Fake Silver and Gold Flood Global Markets; 100,000 Coins From A Single Counterfeiter!

[Twisted Titan]

http://www.shtfplan.com/precious-metals/chinese-counterfeiters-flood-global-markets-with-fake-silver-and-gold-100000-coins-from-a-single-counterfeiter_11102011



Whether it’s pirated software, poison-infused baby formula, cancer-causing drywall, luxury purses, or fake medicines, if you need a knock-off, China has traditionally been the go-to country, with a counterfeiter always willing to oblige.



Now, with precious metals prices on the cusp of possibly the biggest price explosion in centuries, fake gold and silver products are becoming a booming industry say Global Piracy & Counterfeiting Consultants:

[Twisted Titan]

http://www.youtube.com/watch?v=inn8iVASxLY&feature=youtube_gdata_player

[Dogman]

http://www.youtube.com/watch?v=inn8iVASxLY&feature=youtube_gdata_player

http://www.youtube.com/watch?v=inn8iVASxLY&feature=youtube_gdata_player

http://www.youtube.com/watch?v=inn8iVASxLY&feature=youtube_gdata_player

[Ponce]

Well, all my silver is pre 1992......hope that who ever gets them (when I die) don't find out that they are not real.......after having to dig up the safe and then breaking into it......they would problably kill me again hahahahahahha.

[po boy]

I think they're just returning the favor for the worthless bonds.

[chad]

i don't understand going through the whole process of trying to fake au + ag and the getting stupid simple things like edge reeding wrong, or coin thickness, etc. you'd think they could spend $40 and get a real sae to look at.

[palani]

10 years ago the Columbians were counterfeiting the Sacawagea dollar.

And THAT was only worth a BUCK.

[solid]

What's interesting is a coin dealer, didn't bother to weigh a gold panda before purchasing it. He purchased it, then weighed it to find it only .70 of an ounce. I'm no expert, but I could probably hold that fake coin and tell the difference in weight, without weighing it. Not to mention, pandas already have a bad reputation of being conterfitted. How could such an obvious fake fool a dealer?

I'm calling BS on this one. I say most of this video is BS and it's all a scare tactic, to frighten people from buying physical.

[madfranks]

I've found that many dealers are ignorant when it comes to the easy availability of counterfeit coins. I've read stories of dealers buying morgan dollars in books without even examining them to make sure they're real.

[Sparky]

What's interesting is a coin dealer, didn't bother to weigh a gold panda before purchasing it. He purchased it, then weighed it to find it only .70 of an ounce. I'm no expert, but I could probably hold that fake coin and tell the difference in weight, without weighing it. Not to mention, pandas already have a bad reputation of being conterfitted. How could such an obvious fake fool a dealer?

I'm calling BS on this one. I say most of this video is BS and it's all a scare tactic, to frighten people from buying physical.

After the coin weighed in at 0.70 ounce, the voiceover says "...and there's a chance it's not even gold!" What do you mean, a chance?!?

[General of Darkness]

Before even opening up the thread I knew the slant eyed jews were the culprits.

[Santa]

After the coin weighed in at 0.70 ounce, the voiceover says "...and there's a chance it's not even gold!" What do you mean, a chance?!?

And then he went on to say, "Either way it's worthless." Lol...

Hmmmm, flooding the streets with fake gold and silver coins and bars might be an effective price suppression technique.

[Twisted Titan]

What's interesting is a coin dealer, didn't bother to weigh a gold panda before purchasing it. He purchased it, then weighed it to find it only .70 of an ounce. I'm no expert, but I could probably hold that fake coin and tell the difference in weight, without weighing it. Not to mention, pandas already have a bad reputation of being conterfitted. How could such an obvious fake fool a dealer?

I'm calling BS on this one. I say most of this video is BS and it's all a scare tactic, to frighten people from buying physical.



I was very surprised when I saw that dealer talking like a 3 month old rookie

[Spectrism]

Maybe I am just getting old, but I am reaching a point like the olden days where you steal my horse, you hang from a rope.

[PatColo]

I'm also skeptical of the dealer's story. A [fake] "1 oz troy" gold coin was only .7 oz, and he didn't notice the diff in his hand, let alone bother to weigh it? Anyways, wrote this in the thailand/flood thread; this story is some evidence that "flooding the market with fakes, & widely publicizing in their ZSM" may just be what we're facing,


One problem is, a single 1-oz gold coin being worth so much, and the average merchant being duly skeptical that maybe it's fake. Doesn't help that the world's ~22 karat gold coins vary in color, based on the mix of metals they add to harden them. Think of a k-rand vs an eagle vs a .9999 maple?! What's the name of that measure/weigh device where the average person can verify common gold coins- or at least rule out badly done counterfeits? I could see TPTB/satanists undermining any developing gold currency underground economy by injecting a flood of fakes into the market, then publicizing through the ZioStream Media (ZSM)- and bang, everyone gets spooked and doesn't trust gold coins, insists on cash. They already created their tungsten-filled 400oz bars and tried to pass them off to other countries!

Notice the first BKK-Post article above: People sell gold for cash during flood (http://www.bangkokpost.com/business/economics/263719/people-sell-gold-for-cash-during-flood), says:

"Customers around Greater Bangkok are coming to our shops at either The Old Siam or Wong Wian Yai to sell their gold assets. They thought it best to keep cash instead of gold for emergencies," said Mr Kritcharat.

"Our shops normally close at 5.30 pm, but now we've stayed open to nearly 9 pm to wait for cash from the central bank as our daily cash overdraft at the bank of 500 million baht is not enough to serve the high number of sellers."
So gold-holders aren't trying to sell to each other, but to shops. I wonder if the shops are paying, and/or sellers accepting, big discounts from spot, just to make the deal happen and get the cash they apparently need? It is impressive that they're staying open late to accommodate sellers.

Only bright side to this story is, the alleged flood of fakes appears to be really poorly done! And the dealer featured in the story who was allegedly fooled, has no good excuse for that.

[1970 silver art]

It is not very surprising to hear of more counterfeit gold and silver coins. As long as the metals continue to go higher in price, then this will be a bigger problem in the future. It will come to DYODD when buying gold and silver especially if you are buying on ebay. I am ebay everyday looking at silver art bar auctions and there is so silver-plated crap on ebay that is nuts.

[Spectrism]

http://www.shtfplan.com/precious-metals/chinese-counterfeiters-flood-global-markets-with-fake-silver-and-gold-100000-coins-from-a-single-counterfeiter_11102011



Whether it’s pirated software, poison-infused baby formula, cancer-causing drywall, luxury purses, or fake medicines, if you need a knock-off, China has traditionally been the go-to country, with a counterfeiter always willing to oblige.



Now, with precious metals prices on the cusp of possibly the biggest price explosion in centuries, fake gold and silver products are becoming a booming industry say Global Piracy & Counterfeiting Consultants:

I like the magnetic test shown on that website. He also shows that weight alone is not good enough to detect the fakes.

If anyone thinks these are easy to spot, look at this old thread.... they have some pretty good dies for the copies.
http://gold-silver.us/forum/showthread.php?41180-Counterfeit-Coins-Fake-Silver&highlight=counterfeit

[gunDriller]

"Counterfeits will always be a concern when you’re dealing with assets worth as much as $2000 an ounce, but you can take steps to protect yourself."

so what happens when gold is $5,000+ an ounce and unemployment is 50% higher ?

the world economy is already cut-throat - with Israel setting one "moral standard" - and Jewish bankers in America setting their own "moral standard".

i saw some canned Mandarin Oranges yesterday, "made in China" - PASS !

[midnight rambler]

http://www.fisch.co.za/orderonline.htm

[Spectrism]

http://www.fisch.co.za/orderonline.htm

The fisch seems pretty expensive for simple measurements. I have a decent little digital scale. I also have very accurate caliper for getting the thickness and diameter.

It would be a good idea to make yourself a chart of coin sizes and weights.

For silver rounds, it becomes more of a problem. They are not the same size. There you need to know the density of silver, calculate the volume of the coin and measure the weight accurately. The nice thing about silver rounds is that you are probably dealing with .999 silver and the density does not lie. A bar might be doable if there is not too much of an indent for the artwork.

[Carbon]

i don't understand going through the whole process of trying to fake au + ag and the getting stupid simple things like edge reeding wrong, or coin thickness, etc...

Wabi-sabi (http://en.wikipedia.org/wiki/Wabi-sabi).

[1970 silver art]

YOU LIE!!!!!!!!!!

This is what happens when an ebay bidder does not DYODD.............

http://www.ebay.com/itm/Chattanooga-Choo-Choo-Art-Silver-Bar-999-1-Troy-oz-/200677668369?pt=LH_DefaultDomain_0&hash=item2eb9523611

Here is an example of ebay bidders that are over-bidding on a silver-plated art bar. It clearly is stamped 15 grains on the reverse but apparently the ebay seller is deceiving the bidders by saying in the description that this is a 1-troy oz .999 silver art bar. The bidders think that they are bidding on a real .999 1-troy oz silver art bar since there are 7 bids on this auction. The art bar that is pictured in this ebay auction link is NOT a 1-oz .999 pure silver art bar. Any American Royal Mint stamped art bars are silver-plated crap IMO. Buyer Beware.

However, there is one important thing that I want to note here and it is this........

There is a 1-troy oz .999 pure "Chattanooga Choo-Choo" silver art bar where the front side looks just like the one in the ebay auction link BUT that real one has a different reverse type and it is stamped "Dahlonega Mint" and ".999 Pure Silver One Ounce" on the reverse side of that bar. The real "Chattanooga Choo-Choo" .999 pure silver art bar was minted in 1983 by The Dahlonega Mint and has a mintage number of 1000 according to the 4th edition of the silver art bar guide book titled "An Indexed Guide Book of Silver Art Bars".

EDIT: This following completed ebay auction link has a picture of what the real "Chattanooga Choo-Choo" silver art bar should look like:

http://cgi.ebay.com/CHATTANOOGA-CHOO-CHOO-DM-11-SILVER-BAR-/220802493024

[gunDriller]

when the counterfeiters are able to sell their wares, their counterfeiting is like printing money.

so there's a pretty big incentive to counterfeit.


i think that magnet chute thing seems like a good metal detector. though it's probably possible to beat it with a gold-plated tungsten part.

i guess it's the weekend over there. maybe the machine shops that make the dies for the counterfeits are resting.

but next week, when it gets to be evening here and the Asian markets open up, i'd bet there's more than one machine shop in China working on the next set of counterfeit silver & gold dies.


it's not like Wall Street sets any example as a Paragon of Honesty. why should the Chinese be honest when the Americans are setting world records in financial fraud ?

[1970 silver art]

The winning bid for the silver-plated art bar auction in post # 22 of this thread ended up being $35.00. $35 for a silver-plated bar? ? ? WTF!!!!! The winner of this auction is going to be in for a rude awakening if/when this person wants to sell this bar later on in the future. This is just one example of the crap this is being sold on ebay as of late. This gives the silver art bar hobby a very bad name when you have a lot of this crap floating around on ebay. This is not only limited to ebay because I also have seen some of this silver-plated crap being peddled as 1-oz .999 pure silver at a couple of the many coin shows that I attended this year.

Counterfeiters and shady ebay sellers are able to sell their wares because people keep on getting duped into thinking that they are bidding on .999 silver since some sellers will lie about what they have to sell on ebay and elsewhere and ebay bidders are too quick to place a bid on an auction without carefully looking at what they are bidding on.

If you think that the issue of counterfeit gold and silver is a problem now with $32+ silver and $1724 gold, Just wait when gold and silver are much higher than they are now and then you will really have a serious problem with counterfeits.

Like I said earlier, DYODD.

[1970 silver art]

I just found out from another poster on another gold and silver internet forum that this ebay seller of the silver-plated art bar auction (see post #22 of this thread) refunded the money to the winner of that auction once the ebay seller realized that the auction was incorrect and made a mistake.

I stand corrected and I am glad that the seller refunded the buyer. If there is a remote chance that the ebay seller is lurking on GSUS and reads this post, then I apologize to the ebay seller for being too harsh. Everybody makes mistakes. It happens to everybody and the ebay seller did the right thing by refunding the winner of the auction.