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Fake Gold Bars and Coins: How to Spot Them

The most dangerous fake gold is tungsten coated in real gold: tungsten is almost exactly as dense as gold (about 19.25 against 19.30 g/cm³), so a fake bar can have the right weight and size, isn't magnetic, and has a real-gold surface that passes acid and even XRF tests. In 2012 tungsten-filled bars branded PAMP fooled dealers in New York; in 2025 the Perth Mint and WA Police warned of a surge in fakes with Perth Mint markings sold on eBay and Facebook Marketplace. The defence is simple: buy from the mint or an authorised dealer, distrust anything priced below the market, and use the makers' verification tools.

Facts checked 26 October 2026

Gold, 1 troy ounce
$4,018
International price, live
Gold density
19.30 g/cm³
Tungsten: about 19.25, so weight and size can match
XRF reads
the surface
About the outer 10–20 microns; a gold skin over tungsten passes

Which tests catch which fakes

TestCatchesMissesCost and where
MagnetFakes with an iron, steel or nickel core (gold and silver aren't magnetic).Tungsten, lead, copper and most other base metals.A strong magnet; a first screen only.
Weight, size and densityMost plated fakes, by checking against the mint's published weight and dimensions.Gold-plated tungsten, which can match both weight and dimensions.Precision scale and calipers.
Ping (sound)Some plated base-metal coins sound dull.Unreliable by ear; the difference between gold and tungsten needs an instrument.Free by ear.
Acid / touchstonePlated base metal near the surface, and approximate karat.Anything under a real-gold skin; only tests the outer layer and marks the item.Kits about $20–40; assay offices use a touchstone for a first indication.
XRF (karat meter)The make-up of the surface, in seconds, without damage; assay offices use it for most hallmarking.A thick real-gold layer over tungsten: the 2012 New York fakes passed X-ray testing. Assay Office London may remove the surface to test underneath.In many jewellers' and dealers' shops; often free in the UAE.
Conductivity (e.g. Sigma PMV)Tungsten beneath gold cladding (the Sigma Bullion Wand detects tungsten up to 1.5 mm deep); works through capsules.Doesn't give a purity figure; some alloys mimic gold, so check weight too. Not for jewellery.About US$1,200 for a device; used by dealers.
UltrasonicTungsten cores, voids and inclusions inside bars.Needs professional equipment calibrated on a genuine sample; mainly for bars.Some dealers and vaults.
Fire assayThe true gold content: the reference method.Nothing, but it's destructive (a sample is consumed) and slow.Assay labs; in India ₹200 at a BIS-recognised centre.
No single home test proves gold is genuine. Dealers that buy bullion from the public use through-metal tests (ultrasonic, conductivity) as well as XRF. Jewellery: see how to check gold purity and hallmarks.

Real cases

Where and whenWhat happened
New York, 2012Tungsten-filled 10 oz bars branded PAMP were sold to dealers in the Diamond District. They had serial numbers and papers and had passed X-ray testing; a dealer found grey tungsten when he drilled into them. The case went to the US Secret Service.
Canada, 2017A fake Royal Canadian Mint gold bar, reportedly tungsten-filled, was sold to a customer by a bank. The Mint said it didn't make the bar and called counterfeits of its products extremely rare.
Dubai, 2018Police arrested a man offering nearly 150 kg of "smuggled" gold at about half the market price: it was metal he had gold-plated at home. Suspicious buyers called the police.
Australia, 2025The Perth Mint and WA Police warned of a surge in counterfeit bars and coins with fake Perth Mint markings and packaging, sold on eBay and Facebook Marketplace. The Mint says fakes are often tungsten or lead coated in gold or silver.
India, 2025Agra police arrested a gang that claimed to have dug up gold bricks, let victims test genuine pieces, then handed over fake gold (about ₹22 lakh taken).
CoinsCounterfeit American Eagles have been sold as genuine (Coin World, 2017); a fake Krugerrand turned up in a counterfeit grading holder reusing a genuine certificate number; and many fake Sovereigns are made of real gold of the right weight, so only the details give them away.

Makers' security features

  • PAMP: the VERISCAN app scans the bar's surface and checks it against PAMP's database (for bars with the VERISCAN logo); CertiPAMP packaging has a QR code.
  • Royal Mint: Britannia coins have a latent image that switches between a padlock and a trident, moving waves, micro-text and tincture lines; Britannia bars add tamper-proof packaging, a UV watermark and a unique serial.
  • Royal Canadian Mint: Bullion DNA, a micro-engraved maple leaf with the year that dealers' readers match to the minting die (gold Maple Leafs from 2014).
  • Perth Mint: a "P" mintmark and a micro-laser engraved letter; minted bars come in packaging that shows "VOID" if prised open.
  • US Mint: the 2021 American Eagle gold redesign added anti-counterfeiting features including a reeded-edge variation.
  • Large bars: the LBMA's Gold Bar Integrity scheme gives Good Delivery bars a security feature and a database record, like a bar passport.

The scams to avoid

  • Too cheap to be true. Bullion trades on thin margins against a public spot price; a listing below spot, or with "no returns", is the classic sign (Perth Mint).
  • Social media and fake websites. Dubai Police (March 2026) and Abu Dhabi Police (October 2025) warned of ads offering discounted gold bars where the seller vanishes after the deposit, and of fake "digital gold" schemes.
  • "Smuggled" or "found" gold at half price, often with a genuine sample to test first.
  • Unlicensed sellers. Selling gold from apartments or offices is illegal in Dubai and not monitored.
  • Paperwork isn't proof. Fake bars have come with serial numbers and certificates, and fake coins in counterfeit grading holders.

How to avoid fakes

  1. Buy from the mint, its authorised distributors or a licensed dealer, in person where you can; avoid private and marketplace listings.
  2. Compare the price with today's spot price. At $4,018 an ounce, nobody sells real gold well below that.
  3. Check weight and dimensions against the mint's published specifications, and use the maker's tools (VERISCAN, Bullion DNA, the Royal Mint's latent image, tamper-evident packaging).
  4. For jewellery, buy hallmarked pieces and check the hallmark (in India, verify the HUID in the BIS CARE app).
  5. If you suspect a fake, stop paying, keep the item and the paperwork, and report it to the police and the consumer authority, and to the mint whose name is on it (the Perth Mint: reportcounterfeits@perthmint.com). In the UAE: Dubai Police app or 901; Abu Dhabi Police Aman 8002626.
See also: How to check gold purity and hallmarks · Gold sell-back calculator · Where to store gold

Fake Gold: FAQ

How can you tell if a gold bar is fake?

Check where it came from first: buy only from the mint, an authorised distributor or a licensed dealer. Then compare weight and dimensions with the mint's specifications and use the maker's verification tools (PAMP VERISCAN, Royal Canadian Mint Bullion DNA, Royal Mint security features). A magnet or acid test only catches crude fakes; gold-plated tungsten needs ultrasonic or conductivity testing, which dealers can do.

Does a magnet test prove gold is real?

No. Gold isn't magnetic, so a magnet catches only fakes with iron, steel or nickel in them. Tungsten, lead and copper aren't magnetic either, so a tungsten-filled bar passes.

Can XRF detect fake gold?

XRF reads only the surface, roughly the outer 10–20 microns, so a thick layer of real gold over a tungsten core can pass. The tungsten-filled bars found in New York in 2012 had passed X-ray testing. Through-metal tests (ultrasonic, conductivity) or a fire assay are needed for bars of uncertain origin.

Why is tungsten used to fake gold?

Because its density, about 19.25 g/cm³, is almost the same as gold's 19.30 g/cm³, so a gold-plated tungsten bar can have the right weight and size, and tungsten is far cheaper than gold.

Are fake gold coins common?

Fakes of popular coins exist (American Eagles, Krugerrands, Sovereigns), and some are even made of real gold to pass weight and purity tests. The risk is highest when buying from private sellers or marketplaces; mints call counterfeits of current bullion products rare in the authorised supply chain.

Sources (22)

General information, checked October 2026. Rules, limits and terms change; check with the provider, insurer or authority before you rely on them. Not financial, legal or tax advice.