Gold should be an important part of a diversified investment portfolio because its price increases in response to events that cause the value of paper investments, such as stocks and bonds, to decline. Although the price of gold can be volatile in the short term, it has always maintained its value over the long term.
Recently, the price of gold in the market fell sharply. So, it is not surprising to see almost every gold shops are filled with long queue of customers to buy gold as an asset.
However, you also need to be wary of some parties who will take the opportunity to sell gold at a cheap price but in fact it is not genuine. The question is, how do we identify whether the gold is genuine or fake?
Here are some some tips that you can refer to to make sure you are not scammed:
1. Test gold with magnets first
Magnets are one of the easiest ways for you to determine whether the gold you are buying is genuine or counterfeit.
If the gold is attached to a magnet, it means the gold is fake. This is because the contents in it have been mixed with other metals, namely iron.
2. Bite the gold not too hard
According to sources, this method is usually done by athletes because every time they get a gold medal, it has become mandatory for them to bite and leave a little dent.
But, you need to remember not to bite it too hard. This is because on real gold, there will be little bite effect and if the effect gets deeper, eating the gold is 24 carats.
3. Scratch gold on the ceramic surface
Many argue that if you scratch gold on a ceramic surface and there is a black mark, it means it is fake gold.
But if there is no such a black line, then you can already breathe a sigh of relief because it confirms genuine gold.
4. Visually test gold
Usually, every gold, regardless of ring, bracelet or chain, will have a fineness reading between 1 to 999 or in carat readings of 10k, 14k, 18k, 22k or 24k.
But beware! Some counterfeit gold is also sometimes stamped with this reading so that it looks like pure gold. So, you need to use a magnifying glass and examine it carefully.
5. Bring it to Ar-Rahnu to confirm the authenticity of the gold
As we all know, Ar-Rahnu is an Islamic pawnshop and is certainly trustworthy.
In fact, they provide the latest gold prices according to readings and grams. With a complete tool to test the authenticity of gold, you can give the gold to them to verify it.
6. Weigh the weight of gold
There are several procedures for measuring the weight and density of gold. One of the first steps for you to make sure the gold you buy is genuine is to measure it using a digital scale.
You can also fill water in a container that has a milliliter (ml) reading and record the amount of water measurement before the gold is soaked.
Then, place the gold in the container using a rope and record the water reading after it is soaked. If the amount before and after is the same i.e. with a reading of 19g/ml, then the gold is genuine.