More counterfeit Perth bars being sold on eBay. Be cautious!

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The Reddit user shared a frustrating experience they had recently encountered. They had purchased a 20g gold bar for $1100, hoping it would turn out to be authentic, although they knew the odds were slim. Regrettably, it turned out the bars were fake, despite their impeccable appearance, correct weight, and near-perfect packaging. The user decided to post their experience on Reddit to alert others and prevent them from making the same mistake.

The user emphasized the importance of being cautious when buying precious metals online, especially if one doesn’t own a sigma testing device. They admitted to having no prior experience buying gold on eBay, usually sticking to silver from reputable dealers. The user also highlighted their skepticism about bars in sealed assay cards, as they are frequently counterfeited.

When discussing their preference for government-issued coins, the user mentioned their hesitation to trust bars purchased from online companies. They also noted that local coin shops (LCS) tend to be more cautious when it comes to reselling bars, as they are aware of the high counterfeit risk. The user pointed out the shiny appearance of fake bars compared to the matte gold color of authentic Perth Mint bars, which is difficult to replicate.

Responding to a question about using a main sensor for testing, the user explained their preference for government-issued coins, as they are easier to test and visually inspect for all parties involved. They also stack neatly into tubes.

Another Reddit user suggested investing in a sigma testing device, which the original poster found valuable for detecting counterfeit precious metals. They concluded by stating their decision to stick with loose government-issued coins from LCS or reputable online retailers, which offer a higher level of trust and security compared to bars.

Smart Strategies for Buying Gold on eBay and Avoiding Counterfeit Risks

When purchasing gold on eBay, it’s crucial to exercise caution and follow some essential guidelines to avoid falling victim to counterfeit products or scams. Firstly, be wary of buying gold bars in sealed assay cards, as they are frequently counterfeited. Many individuals unknowingly hold fake bars in their safes until they attempt to sell them. To safeguard your investment, always verify the authenticity of the gold, and consider consulting your local coin shop (LCS) when purchasing from unfamiliar sources.

Loose government-issued coins from reputable LCS or established online retailers are generally a safer choice. These are easier to authenticate visually, and they tend to be more trustworthy. When it comes to testing the purity of unsealed or loose gold, you can use XRF machines or consider investing in a smaller home testing device. Additionally, acquiring a sigma testing device to validate the authenticity of your gold is advisable.

For those looking to diversify their investments, government-minted coins without a case are a practical option. They are easy to test, inspect visually, and stack conveniently in tubes. Buying from well-known dealers like APMEX, Bullion Exchanges, or Monument Metals can also provide some reassurance. However, even with reputable sellers, using a sigma testing device is a wise precaution to avoid counterfeit gold. Keep in mind that not everyone has the same budget for investing in precious metals, and it’s essential to tailor your approach to your individual needs and means.

In summary: when purchasing gold, always prioritize authenticity and take steps to verify the product’s legitimacy. Government-issued coins and established dealers are generally safer options. Be cautious of too-good-to-be-true deals and remain vigilant to protect your investment from scams and counterfeit products.

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