web analytics
April 25, 2015 / 6 Iyar, 5775
At a Glance
Blogs
Sponsored Post


Gold Buyers Beware: Fraudulent Gold Found in the Marketplace

You shouldn’t put all your eggs in one basket, no matter how shiny it is.

A fake gold bullion bar makes a fine gag gift, but think twice before making it part of your investment portfolio.

What would happen if the gold bars you bought from a reputable dealer were “salted” with tungsten?

Word has been spreading that some gold experts have cracked open the gold bars that they bought only to discover tungsten (a metal worth about one-fifth of the value of gold) inside. Since tungsten has a similar density to gold, it’s easy to confuse people, amateurs and experts alike. With bars of gold that weigh ten ounces or more, using regular x-rays to determine the chemical composition of the metal doesn’t work well since the x-rays don’t penetrate deep enough.

Some alarmists have referred to the recent findings as evidence of a possible market-shattering conspiracy. What if there are hundreds or thousands of counterfeit bars of gold sitting in the vaults of companies and governments? If you can’t trust that the gold you buy is genuine, would you really buy it? Regardless of the veracity of the possibility that gold supplies are tainted, if people simply think that they are, the price of the commodity could start tumbling.

An additional way that falsified gold bars can affect the price of gold is that it also increases the cost of ownership of gold, as there may be increased costs involved in higher level testing for purity.

Regardless of how you purchase your gold, beware of the possibility that the whole gold marketplace might be affected by some bad eggs… just a reminder that you shouldn’t put all your eggs in one basket, no matter how shiny it is.

Buying novelty fake gold coins or a 24K gold dipped real rose is fine if that is your aim, but before you buy gold for an investment, you might want to read my previous post on buying gold.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

One Response to “Gold Buyers Beware: Fraudulent Gold Found in the Marketplace”

  1. Roc Diaz says:

    gold should be no more then $300 per oz and that's the truth. I hope that all the gold is tainted. the rip off of the century. watch how prices tumble to the floor!

Comments are closed.

Current Top Story
"Killing Jews is worship that draws us closer to Allah." That's his Jihad. What's yours? - An ad campaign sponsored by  the American Freedom Defense Initiative.
MTA Hopes to Change Rule, Ban ‘Killing Jews’ Anti-Jihad Ad
Latest Blogs Stories
heartflag.jpg

Celebrating 67 years of democratic independence, surviving wars&threats; so much to be thankful for!

Rabbi Lichtenstein (z"l).

He was a Torah giant, uniquely exemplifying the Hashkafa of Torah U’Mada (Torah & worldly knowledge)

A Soldier's Mother

All Israel walks beside them, holding them in our hearts, listening, our hearts breaking with theirs

Yom HaZikaron

I’ve felt that if only we had established these communities sooner, then the victims would not have been killed

Is inflation always bad for the economy, and why is deflation not always an ideal situation?

It is the character of the individual that counts, not his sexual preferences.

Bibi gives a great speech, especially when talking to foreigners, but on policy, he’s very weak.

One of us had the chutzpah to ask him to join the ball game. He said okay and he played aggressively.

Watch this Doug Goldstein video to learn how easy it’s to open a US brokerage account from overseas.

An Israeli TV show about Holocaust Day asserted the Holocaust is/was a European not Jewish tragedy

“I am 100% convinced that she is not in any way anti-Semitic. She is in fact a philo-Semite”

Poverty has become a thriving business; Learn how the payday loan has affected many US households

Pressure by Pres. Rivlin for a monstrous “national unity government” has made things worse for Bibi

How do money managers take care of your money? And have you ever heard of “socially responsible” investing?

In the memory of loved ones, I commit to continue the fight for our survival in their blessed memory

The US Consulate in Israel should have people helping US citizens on various tax & benefits issues

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Is inflation always bad for the economy, and why is deflation not always an ideal situation?

Doug Goldstein

Watch this Doug Goldstein video to learn how easy it’s to open a US brokerage account from overseas.

Poverty has become a thriving business; Learn how the payday loan has affected many US households

How do money managers take care of your money? And have you ever heard of “socially responsible” investing?

What are common market risks and how do they affect your investments?

Laura Adams, author of Money Girl’s Smart Moves to Grow Rich, managing your money more effectively

Why do you need to file an FBAR if you’re a US citizen abroad? What happens if you don’t?

Why do people feel the need to check their email 50X a day, constantly dipping in & out of Facebook?

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/gold-buyers-beware-fraudulent-gold-found-in-the-marketplace/2012/10/22/

Scan this QR code to visit this page online: