Not everything that glitters is gold, warn officials

By The Nation

 

 

People have been warned against buying gold bars from unofficial sources as they may be fake, the Government Public Relations Department said in a Facebook post on Thursday (July 9).

 

Now that the price of gold is rising, criminals are coming up with fake gold bars that look very real.

 

“These bars are filled with other metals, such as copper or lead. In Thailand, online shops and criminals are deceiving buyers and taking advantage of the rise in the price of gold.”

 

The official advised people to only purchase the precious metal from shops that have a “Buy with Confidence – BWC” sign, as they are required to maintain standards.

 

As of 10.07am on Friday, the buying price of gold bars was Bt26,550 per baht weight and selling price Bt26,650, while gold ornaments cost Bt26,075.20 and Bt27,150, respectively.

 

Source: https://www.nationthailand.com/news/30391072

 

-- © Copyright The Nation Thailand 2020-07-10

 

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People have been warned against buying gold bars from unofficial sources as they may be fake, the Government Public Relations Department said in a Facebook post on Thursday

 

who would've have thunk it...?!

 

does your government use facebook to communicate important messages to the population?!

If the fake gold has a lead or copper core, then it is easy to tell using Archimedes's principle. However if the criminals use tungsten or depleted uranium it can fool this test. 

Depleted Uranium ? Is that readily available ?

I thought they were talking about the daily COVID stats.

Yeah, fall out from the Chinese thing.

2 hours ago, johng said:

Depleted Uranium ? Is that readily available ?

Yep. Remember this? 

 

https://thethaiger.com/news/north-east/magic-cards-contain-dangerous-radioactive-materials

 uranium the current long term prices is $78/kg it is legal to own and purchase  If it is a solid chunk of DU or another non-dispersible form, that limit is 7 kg. 

10 hours ago, nausea said:

Yeah, fall out from the Chinese thing.

You mean the Kingold scam, Wuhan based company, where they borrowed money to invest in real estate based on possession of 83 tonnes of gold that was actually copper?  Equivalent to 4.2% of China's gold reserves and 22% of current production.  Cunning plan, offload the fake stuff on individual buyers for a discounted price, a deal too good to be true, and then buy real stuff to fill the gap.

https://www.businesstoday.in/current/world/biggest-gold-fraud-busted-in-china-83-tons-of-fake-gold-bars-used-as-loan-collateral/story/408497.html

14 hours ago, samsensam said:

 

does your government use facebook to communicate important messages to the population?!

No. Twitter.

14 hours ago, johng said:

Depleted Uranium ? Is that readily available ?

Only on recent battlefields where the US tried overwhelming problems instead of solving them.

14 hours ago, johng said:

Depleted Uranium ? Is that readily available ?

 

Brother Kim most likly can help out

I purchased 20 bars (5-10baht) in 2018 from 2 of the oldest gold shops on the island.  Should I take one bar back and try to sell it to them?  In 2 years, I haven't seen any change in color and each one was weighed and a receipt was given.  What would be your recourse if you were sold fake gold?

Well buyer beware applies here, but here stupidity ranks just below corruption, so no hope 

 

15 hours ago, johng said:

Depleted Uranium ? Is that readily available ?

Kao san road sells everything.

1 hour ago, LawrenceN said:

No. Twitter.

Sad but true in USA 

"Glisters"   .... get the quote correct if you want to evoke Shakespeare.

 

A common mistake from the layman, but a journalist should know better.

They learn it from their masters

_{China's biggest gold fraud, 4% of its reserves may be fake: Report}

_{At the centre of the fraud is Wuhan Kingold Jewelry Inc, a company founded and operated out of Wuhan.}

https://economictimes.indiatimes.com/news/international/world-news/chinas-biggest-gold-fraud-4-of-its-reserves-may-be-fake-report/articleshow/76707339.cms?from=mdr

Edited July 11, 20206 yr by FinChin67

1 hour ago, parallaxtech said:

I purchased 20 bars (5-10baht) in 2018 from 2 of the oldest gold shops on the island.  Should I take one bar back and try to sell it to them?  In 2 years, I haven't seen any change in color and each one was weighed and a receipt was given.  What would be your recourse if you were sold fake gold?

Tears and beer spring to mind! 

16 hours ago, anterian said:

depleted uranium

This would shine even in the dark?

17 hours ago, samsensam said:

People have been warned against buying gold bars from unofficial sources as they may be fake, the Government Public Relations Department said in a Facebook post on Thursday

 

who would've have thunk it...?!

 

does your government use facebook to communicate important messages to the population?!

The President of one country uses twitter to communicate what he believes are important messages !

1 hour ago, Beechboy said:

"Glisters"   .... get the quote correct if you want to evoke Shakespeare.

 

A common mistake from the layman, but a journalist should know better.

But only the uneducated layman surely.

1 hour ago, parallaxtech said:

I purchased 20 bars (5-10baht) in 2018 from 2 of the oldest gold shops on the island.  Should I take one bar back and try to sell it to them?  In 2 years, I haven't seen any change in color and each one was weighed and a receipt was given.  What would be your recourse if you were sold fake gold?

Official gold shops don't sell fake gold.

 

Just sell one bar and see how easily it goes...they won't check or test it, just weigh it and pay you right away.

 

But better not sell now...

35 minutes ago, FinChin67 said:

They learn it from their masters

_{China's biggest gold fraud, 4% of its reserves may be fake: Report}

_{At the centre of the fraud is Wuhan Kingold Jewelry Inc, a company founded and operated out of Wuhan.}

https://economictimes.indiatimes.com/news/international/world-news/chinas-biggest-gold-fraud-4-of-its-reserves-may-be-fake-report/articleshow/76707339.cms?from=mdr

Easy to tell if any gold is fake.

 

Get a bucket. Put the bucket in a bowl. Fill the bucket with good clean water; the purer the better. Weigh it. Put the block of gold carefully into the bucket. Carefully weigh, or measure, the displaced water. Weigh the bucket with the gold.

 

Compare the weight of the bucket with the gold to the water overflowed.

 

Easy peasy.

Edited July 11, 20206 yr by owl sees all

2 minutes ago, Brunolem said:

Official gold shops don't sell fake gold.

 

Just sell one bar and see how easily it goes...they won't check or test it, just weigh it and pay you right away.

 

But better not sell now...

Thanks B.  I read that all Thai gold shops were regulated by the Thai Gold Commission.  I suspect that any shops that sell fake gold will be out of business and lose their license.  These shops have been in business longer than the 16 years I have been here.  Just to be safe, I will take a 10B bar over to the same shop and see if they want it.  I don't want Thai baht and will hold the gold for many more years.

17 hours ago, samsensam said:

People have been warned against buying gold bars from unofficial sources as they may be fake, the Government Public Relations Department said in a Facebook post on Thursday

 

who would've have thunk it...?!

 

does your government use facebook to communicate important messages to the population?!

No. The USA use twitter. 

17 hours ago, johng said:

Depleted Uranium ? Is that readily available ?

At your Local 7-11

17 hours ago, johng said:

Depleted Uranium ? Is that readily available ?

On facebook and Khaosan Road. Just follow the illumination or buy a giger counter from next to the vibrator seller

 

 

 

If you all would watch real news, you would know, where it comes from. .... China just copy everything.

1 hour ago, Brunolem said:

Official gold shops don't sell fake gold.

 

Just sell one bar and see how easily it goes...they won't check or test it, just weigh it and pay you right away.

 

But better not sell now...

How long will you wait.