As Uncle Ben said, “With Great Power comes Great Responsibility.” This saying gains ever more context in the contemporary technological era, where everyone has access to the power of the internet that connects them with almost anything and everything. Unfortunately, this also results in the risk of having to expose yourself to the dangers of getting duped by fraudsters.
This article focuses on exposing the scam of fake silver bars that are sold to investors. It also aims to equip you with relevant information as to how you can tackle such an issue if it ever arises. To avoid fake silver bars, its better to buy from reputable dealers. Explore the list of these dealers and their ideal deals at Bullion Mentor!
Let’s get into the thick of it!
How to Identify Fake Silver Bars
To begin, let’s focus on the aspects that are essential for you to understand how you can protect yourself from falling prey to purchasing fake silver bars and getting scammed by duplicitous dealers.
Weight and Size Discrepancies
One of the primary tests that are conducted to determine the authenticity of Silver Bars is associated with the weight and size of the bars. The common metric used for measuring precious metals is in Troy ounces or grams.
- Suppose you have a 250-gram scale, you should place a 100-gram weight before you turn on the scale to measure something so that you can calibrate the weight.
- You should remove the weight after this maneuver and then see the scale read: 100 grams.
- After this, once you place your 10 oz bar on the scale, it should read 211 grams, as it calculates the calibrated 100 grams as well, thus proving that: 311 grams = 10 troy oz.
Visual Inspection
Another easy method of identifying whether your silver bullion purchase is original or not requires you to view your silver bar in a thorough manner and inspect it for any alarming signs.
- The most common signs of fake silver bars are that the bar’s designs feature poor craftsmanship or can be filled with irregularities, in particular ones such as discoloration.
- When you purchase brand new silver bars, these come with a lustrous exterior, with designs that are visually consistent, proving their authenticity.
Magnet Test
The Magnet Test is another frequently used method to test a silver bar., requiring the simple task of acquiring a magnet that you can source and conduct at home.
- These bars tend not to possess magnetic properties, so for this test, you should arrange fro a powerful magnet.
- If the magnet latches onto the silver bar, it indicates that it is not silver but rather a ferromagnetic core.
Conductivity Test
Silver is popularly known for its benefits as a conductor of heat. To test this conductivity, you can use the “Ice Cube” test, wherein you place an ice cube over your silver bar.
- If the bar is made with pure silver, the ice will start melting within moments.
- You can verify this phenomenon by placing an ice cube over a different metal and gauging the difference.
Official Stamps and Hallmarks
A difference maker between real and fake silver bars is that the real ones usually tend to feature hallmarks that have been embedded into their designs.
- While, this is not a “test” in the literal sense, it is a great means to verify the authenticity of the silver bar that you are investing in.
- These hallmark markings include information about the weight and purity of the bar, as well as serial numbers and the year they are minted..
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