Red Alert: Hong Kong Experiences Fake Gold Scam - Passes Acid Test

[Dethreid]

this is the only issue I have with using gold and silver as currency, it is so easy to use fake gold on cashiers who are not going to have time to acid test coins.

[Hendo1974]

FAKE GOLD SCAM IN CHINA-HONG KONG!

[steelhorses2004]

He said 50% pure gold - 12k. I know paladium can pass a gold acid test. Maybe that's part of the "alloy" he talking about. Wonder if a GXL Pro can detect it?

[JesseVVJames]

One solution for high end jewelers could be to cut out the middle men and buy gold directly from established gold mining companies. In addition to that they could smelt their own gold then advertise to the public how they do this so as to gain the confidence of the public.

[mrearlygold]

CNN doesn't pass the smell test no matter how much perfume you put on it.

Interesting because in Asia, the majority of gold sales is in the form of 22K and 24K. For the tourists from europe it's 18K and nobody can be bothered with 14K as it's considered a rip off.

So the difference is in the US, jewelers have NOT benefited from higher gold prices as the announcer claims but in Asia they may. I will ask some relatives tonight and see what they say about that.