Are gold bars traceable
Can you trace gold bars?
Labels are important if you want to buy something online and not have it be a counterfeit. This is why you’ll often see “authentic” or “genuine” written on labels when buying luxury items, like a Chanel bag.
The same is true with gold bars. There are specific serial numbers for every bar that is produced by a manufacturer, and that number can be traced back to the refinery where the gold was refined. If you’re ever in doubt about your bullion, just call the company’s customer service line and ask them if they can verify its authenticity. This method of verification is especially helpful if you’re thinking of reselling your bullions later on down the road, which might require proof that they’re authentic.
Also remember that it’s not just bars that have traceable serial numbers; there are also coins made out of precious metals as well as other forms of bullion such as ingots and eagles minted by various governments.
Do gold bars expire?
As a precious metal, gold is valuable and subject to theft. For example, if you have gold bars in your basement, you may want to know whether or not they will eventually expire. Will your gold bars go bad? The answer depends on how damaged or tarnished the gold is. Like other metals, gold can corrode over time—but unlike other metals that are exposed to air for long periods of time (like copper), it’s likely to stay safe without special storage conditions wrapped in protective plastic and placed in a location where there is limited exposure to oxygen.
Gold bars aren’t delicate like grapes; they don’t have an expiration date like milk; and because they’re made of heavy material with high density and weight, they’re not as prone to damage caused by extreme temperature changes like water bottles are (but they do need room temperature). Gold can be scratched or dented if handled too roughly or stored improperly so care should be taken when handling gold bars. However, most of the time when someone doesn’t notice their jewelry becoming tarnished after a period of time, it’s because of moisture exposure—not because the item has expired.
Gold can become damaged with scratches and dents over time but this isn’t due to age; rather it’s usually due to mishandling while trying to transport them from place-to-place or storing them improperly so care should be taken when moving and storing these heavy pieces of metal.
Where can I get a valuation on my gold bar?
Questions about the origins of your gold bar can’t be answered by just any gold expert—the person must have qualifications, and ideally, experience. Depending on where you got the bar from, you may want to run it by a jeweller or bank first. If you purchased it from a private party in an online sale, be careful: some buyers have been known to test their own bars with acid, then sell them as newly-mined products. This from jewelry manufacturer APMEX:
“If someone tries to sell you gold for less than the spot price (the current market value), we recommend that you ask them for proof of their claim. Specifically ask if they are selling scrap gold or actual bullion products. Also ask if they would accept the item back if they find out that it is not what they thought.”
The best way to get an accurate appraisal is through GoldBlueprint (aka BluePrint Gold). These professionals are trained by APMEX and will test, weigh and inspect your product before giving you an official quote up front—you don’t even need to provide photos or contact information with your question!
How do you trace counterfeit gold bars?
If you’re unsure if a gold bar is real or fake, it can be difficult to verify without professional tools. To help you spot counterfeit gold bars, here are some quick tips and tricks:
- Look for the hallmarking on a gold bar. It may not seem like much but hallmarking will always be present on a legitimate gold bar; however, counterfeiters may try to erase or imitate it. You’ll want to look for something that resembles a lion (in front of two triangles) and assayer’s stamp (the numbers found under the lion).
- Ask for proof of authenticity. If you have any suspicions about whether your friend’s bar is real, ask for its certificate of authentication (COA), which should have details about when and where the bar was made along with all the information listed previously.
- Inspect the serial number. Many companies put unique serial numbers on their bars; however, there are exceptions to this rule so double check before assuming anything unless you know exactly what you’re looking at.
- Weigh the gold bar. This isn’t the most effective way to test whether a gold bar is fake since it’s easy to switch out an actual gold bar with another one that’s just filled with cheaper materials; however, if other methods fail this should give you some peace of mind as long as it weighs what it should weigh according to its size and grade. Also keep in mind that non-gold metals will usually weight around 1/10th of an ounce/3 grams less than solid gold so don’t expect perfect accuracy from this method.*
How is a gold bar authenticated?
The process of authenticating a gold bar is relatively straightforward. If you look on the side of the bar, you’ll find what’s known as an assay mark. This mark is essentially a unique stamp identifying the refinery and exact purity of the bullion. The list of approved assayers is maintained by the LBMA (London Bullion Market Association), who has a website you can check for yourself to see if your assayor is on file.
If that’s not enough peace of mind for you, another way to authenticate your gold bars is to weigh them on an accurate scale and compare them with their stamped weight. If they match up, you’re in good shape!
Are companies in the UK allowed to sell gold bullion to private investors?
If you’re interested in investing in gold, it’s good to know that there are firms out there that let private investors buy and sell bullion. The Financial Conduct Authority (FCA) is the government body responsible for regulating the financial services industry in the UK. Any company or individual who handles the investments of private individuals and customers must be registered with the FCA. This is to protect clients from fraud, so if a person or firm claims to be able to sell you gold bullion, then it’s likely that their business is operating legally and they can be trusted (if only a little bit).
If you’re considering investing in gold as an alternative form of currency, it’s important to research which companies offer this service—and whether they’re regulated by the FCA. Also, keep up with any changes on your country’s legislation regarding investment products like gold bars and coins; if something suspicious arises or a new law comes into effect you’ll need to have all the facts at hand before deciding whether or not to invest.
Is there a limit to the amount of physical gold that an investor can buy during a financial year?
Having to deal with the logistics of moving a large amount of gold can be a huge hassle for investors. Thankfully, there are no restrictions on how much gold an individual can own. This became apparent when investors in India successfully challenged the government’s ban on owning and importing gold in 2013 (1). In addition, it is difficult to monitor and enforce regulations on investment in gold as there aren’t any traceable serial numbers or unique identifiers attached to individual bullion bars like there are with stocks and bonds.
Are physical gold investments taxed differently than other investments held by NRIs?
For starters, if you have gold bars held by a Non-Resident Indian (NRI), they are not taxed.
What is taxed?
When NRI gold investors sell the physical metal or exchange it for paper certificates, they are subject to capital gain taxes. While it is not uncommon for the government to tax these transactions, the amount will vary depending on your circumstances and how much wealth you’ve already paid taxes on in other investments. For example, when an NRI sells their house in India and withdraws their accumulated equity in rupees, that money is also subject to capital gains tax. In this case, however, there’s a cap at Rs 100 lakhs ($150k). Once that amount has been reached, no other capital gains taxes apply.
Inheriting gold bars as an NRI can also be taxable; if the person who died owned over $10 million worth of assets in the United States alone when they passed away (excluding real estate) then some of their assets will be subject to Inheritance Tax. If the value of their NRIs falls below $10 million before death however then nothing will be taxed upon their passing into another life.
What about gifting?
While inherited gold bars or exchanged silver coins and platinum bars are considered part of a person’s taxable estate and may face capital gain tax when sold or exchanged into paper currency (gold ETFs do not incur capital gains), gifted precious metals are not taxed! This means that if you give someone precious metals as a gift while you’re still alive and they accept it without any conditions attached such as paying back later with interest than your good deed goes entirely unrewarded by the government; it’s even better than donating to charity!
What size Gold Bar should I buy to store in my home safely, for investment purposes?
Gold bars are measured in units of weight, usually grams (g) or troy ounces (ozt), and their sizes range from the minuscule to the gigantic. The main choice you’ll need to make when deciding on a specific gold bar for sale is determining how much money you want to spend and how convenient you want it to be to store.
A larger gold bar makes for an easier and more affordable investment: it’s obviously cheaper per ounce, but it’s also cheaper per square inch of storage space. For example, a 100-gram 1 ozt gold bar costs $732 at time of publication, or $732 / 28.35 grams = $26.45 per gram. A 100-gram 10 ozt gold bar costs $996 at time of publication, or $996 / 293 grams = $3.99 per gram.*
Though they’re sometimes called “pucks” by dealers who are trying to sell them less actively than coins—an incorrect colloquialism that we won’t use here, as we’re not trying to sell anything—the latter is often more desirable for investors who intend on holding onto their gold for a long period of time: rather than being sold in small portions over months or even years, a large gold bar can be sold at once if and when the investor needs cash flow quickly in place of spending years tracking down buyers one by one (which would be necessary with numerous smaller bars). But large bars also have some downsides: they’re harder to transport because they take up much more space in transport vehicles; they’re harder to hide if you don’t want other people knowing that you own precious metals; and there’s no guarantee that your local pawnshop will buy them back from you when you need cash flow quickly.*
A smaller-sized gold bar has its advantages as well: rather than having part of your investment locked into an object that requires extra preparation whenever you wish to move it (and possibly keep
Gold bars are usually easy to trace.
Gold, the precious metal that has long been heralded for its stability in times of crisis and its luxurious appeal in times of wealth, is also highly valued for a rather unique property: it’s easy to trace. The serial numbers on each bar are registered with organizations like the London Gold Fixing Company and are easily accessible online. This means that if you’re concerned about being robbed after purchasing gold (or any other precious metal), then you can rest assured knowing that your purchase is as easily traceable as any other commodity.
If you want to make sure your gold is insured, most sellers will offer insurance packages at an additional cost. However, if you’re buying from a private seller or through an auction site like eBay, insurance may not be offered.*