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View Full Version : PM Alert! Gold scam just hit Hong Kong..............



Aggie
3rd December 2010, 13:57
The real stuff including Ag will become ever more valuable. I expect more of this and in different permutations as prices climb. Bottomline: Buy from reputable sources!

ag

http://www.youtube.com/watch?v=2fS1rcE_yCc

ThreeNinesFine
3rd December 2010, 14:58
You're absolutely right. The van I bought my silver out of was fully registered and Ahmed even gave me his business card. Don't think that I'm going to take a chance!

Matthew Shelley
3rd December 2010, 15:14
The real stuff including Ag will become ever more valuable. I expect more of this and in different permutations as prices climb. Bottomline: Buy from reputable sources!
ag
http://www.youtube.com/watch?v=2fS1rcE_yCc

This will just make it more likely that physical sellers will have to cover re-assay costs, and dealers could widen their spreads.

Matthew C. Shelley
Commodity Broker

As always: Trading in futures and options is very high risk investing. You can lose all or more of the money you invest. Only risk capital should be used.

silverheartbone
3rd December 2010, 15:15
Gold jewelery.

Nothing to see here that actually impacts the silver market is there?

Move along.

Matthew Shelley
3rd December 2010, 15:33
Gold jewelery.
Nothing to see here that actually impacts the silver market is there?
Move along.

Not really, but sort of. Copper and Silver are tied together at the hip due to their circumstances of one being mined and the other coming out of the ground as a result. High Copper prices could have a dampening effect on Silver prices long term because of supply issues.

Matthew C. Shelley
Commodity Broker

As always: Trading in futures and options is very high risk investing. You can lose all or more of the money you invest. Only risk capital should be used.

KenL
3rd December 2010, 15:40
According to the Hong Kong expert on CNN, the fake gold actually does contain 50% of the stated real gold content, and that's why it was so hard to detect. So the counterfeiters simply manufactured fake 18k with 9k and 14k with 7k.

Aggie
3rd December 2010, 15:54
Even though this is a gold scam there's no doubt IMO if silver continues to climb you will likely see the same type of shenanigans for it too.

@Silverheartbone...... And just because this is a silver market forum doesn't mean you ignore news like this for the sake of being 100% on topic 24/7 either. IMO what happens to gold has a lot of bearing on what happens to perceptions of silver at the retail level. If it's dug out of the ground and scams like this develop everyone who buys either Au, Ag, or for that matter even Cu, should be aware of it.

ag


According to the Hong Kong expert on CNN, the fake gold actually does contain 50% of the stated real gold content, and that's why it was so hard to detect. So the counterfeiters simply manufactured fake 18k with 9k and 14k with 7k.

Matthew Shelley
3rd December 2010, 15:54
According to the Hong Kong expert on CNN, the fake gold actually does contain 50% of the stated real gold content, and that's why it was so hard to detect. So the counterfeiters simply manufactured fake 18k with 9k and 14k with 7k.

Unless it gets turned into jewelry and Mom wears it for fifty years or puts it in a safe, sooner or later down the line, it will get discovered. It's just a matter of who gets left holding the bag. An automatic coin sorter can spot a questionable quarter by weight etc., a fake gold coin isn't any harder to notice. It's when people want to dodge the proof process that they can get screwed.

Matthew C. Shelley
Commodity Broker

As always: Trading in futures and options is very high risk investing. You can lose all or more of the money you invest. Only risk capital should be used.

What is Truth?
3rd December 2010, 16:30
The real stuff including Ag will become ever more valuable. I expect more of this and in different permutations as prices climb. Bottomline: Buy from reputable sources!

ag

http://www.youtube.com/watch?v=2fS1rcE_yCc

How ironic, in Asia they often only only consider 24K gold to be "real gold". The joke is on them! LOL!

This is a geat thread and not off topic like Silverheartbone's racist thread.

KenL
3rd December 2010, 17:01
Unless it gets turned into jewelry and Mom wears it for fifty years or puts it in a safe, sooner or later down the line, it will get discovered. It's just a matter of who gets left holding the bag. An automatic coin sorter can spot a questionable quarter by weight etc., a fake gold coin isn't any harder to notice. It's when people want to dodge the proof process that they can get screwed.
Matthew C. Shelley
Commodity Broker


Matthew, I concur with you entirely. All I was trying to add was that a fake gold bracelet actually containing 50% of the stated real gold content is much harder to refute than a fake bracelet containing little or no real gold content at all.

That said, I am surprised that the counterfeiters actually placed that much risk capital into the fake goods. It reminded me of a very well-made fake Oyster Perpetual Day-Date a former girlfriend bought for me from a reputable store in the Far East several years back. We didn't discover the fake until I sent it to Rolex for repair when the Perpetual Calendar started malfunctioning a year later. And according to them, the bracelet and the case actually contained solid 9k gold.

Aggie
3rd December 2010, 20:17
Makes one wonder if Ag for jewelry at the wholesale to retail level has been counterfeited to some extent too. I don't know how big chainstore type jewelry lines contract to get their silver but I would imagine it's derived from ready to melt and cast from raw ingots. Probably not an issue yet but when it gets above $50+ oz and foreseeing that Ag jewelry will be more affordable to Au and hence demand will go up as a result I can see it becoming something to watch for - much less for 100oz investment bars and above.

ag


Matthew, I concur with you entirely. All I was trying to add was that a fake gold bracelet actually containing 50% of the stated real gold content is much harder to refute than a fake bracelet containing little or no real gold content at all.

That said, I am surprised that the counterfeiters actually placed that much risk capital into the fake goods. It reminded me of a very well-made fake Oyster Perpetual Day-Date a former girlfriend bought for me from a reputable store in the Far East several years back. We didn't discover the fake until I sent it to Rolex for repair when the Perpetual Calendar started malfunctioning a year later. And according to them, the bracelet and the case actually contained solid 9k gold.

Silvature
3rd December 2010, 20:38
Who freekin' cares!?
It is stinkin' jewelry... made from gold!
Wrong channel for bling bling shiny things.

Aggie
3rd December 2010, 21:22
Sinclair cares. I care. Others do too. So what if you don't care. We don't count because you don't care? But hey let's discuss copper ok? Then we'll all care. lol

http://jsmineset.com/




Who freekin' cares!?
It is stinkin' jewelry... made from gold!
Wrong channel for bling bling shiny things.

gollumthegreat
3rd December 2010, 21:34
I freakin care. Thanks for the information Ag.

orlando_wrx
4th December 2010, 06:50
This could be good news for silver as well...news of "fake" gold circulating in the physical market passed along to the mainstream could cause some smaller investors in physical to turn to silver for a short time until the source of the scam is found and confidence that the gold they are buying is real returns.
Food, metals, information...these serve to enrich the lives of people...always check your sources.

orlando_wrx
4th December 2010, 07:07
You do understand that gold jewelry uses silver in the mix? Anyone who cares about silver should care very much about gold jewelry.