Expert shares buying tips as gold bar interest rises 200% – London Business News | Londonlovesbusiness.com

The price of one ounce of gold has reached a historic milestone, hitting $2500 for the first time.

This renewed interest is reflected in a dramatic 200% increase in Google searches for ‘buy gold bars UK’ over the past 24 hours.

In response to this growing demand, experts at The Gold Bullion Company have crafted a comprehensive guide, offering everything you need to know about purchasing gold bars, how to spot a fake and what scams to look out for.

Rick Kanda, Managing Director at The Gold Bullion Company, said, “Why is the public interested in gold? “In the fall-out from the 2008 financial crisis, many people turned to the precious metal industry as a safer place to invest their capital. Suddenly, gold bullion investment became more popular and counterfeiters have taken advantage of the high-value nature of gold.

How can you tell if gold is authentic? – “In the UK, gold is typically considered fake when it is less than 37.5% pure or less than 9 carat. If you are unsure about the legitimacy of your gold, taking your gold to be assessed by a professional is the most reliable way to determine whether it is actually gold.

What are the tell-tale signs of fake gold?, “There are several easy tests you can do in your home to check its legitimacy. While there are many ways to test gold, from using the eye to testing it yourself, ultimately the easiest way to ensure your gold is real is to buy from a reputable company.

“Always read reviews and check for certificates. Just to show you the scale of the issue with fakes and the importance of ordering from a genuine retailer, here is a link to an Aliexpress shop that sells replicas that would be very difficult to detect to the untrained eye.

What types of gold scams exist? – “Scams involving gold, particularly gold bars, appear to be getting more sophisticated. There have been numerous instances over the years of scams based around gold, ranging from fake bars and coins offered for sale through online auction sites, to fake deals offering commissions on huge gold import deals. The latest scams appear to be using gold to add credibility to the scam scenario and to convert the scam’s monetary proceeds into something that is easily transportable and potentially anonymous.

What should I do if I believe I’m being scammed? – “Our advice to everyone is not to engage with unsolicited calls, emails or texts, however convincing they may be. Official representatives of banks and official bodies will never contact you ‘out of the blue’, they will write an official letter to you. If in doubt, speak to a trusted family member or friend.”