Don't get scammed. Learn the basic tests you can perform at home and the professional assays used by jewellers to verify gold purity.
The Threat of Counterfeits
With gold prices at historic highs, the market for counterfeit or under-karated gold is thriving. Knowing how to verify your gold is an essential skill for any investor.
The Magnet Test
Gold is completely non-magnetic. If your gold chain or coin is attracted to a strong neodymium magnet, it is absolutely fake. However, this test is not foolproof, as many counterfeiters use non-magnetic base metals like brass or copper.
The Acid Test
Professional jewellers use nitric acid. Gold is a noble metal and will not react to nitric acid, while base metals will dissolve and turn green. Do not attempt this at home without proper safety gear.
Always Demand a Receipt
The best defense against fake gold is buying from reputable, registered jewellers and demanding a computerized receipt that explicitly states the Karat purity and net weight.