300 Fake Perth Mint Gold Bars Discovered in Australia As Chinese Gold ‘Forgery Factory’ Uncovered

Less than a month ago news broke that 10 PAMP gold bars filled with tungsten had been discovered in Manhattan.  An SD reader then discovered a Chinese firm openly promoting the sale and production of tungsten filled gold bars and coins.
The tungsten filled gold scandal has just gotten exponentially larger, as an Australian Seven News investigation discovered 300 fake Perth Mint gold bars and uncovered a Chinese gold ‘forgery factory’.

The investigators were able to purchase 300 Chinese sourced 1oz gold bars for a total of $300- and to no one’s surprise, when the investigators melted down the bars, all 300 were discovered to contain roughly the same gold content as Fort Knox

Seven News reports:

 

An Australian mint has called in the Federal Police after being shown evidence by Seven News that its gold bars are being counterfeited.

The investigation uncovered Chinese ‘forgery factories’ that will churn out fake bullion and even Australian coins, for a fraction of their face value.

Just one of the bars (seen below) should be worth more than $1,700.

 

The fake bars discovered are reportedly Perth Mint Kangaroos:

“There are some poor people out there who have gone and bought these products thinking they’ve got a bargain and have actually been ripped off,” Ron Currie from the Perth Mint said.

At Wenzhou, in China’s south east, a suspicious discovery is made after taking a tour of one factory that makes medals and badges – there are thousands of samples.

On the front is stamped “Perth Mint Australia”, on the back are kangaroos – a close copy of the actual design used by the mint.

The tour guide doesn’t hold back when quizzed about the procedure.

“First we did the silver plating, then the gold plating,” he said.

What should be valued at $510,000, is actually counterfeited gold bars that Seven News paid $300 for (300 pieces at $1 each).

Mr Currie says while the number reaching Australia is relatively small, the damage can be significant – but there are tell-tale signs.

“If it looks like a deal that’s too good to refuse – you should refuse it. Secondly the quality – the quality is nowhere near as good as the real product,” he said.

“We’ll of course follow it through and take it up with the Australian Federal Police.

“The Australian Federal police are very helpful and are very interested in stopping counterfeits or copies coming into Australia.”

China has long forged Western products, but this is altogether different because it has the potential to do so much harm.

We again stress to our readers the importance of purchasing your bullion from a reputable dealer that purchases its product DIRECTLY from major wholesalers and refiners.

In other news, the Chinese forgery factory reported Monday a record 150 ton order from long time client the NY Fed.

 

Comments

  1. The Chinese again, why am I not surprised? lol The Chinese only import real stuff and export fakes.

    • sorry to bust your bubble,  but the chinese make a HELL of a lot more real stuff than americans do!
      americans on the other hand import real stuff and export mainly war, debt, and inflation!

  2. And so many people were claiming “I only buy 1 ounce cause they’re harder to fake”…

    Pretty soon brokers are going to start melting down bars when they purchase them. Then when the customer walks in to purchase, they re-melt them and pour them fresh for each customer. No more premiums, just fine gold poured while you watch. Then you verify the quality is approx 99% with an acid test or something. Goodbye numismatic premiums!

    • I only buy 1/10 ounce krugerrands, but that’s because I’m poor. Not a lot of room for tungsten in those either, though. ;)

    • Hey! Look on the bright side, you will now be able to buy gold closer to the spot price so it will be cheaper. The high premiums are going to be gone. I personally only buy gold pieces that are smaller than one ounce because the big ounces are too expensive.

  3. Maybe it’s just me but I would like to pick up some of these silver and gold fakes for no other reason than to have a stack that distracts a thief from the real stuff hidden away somewhere in the house.  Or better yet, if the Feds try to nationalize citizen’s gold, ala FDR, then all they would get would be the fakes.  If the gommint pay us with phony currency when they take our gold.  We provide them with phony gold.  hahahahaha

    • Great minds think alike.

    • Yep, I’ve been looking for fake gold and silver rounds for a while…. 

    • Yep, if anyone can find a source let me know.  A big decoy might be worth its weight in silver and gold, wait, I meant to say tungsten. 
       

    • @powerball.
      50 cents ea. Min order 500. Go you halves. 

    • Remember fiat makes a good decoy too. A big sack of pocket change or a stack of $1 bills. Any thief will run away with that, while not giving a crap about your big fake-looking collectors coins with the prospectors and buffalos on them. If the government is raiding your house for gold, you got bigger problems, buddy. Maybe use anarchist literature as a decoy when the Feds come knockin’? They’re pretty concerned with thought crimes these days, so they might stop at the books and leave your gold behind. You can dig it up later when they let you out of the labor camp.

    • Yeah and then when the USSA government discovers that the golds are fake, he’s going to send his Nazi soldiers at your house to capture you and then send you to concentration camps that are also known as FEMA camps. :P

  4. In other news, the Chinese forgery factory reported Monday a record 150 ton order from long time client the NY Fed. Make me wonder will they send it to Germany? 50 tons every year for three years. Who else will receive this fake metal..

  5. Now, fellows, don’t disparage our ‘most favored trading partners’.  Look at all the wonderful aspects of our trade with them. We get cheaper tennis shoes and faulty hardware, poisonous dog treats and catfish raised on dung.
    In exchange, they perform all our dirty industrial work, and supply us with cheap gold bars, even. Where’s the gratitude?

  6. The irony of these fakes is that humans are incredibly self delusional.  We can  kid ourselves about anything,  even pretending that fake gold and silver coins are real.  The Roman emperors, business  owners, workers. soldiers and people throughout the empire pretended the Dinarius and Aureus were real silver and gold even as they faded to nothing. That went on for 200 years.
     We’ve pretended that our metal coins are real when its been 42 years since the coins of the realm’ve contained nothing but broken promises since the Kennedy half went to heck in a handbasket.  We only have 158 years left before things get really dicey.  Got phyzz?
      

  7. Protect yourselves from CROOKS, private or public, its your duty to your family !
     
    Do your DUTY !
     
    http://www.denaliguidesummit.blogspot.ca — Blog

  8. @the-doc  Very interesting that since China Tungsten was exposed here on SD, China Tungsten has massively revamped their website removing all their Tungsten-Gold fake gold coins and fake gold bars and inserting multiple videos about how to detect Tungsten-Gold products.

  9. If these fakes are only $1 wouldn’t even a nick expose the tungsten? maybe an acid test would even go through the gold… I’d like to see one of these fakes. I’m thinking it may be another planted story to make people second guess stacking, and opt for the much safer ETF’s and Paper :)

    • Maybe they’re working it both ways, scaring people away from the real deal by shaking Chinese forgeries in their faces, and then providing a cover for their own dirty work in faux phyzz when braver souls find their stack is laced with bogus bullion.
       

  10. Another planted or directed story IMO. For a dollar Aussie you aint going to get much of a silver and gold coating……like Phoenix says, a small scratch and a hand lens should tell you all you need to know…hell, even a firm rub with your thumb should do it.
    Almost certainly a scare tactic for stalling those unsure about if they really should start stacking some phyzz, you know, just in case. Also I wouldn’t be at all surprised if in the near future we see another TV news channel report showing us Australian Customs on the look out for these things getting into the country, all under the guise of “protecting the consumer” and the good reputation of the Perth Mint (gold shows up just great on x-rays)……would it be too far to suggest they might seize shiny gold things looking like coin or bar, issue a receipt, take it away for testing and if all good they return it to you? Just sayin’

    • Good point, thats a great way to get into the PM checking business… Soon we may see “Fakes” everywhere

      Fakes… not just for vaults anymore   

    • It won’t matter to me that much since I own more silver than gold. If they do ask everyone to return their gold for “testing purpose”, I wouldn’t do it since I don’t have any fake gold pieces because mines are smaller than one ounce and because I don’t trust the government.

  11. The Bars in Manhattan were real Suisse Gold bars, drilled out from the bottom and filled with Tungsten.  The weight, width and height were precise
    These Chinese Perth Mint bars are 100% fabricated steel, covered with a micron layer of gold.  They do not, in any way or form come into the width height and weight of the original bars, and secondly the finish could not be equivalent to the Perth Mint pressed bars
    Like the Bangladesh Student who was set up by the Feds last week, these Chinese were set up by Channel 7 reporters to produce the Perth Mint bars by pre-order, and then walked around the factory to examine the goods they just purchased and ordered, with the usual ‘shock factor’ reporting.  These reporters broke Australian laws by requesting these counterfeit bars to be produced, and then broke Federal laws importing them back to Australia in an Airplane.  These “criminal reporters’ obviously found the factory address on Silver Doctors last week, when a reader submitted the address and contact details of the Tungsten Gold factory.
     

  12. Yet both presidential losers tonight were talking about cracking down on Chinese fakes….

  13. all 300 were discovered to contain roughly the same gold content as Fort Knox” Laughed my ass off

  14. Finally! Someone took an action to go against these companies that produce fake gold bars which create a lot of losses to the buyers. They should at least write somewhere that these bars aren’t real 100% pure gold.

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