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How to Spot Fake Gold Coin and Avoid Fraud
The last quarter of every year sees an increase in demand for gold owing to the wedding season and holidays such as Dussehra, Dhanteras, and Diwali when purchasing gold is considered fortunate. When you buy gold, you are purchasing a commodity with high liquidity and tremendous profit potential. The price of gold is always growing, so you may be confident in your profit margins and the security of owning something substantial rather than paper currency, which is constantly fluctuating. Gold ownership is a good basis for wealth insurance. That is why gold coin investment is considered a prudent choice.
Never embark on a shopping binge without first arming yourself with the essential information. Not everything that glitters is gold, as the saying goes, and you would not want to lose your money to some ingenious counterfeiters and fraudsters out there and become a victim of a gold coin scam.
How can I tell if my gold coin is real?
If you are planning to invest in gold, then the following are a few fake gold coin scams that you need to be aware of:
- Purchase from a known source
If you are unsure about the gold you have recently acquired or have owned for some time, take it to a competent and established authority to be evaluated. Purchasing gold coins or bars produced at a reputable facility will alleviate many worries which will help you avoid gold bullion scams. Purchasing the gold coins from a trustworthy source such as Muthoot Finance is a lot more ideal. Muthoot Finance has a large selection of these coins available at the most competitive prices in the industry. You may invest in gold bullion through one of their carefully chosen plans.
- Colour might be an indicator
When it comes to gold, the first step is to look at the overall coin, not just the top. Discolouration of imitation metals is frequently caused by the beginning of corrosion. Even when actively exposed to moisture, gold does not corrode nearly as quickly. Specks of black or green might indicate the presence of a false metal beneath the gold décor. These spots generally appear when the disguise on a low-quality imitation is incomplete and some tiny, microscopic bit of the base metal is revealed. Corrosion takes hold over time and manifests itself as discolouration.
- Check the weight
One of the major aspects to avoid a scam is to check the gold coin weight. If a gold coin is intended to weigh one Troy ounce, it should yield the same result on a scale. When there is a considerable discrepancy, the coin is instantly suspicious. Poor fakes are frequently lower in weight than pure gold and easily give themselves away. Knowing what a gold Ginni weighs from the outset is a smart method to prevent common mistakes.
- Avoid “too good to be true” deals
If you come across an offer for a bullion product that appears to be too good to be true, it most likely is. Be wary of such proposals, as well as those that provide lavish rewards or inflated claims. It's fine to be sceptical in this instance.
No rational reputable dealer will also sell things at a loss. Dealers must charge minor premiums above spot prices to compensate product minting costs and their overhead in order to stay in business.
Gold is often regarded as one of the greatest investments. Buyers buy gold coins for three major reasons: personal savings, family presents, and business gifts. These coins might also be useful in times of financial emergency. Of course, the best method to avoid being duped is to engage with a reputable company that is well-versed in the industry's intricacies and after the gold coin ping test.
Investing in gold coins with Muthoot Finance comes with the trust and assurance that gold buyers seek. Muthoot Finance sells 24 karat gold coins in different sizes and weights along with a variety of patterns engraved on them, thus giving buyers more choices to pick from. When you buy gold coins from us, you enjoy a variety of benefits like easy monthly instalments and no additional costs.
Make this festive season a prosperous one with Muthoot Gold Coins. Visit your nearest Muthoot Finance to know about the latest offers and gold coin schemes that you can opt for.