Tips for Identifying Real Gold When Buying Gold Bullion in Africa:
Discover the key methods for recognizing real gold when acquiring gold bullion in Africa. It is crucial to exercise caution and thorough evaluation when investing in gold bullion to confirm its genuineness and adherence to advertised standards.
Whether through scrutinizing vital markings or consulting reliable sources, these expert tips enable you to confidently distinguish genuine gold within the African gold market. To ensure the legitimacy of your gold, adhere to these essential steps:
Ensuring the Authenticity of Your Gold Investment:
1. Verify LBMA Membership
Before making any purchase, consult the London Bullion Market Association’s (LBMA) Gold Current list. By clicking on “Search” on the LBMA’s webpage, you can access a comprehensive list of gold refineries worldwide that meet LBMA’s stringent standards. Periodic checks are conducted on these refineries to ensure ongoing compliance. Only buy gold from manufacturers listed on this esteemed roster to safeguard the authenticity of your investment.
2. Check for Essential Markings
Once you’ve confirmed the manufacturer’s presence on the LBMA Gold Current list, examine the gold bullion for the following markings:
- Manufacturer’s Name
- Manufacturer’s Symbol
- Purity of the Gold Bullion
- Weight of the Gold Bullion
- Serial Number
Ensure that the gold bullion adheres to these standards for a genuine purchase. Manufacturers often use different symbols for various products, so cross-reference with the Gold Current list and the manufacturer’s website for accurate symbol descriptions.
Image: Real gold troy ounce bullion bar.
3. Validate Manufacturer’s Symbol
To authenticate the manufacturer’s symbol, refer to the Gold Current list for a description. Additionally, visit the manufacturer’s website via the provided link on the Gold Current list to review symbol descriptions and images. This step is crucial as symbols may vary for different product lines, as exemplified by Ohio Precious Metals, LLC.
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4. Confirm Gold Purity and Weight
Trust the purity of the gold, as validated by the LBMA Gold Current list, and confirm the weight using an inexpensive scale. While the weight should align closely with the advertised weight, slight variations may occur, especially if the gold is sealed. Employ due diligence by verifying these details to guarantee the legitimacy of your investment.
5. Verify Serial Number
Contact the manufacturer to verify the authenticity of the serial number. This step adds an extra layer of assurance, ensuring that the gold bullion is genuine and aligns with the provided specifications.
Read; Tips on How to Buy Gold Online.
6. Apply Due Diligence When Purchasing
Before finalizing a purchase, thoroughly inspect all markings, especially when buying locally. If any discrepancies are identified, promptly contact the seller. Similarly, upon receiving an online order, scrutinize the gold for missing markings, and if any are found, contact the seller and consider returning the gold.
7. Validating Gold Coins
When purchasing gold coins, follow the same steps as for gold bullion, excluding the serial number. Instead, confirm the coin’s validity by referring to the corresponding government mint.
Some gold coins may lack a serial number but could come with a certificate of authenticity. For absolute certainty, consider purchasing coins directly from the government’s mint.
By adhering to these steps, you can confidently distinguish between real and fake gold, ensuring a secure and authentic investment. Now, equipped with this knowledge, let’s explore the important aspects of where to buy gold.
