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Four ways to check if your gold is the real deal

by , 21 April 2015

Holding some of your wealth in physical gold is a great way to protect yourself against a financial crisis. Think of it as an insurance policy.

But unfortunately there are criminals out there waiting to take advantage of gold investors.

So how can you tell if your gold is real or in fact a fake?

Read on to find out…

How to check your gold

Without going to the expense of getting assay tests, ultrasounds and X-rays done on your gold, there are some tell-tale signs to watch out for when it comes to checking if your yellow metal is real or not.

Here’s what you need to do…

Gold test #1: Check the size

Regardless of whether it is coins or bars you’re buying, these items have exact measurements. To check this accurately, you need a pair of callipers.

Using your callipers, you can check the dimensions are as they should be.

In many instances, counterfeiters make the fake gold item bigger to make up the lack of weight from using a less dense metal.

Gold test #2: Is it magnetic?

Gold isn’t magnetic, Peter Krauth in Money Morning US explains. So with the help of a strong magnet, you can check this.

Gold test #3: Weight

With the help of good quality scales, check the weight of the gold item is as it should be.

But remember, gold is weighed in troy ounces. If you’re using digital scales you should be able to change the weight to this unit. If not you’ll be able to convert the weight easily using an online tool.

Gold test #4: How does it look?

Make sure you know what the real item should look like and start questioning if it doesn’t.

Compare your gold item with high quality images of the genuine gold item. Check all the minute details.

If you’re buying any gold weighing over ten ounces, it’s worthwhile getting it verified by a professional. Buying from reputable gold coin or bullion dealers will also reduce your chances of buying fake gold items.

So there you have it, four ways to check if your gold is the real deal.

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I’m a big believer in financial independence. I don’t want to be dependent on anyone or any institution to take care of my family or me in the future. Having one source of income is very scary to me. If that stream of cash dries up – for whatever reason – I want to know that I have other cash streams I can tap into.

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Four ways to check if your gold is the real deal
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