Since the global pandemic has gripped the world, the cost of gold has increased to record levels. There is also an increase in people trying to dupe others and sell them fake gold, which can prove to be costly. When you are considering investing in gold, you will want to safeguard yourself from purchasing counterfeit gold, and there are many ways you can do this. Below is some advice to help you ensure you buy genuine gold bullion and do not get ripped off.
Hold The Gold Yourself
When you are looking to purchase gold as an investment, you will want to physically hold the gold so you can inspect it, even if you later send it on for storage with a reputable company. If you make a purchase from an unknown company and use their services to store your gold, you will not be able to inspect it and ensure it is genuine. When you buy gold Brisbane dealers offer and can physically hold your gold investment, there are certain aspects you will want to look at to ensure it is authentic.
Test The Size & Weight Of The Gold
One of the first things you will want to do when you physically get your gold investment is testing its size and weight. The bullion should have a stamp denoting the purity of the gold, and you will want to ensure that it is the correct weight by weighing it on accurate scales. If you notice any discrepancies, you need to speak to the person you purchased it from immediately.
The Ping Test
You can also do the ping test on gold and silver bullion, as they have a distinct sound when you strike the bullion bars. When you strike gold and silver bullion bars, they make a distinctive chiming sound as the metals are so dense. You often find that fake bullion is filled with a metal such as tungsten to try and replicate the weight, but this will have a completely different sound. When you strike a bar filled with tungsten or another metal, it will make a much duller sound.
Purchase From A Reputable Bullion Dealer
One of the best ways to ensure that your bullion investment is genuine is by purchasing it from a reputable dealer. When it comes to gold bullion, investors have many reputable dealers they can buy from, safe in knowing they are purchasing actual bullion. Before purchasing from a dealer, you will want to compare the costs, as each company will have a different commission and surcharges. Find a reputable and trustworthy company and check this reputation online to see what previous customers say about their experiences with them. You can then make your purchase with confidence, and rest assured you are getting what you pay for without being ripped off.
As with any investment, you will not want to rush into investing in bullion, and there are many factors you will need to consider. Take your time, do plenty of research, and if a deal seems too good to be true, walk away as it will most likely not be true.