Why Verification Matters
A 10 oz gold bar represents a significant value (current market price for 10 oz is substantial). Counterfeit bars and scams exist in the market, so verification and buying from trusted sources are important. This article outlines practical steps and references standards set by refiners and the London Bullion Market Association (LBMA) so you can approach purchasing with confidence.
Legitimate bars from major refiners are produced to strict specifications and come with documentation. Understanding what to look for helps you avoid fakes and spot inconsistencies.
Assay Cards and Documentation
Reputable 10 oz bars are accompanied by an assay certificate or card that states weight, purity (e.g., .9999 fine gold), refiner name, and often a serial number that matches the bar. The certificate may be in a tamper-evident package. Keep the certificate and any packaging; they support resale value and insurance claims. If buying on the secondary market, ensure the seller provides all original documentation.
Dimensions and Weight
Refiners publish nominal dimensions and weight for their 10 oz bars. For example, many 10 oz bars are close to 311 grams (10 troy ounces) and have dimensions in the range of 60mm by 31mm by 9mm (exact figures vary by refiner). Use a calibrated scale and a ruler or caliper to check weight and dimensions. Small tolerances are normal; large discrepancies are a red flag.
The U.S. Mint, Royal Mint, and LBMA-accredited refiners provide product specifications. Checking your bar against the refiner's published specs is a basic verification step.
Magnet and Simple Tests
Gold is not magnetic. A strong magnet should not attract a genuine gold bar. If a bar is attracted to a magnet, it is not pure gold. This test does not confirm purity (e.g., a bar could be gold-plated) but can rule out some fakes. Weight and dimension checks complement this: tungsten or other heavy fillers can make a bar the right weight but wrong density or dimensions if you measure carefully.
Dealers and Professional Testing
Purchasing from established dealers who source directly from refiners or authorized distributors reduces the risk of receiving a counterfeit. Dealers stake their reputation on authenticity and typically provide full documentation. When buying from private parties or lesser-known sources, extra caution and, where appropriate, professional testing are warranted.
Professional assay labs can perform non-destructive tests such as X-ray fluorescence (XRF) to verify gold content. The cost is modest relative to the value of a 10 oz bar. Many dealers also offer or recommend authentication services for secondary market purchases.
Red Flags and Counterfeits
Be wary of prices well below market, sellers who refuse to provide documentation, bars with blurry or inconsistent stamps, or pressure to buy quickly. The FTC's jewelry and precious metals guidance covers consumer protection. Sophisticated counterfeits (e.g., gold-clad tungsten) exist; buying from reputable channels and verifying weight, dimensions, and documentation are your first lines of defense. LBMA and refiners publish guidance on security features and authenticity. For more on gold investing and verification, see a gold investing knowledge base.
Sources
London Bullion Market Association (LBMA), Good Delivery and refiners list, authenticity guidance.
Major refiners (PAMP Suisse, Valcambi, Perth Mint, Royal Canadian Mint), product specs and security features.
U.S. Mint, Royal Mint, product specifications for government-backed products.
FTC, guides on jewelry and precious metals.
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