Did you know that the billionaire hedge fund manager, John Paulson, has invested in gold worth over $4.6 billion?
Each year, millions of dollars worth of fake gold get sold to unsuspecting buyers. That can cost someone a significant investment loss or damage their trust in the seller.
If you want to avoid someone selling you fake gold or buying gold wholesale, you need to learn how to spot fake gold. Then, you’ll know what to look for when you’re getting gold, whether in person or online.
Before you, decide to dive into gold investing. Here are some tips on how to know if you have fake gold when you buy it.
The Weight Test
A simple weight test can help you spot fake gold. If the object is lighter than it should be, it’s likely a fake.
But, keep in mind that some genuine gold objects are lighter than others, so this test isn’t foolproof. Fake gold might be made of a material that’s heavier than real gold so the weight test isn’t always reliable.
The Ring Test
By scratching the surface of the metal with a hard object, you can quickly tell if the metal is real gold or not. If the metal is real gold, it will leave a gold streak on the surface. If the metal is fake gold, it will not leave a gold streak.
The Surface Test
Fake gold is often made of a lower karat metal, mixed with other alloys to create the gold color. The surface test is a simple way to check the karat of gold.
With a goldsmith’s loupe, magnification of 10x or more, inspect the surface of the gold. If the gold is lower than 14 karats, you will see tiny pits on the surface of the metal.
The Magnet Test
The magnet test is a quick and easy way to check. Simply bring a magnet with you when you go to test your gold, and if the gold sticks to the magnet, it’s not real.
This is because gold is not magnetic, so if your gold is attracted to a magnet, it’s likely not the real thing. While this test isn’t foolproof, it’s a good way to quickly check if your gold is real or fake.
The Acidity Test
The easiest way to identify fake gold is to use the acid test. First, make a small scratch on the surface of the gold with a sharp object. Next, apply a drop of acid to the scratch.
If the acid does not change the color of the gold, then it is real gold like gold buffalo coins. If the acid turns the gold color to black, then it is fake gold.
Spotting Fake Gold in a Nutshell
Gold is a valuable resource that is often faked by unscrupulous jewelers. There are a few ways to spot fake gold, including checking for a karat stamp, looking for signs of wear, and using a magnet.
To know whether or not your gold is real, take it to a professional for evaluation.
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