its surface based on the mold used to produce it.

The magnet test: Gold is not magnetic. If your bar or coin is attracted to a reasonably strong magnet, it may be fake or impure. The float test: Real gold is heavy and should sink immediately to the bottom of a glass or bowl of water. If yours floats or sinks slowly, it's a sign of a fake.

Online Databases and Manufacturer's Records

Reputable mints often maintain databases that allow you to verify the authenticity of a gold bar by entering its serial number. Compare the information provided with the details on the bar and the accompanying assay certificate.

By law, each gold bar, from the smallest to the largest, must be MANDATORILY marked and serialized before being placed on the market. This is done for security, coding and traceability reasons.

Each 1 ounce Credit Suisse gold bar is marked with the Credit Suisse logo, a purity rating of . 9999%, serial number, authentication markings, and the bar's weight. The reverse side of the bar has Credit Suisse engraved in a repeating pattern, and every purchase includes an assay to verify its authenticity.

GOLD BARS MARKING: MANDATORY MARKING ON PRECIOUS METALS. By law, each gold bar, no matter the size or shape, must be mandatorily marked and serialized before being placed on the market. This is done for security, coding and traceability reasons.

The Precious Metal Verifier is used to measure the bulk metal in a bullion bar or coin and ensure that the metal matches the electrical characteristics that would be expected of it. The Verifier can assess a sample in less than one second and up to 2mm deep without affecting the coin or bullion in any way.

Karats and millesimal finesse determine standard purity scales. If you want to verify that your gold is genuine, the hallmark test (also known as the magnifying glasses test) is a great place to start. Under the Karat System, valid purity numbers include 8k, 9k, 10k, 14k, 15k, 18k, 20k, 21k, 22k, 23k, and 24k.

The Acid Test

Acid tests are popular and accurate. But gold buyers will only use an acid test if the item was identified as non-ferrous during a magnet test. Gold acid testing kits are divided into different parts for determining if a piece is 10 ct, 18 ct, 22 ct, or higher.

Trading in gold bars always carries some risks regarding purity, and “fake” ingots. One of the common ways to forge ingots is by using a bar containing a tungsten core. Since tungsten (Wolfram) has the same density as gold, 19.3g/cm³, ingot size does not change.

Are gold bars easy to sell? ›

Gold bullion is the most popular type of gold to hold as an investment or store of value, as it's generally easy to sell, and maintains its value well.

A Certified gold bar means that your gold bar will come with a certificate to show the authenticity of the gold bar. The certificate will contain a unique serial number which will match the serial number stamped on the gold bar by the manufacturer.

That 0.01 part of the metal is typically copper or silver in a bullion coin, and in some cases these tiny particles can react to oxygen or other chemicals – causing a rust spot when located on the surface of a coin or bar. An example of a red spot or rust spot, as discovered by our own Vault team.

Buying physical gold bars online is a relatively simple process. One common way to purchase gold bars is through licensed retailers online. Prospective buyers can browse gold bar products on reputable retail websites such as the American Precious Metals Exchange (APMEX), JM Bullion, and Wholesale Coins Direct.

For testing gold jewelry or bullion, you have to rub (or scratch) it across the porcelain tile/ceramic plate. Then you analyze the color of the produced streak. If the gold is real, then it should show a golden, yellow color. If you see a black streak instead, then you have pyrite or fake gold.

If it's real gold it will not stick to the magnet. (Fun fact: Real gold is not magnetic.) Fake gold, on the other hand, will stick to the magnet.