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Gold bars

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Sylvie2674
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Gold bars

Postby Sylvie2674 » Tue Jan 10, 2017 7:04 pm

Just an FYI to people in the Edmonton area.
There is a scam going around. People are buying gold bars thinking it is authentic by look and weight.
These people are selling the bars anywhere from $300-800.
In actuality they are only worth $.60.
They are lead bars that are gold plated.
Just do your due diligence before buying any.
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scrounger
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Re: Gold bars

Postby scrounger » Thu Jan 12, 2017 1:31 am

I guess the message here is if someone offers you gold bullion at nearly half of spot price, run the other way. The real worry is how much counterfeit silver/ gold bullion and coinage is out there selling at full price.

http://www.cbc.ca/news/canada/edmonton/ ... -1.3927588
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westshield
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Re: Gold bars

Postby westshield » Sun Feb 12, 2017 4:04 pm

is there a way to tell if its fake on the spot? ...other than the price being too good to be true?
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helicopilot
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Re: Gold bars

Postby helicopilot » Sun Feb 12, 2017 4:16 pm

westshield wrote:is there a way to tell if its fake on the spot? ...other than the price being too good to be true?


Likely not, they even went through the extra effort of encasing them in the plastic wrappers that come from the mints.

Only recommendation would be to purchase from reputable places like SilverGoldBull as opposed to pawn shops and eBay.
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westshield
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Re: Gold bars

Postby westshield » Sun Feb 12, 2017 9:01 pm

Gotcha. I know Scotia Bank has bullion at market prices, but TD wanted to sell us a piece of paper for a highly inflated price.
So in Winnipeg on Henderson Hwy theres a small Winnipeg Gold Buyers where i get mine from.
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DougM
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Re: Gold bars

Postby DougM » Tue Apr 18, 2017 4:11 pm

Look up specific gravity. Not that hard. Weigh it then drop it in a measured volume of water. Subtract volume of water. Divide weight by volume. There are charts. Gold and lead are very different.
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westshield
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Re: Gold bars

Postby westshield » Tue Apr 18, 2017 10:05 pm

Good to know. Thanks
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thecrownsown
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Re: Gold bars

Postby thecrownsown » Fri May 05, 2017 1:50 pm

DougM wrote:Look up specific gravity. Not that hard. Weigh it then drop it in a measured volume of water. Subtract volume of water. Divide weight by volume. There are charts. Gold and lead are very different.


SG is (in my experience) used when dealing with liquids but the transition between lead and gold when measuring even cubic millimeters is small.

But the same concept:

The age old: Density = Mass / Volume.

So if they are selling you a 1oz. gold coin, or a bar... you can get the density (depending on metric or imperial system) online, and if you have a mass or physical size (the volume) you can make a quick calculation to determine whether it is actually gold or something else. The density of gold with respect to its mass and the space it takes up is greater than lead.

The specific Gravity of Gold is 19.32. Lead is 7.87. So gold will have a much greater mass then lead for the same volume of space it takes up...because its much more dense.
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