Long Hand Summary of Video Below
Hello Stack Nation Steemians,
I wanted to give you guys that are thinking of getting into the stacking game a fair warning about fake gold, that has and will continue to fool people (like me).
I purchased four gold bars at around $1200 a piece from eBay (when spot was sitting near 1300) and thought to myself "wow I got a hell of a deal!"
Lo and behold, they were all fake after they were pointed out by some of my subscribers from YouTube. After validating that they were fake from my local reputable coin shop, I ended up starting a refund claim on eBay and did get my full refund after three weeks. Though there was no actual loss of funds, it was still a painful three weeks that I would not like anyone to go through. Some lessons I've learned:
If You're Buying Well Below Spot, Something is Wrong
Most dealers charge a modest premium over spot, and spot is probably as good as it'll get as far as a deal goes for most people.
You Should Only Buy From Reputable Dealers Online
If there's less than a thousand transactions from a seller, I would avoid them. Bay Precious Metals, APMEX, Bullion Exchange, and Pinehurst Coins are a few of the very reputable dealers that have eBay stores.
Get Everything You Buy Online Validated
This is why it's essential to either purchase a metal analyzer, I personally use the Sigma Metalytics Precious Metal Verifier for all my purchases; or have a good relationship with a local coin shop that can check all your metals for you. This step of getting anything and everything validated and verified can save you lots of heartache and money.
This Is What I Use Cause I Grew Tired of Taking My Metals the Store
As long as you're careful and take the necessary precautions, you should not hesitate buying metals online as there are very good deals to find and it is an excellent time to buy as interest rates were recently increased, causing a small dip in the price of metals. For example, I managed to pick up a South African Krugerrand and Platinum bar for very close to spot. Don't wait too long however, for it may be too late!
Please upvote, comment, and follow if you found value in the content!
-O.T.
TL;DR version
Get everything you buy checked and if it's too good of a deal to be true, then it probably is.