Martin Lee @ Sg
Sharing is Caring!

Gold Scam Hits Hong Kong

In Gold we trust?

What happens if the Gold turns out to be fake?

That is exactly what has happened to some goldsmiths in Hong Kong, people that you expect would be able to detect gold fakes.

Jewellers and pawn shops in Hong Kong have discovered at least 200 ounces of fake bullion so far this year. The value of the fakes is worth about US$280,000.

It is estimated that ten times that amount could have gone into the retail market.

wedding-bandsIn the past, fake gold can be manufactured using gold-plated tungsten, a material that has a similar density to gold. Experienced jewelers would be able to detect such fakes.

Apparently, this batch of fake gold that was sold in Hong Kong involved a complex alloy that had similar properties to gold. It consisted of a significant amount of gold combined with osmium, iridium, ruthenium, copper, nickel, iron and rhodium. Detecting such fakes require more sophisticated tests.

Is your gold real?

Leave a Comment:

Notify me of followup comments via e-mail. You can also subscribe without commenting.

1 comment
Nuts says 8 years ago

Hmmm, all those -IUM metals. No wonder we’re running out of rare earth metals — forgers are using them to create fake gold! Maybe that’s why China is putting some brakes on rare earth exports. They are trying to protect their domestic gold industry. Chinese are now buying gold like as if their RMB will become toilet paper tomorrow. The gold buying season is also underway in India with the traditional marriage season. Gold will hit US$1,600/try oz by Apr 2011.

Reply
Add Your Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.