Ensure you don’t buy fake silver bars
Concerned about fake silver bars? If you’re worried about the fake silver bars infiltrating the market, we’ve put some information together that will help you. So, you can determine whether the silver bars you’ve purchased are genuine or not.
Though smaller silver bars were once the safest of purchases, with silver now fetching a premium, counterfeiters have set their sights on producing fake silver bars of all sizes, even those of the smallest dimensions.
The best way to ensure you are purchasing genuine silver bars is to buy your precious metal from an authorised bullion dealer, rather than from an online marketplace. This way you’ll have peace of mind.
Price is an indicator too; remember as the familiar adage goes, that you get what you pay for and that if a price seems too good to be true, it probably is. Every day, several times a day at London Gold Bullion, we update our real-time metal spot prices, meaning you can keep an eye on the going rate for precious metals per troy ounce. If you see silver bars for sale far below this spot price, it may indicate that they are fakes.
Another factor to keep an eye on is the delivery date; an established bullion dealer is more than likely to have your items in stock and be able to deliver them in a timely and efficient fashion. If you have a long wait for your order, several weeks, for instance, this could be a cause for concern.
Tests for fake silver bars
If you’re concerned about silver bars you’ve purchased in the past, there are several tests you can conduct at home to check if they are genuine.
One reliable way to check if your silver bar is genuine is to see if it can pick up a magnet – if it can, its fake – this test will reveal many of the fakes in circulation, though not all of them.
As a metal that conducts heat, you can test that silver is genuine by seeing if it will cut through ice. Genuine silver will cut through ice easily and effortlessly, turning cold quickly in the process.
Weight is another indicator that will help you determine whether your silver is genuine or not. Given that the majority of fake silver bars weigh less than their genuine counterparts, you can often tell if your bars are fake simply by weighing them. Silver bars and coins usually have their weight struck on them, integrated into their design. If you weigh your silver bar and it is not the specified weight, then that is a cause for concern.
Look closely too at the dimensions of your silver bars, as fake ones are often thicker than genuine ones. The measurements of well-known silver bars and coins are readily available online from respected bullion dealers or from the original refineries and mints that produced them. So you can easily check the measurements your silver bars should have, and use digital measuring callipers to check that your bars measure up – meeting the exact measurements. Even a small difference to the standard, advertised measurements could indicate a fake.
Some commentators have also suggested trying out an acid test on your silver bars – but this necessitates that you make a small scratch on your silver bar, so it’s not your best course of action. Acid test kits for silver and gold are readily available, and you simply apply a drop to the scratch on your silver bar, to determine if it is genuine. Your silver bar will change colour if it is fake. This test although reliable, is the last resort, as scratching your silver could affect its value, particularly if it is a historic coin of numismatic value when the condition is all important.
Silver bars of integrity
The best and simplest way to ensure you are purchasing genuine silver bars is to buy them from a respected bullion dealer, whose credentials you can double check.
Contact the team at London Gold Bullion, for your next precious metal purchase; we’ll be happy to help and advise you.