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. – Without exception, we test all of the product leaving the Mint to ensure that all gold bullion products (coins, wafers and bars) we produce and sell are at least 99.99% pure. – Counterfeiting of Royal Canadian Mint bullion products is extremely rare and this is an isolated case. According to the statement, the mint tests all of its gold products to ensure 99.99 per cent purity. Private gold mints have been faster to respond to fake Chinese gold bars by adding cutting edge technological applications to many of their products, like Sunshine Minting’s MintMark SI technology. AJ Goodman told CTVNews.ca that the “vast majority” of bullion sold to clients is sourced from the Mint, but other suppliers are used in “limited instances.”. Subscribe to RT newsletter to get stories the mainstream media won’t tell you. The one-ounce piece of gold was sealed and marked with proper mint stamps. 14231 N. 7th Street, Suite B7, Phoenix, Arizona 85022, © ITM Trading 1995-2018 | All rights Reserved. The seller is “diamondsaplenty-6″ and is located in Suffolk, Virginia. “Counterfeiting of Royal Canadian Mint bullion products is extremely rare and this is an isolated case,” the mint’s statement continued. Mint-branded gold bar sold at an RBC branch have raised unfounded speculation as to the origins of the counterfeit and the purity or Royal Canadian Mint bullion products. The mint complained that news of the fraudulent sale has “raised unfounded speculation as to the origins of the counterfeit and the purity of Royal Canadian Mint bullion products.”. Investors typically look to gold as a safe-haven to hedge against risk and volatility. The Royal Canadian Mint has launched an investigation into the sale of a gold wafer that turned to be a fake. The wafer was hard to roll, snapped instead of being easily bent and failed an acid test. “We take suspicion of counterfeit seriously and work with law enforcement to support their investigations.”. RBC has reportedly taken the wafer back and returned it to the mint for internal testing. – RBC has confirmed that the bar it sold to its customer did not come from the Royal Canadian Mint and it continues to investigate the matter with our support. Tang purchased the bar from a Royal Bank of Canada branch across the street from his shop and tested it for purity. The Bullion DNA Program from the Royal Canadian Mint allows authorized bullion dealers to authenticate gold and silver Royal Canadian Maple Leaf coins directly with the mint. Save my name, email, and website in this browser for the next time I comment. commercial fishers for alleged damages, PM urges COVID-19 action: Federal resources not 'unlimited', Major police operation underway near Ubisoft in Montreal, Ford says he 'won't hesitate' to implement another lockdown, Ontario lowers thresholds for COVID-19 framework, moves several regions to 'red zone', Police operation underway near Ubisoft headquarters in Montreal's Mile End neighbourhood, No more 'asking nicely': Health experts call for strict measures to stop second wave, Extending winter break to curb COVID-19 spread not a fail-safe, expert warns, Trump, stewing over election, to deliver remarks on vaccine, 'Heading in the wrong direction': Sask. The bank refunded Samuel Tang the $1,680 purchase price. “It was way too hard to be gold,” he told CTVNews.ca. Recently, a Gold bar allegedly “certified by the Royal Canadian Mint” was exposed as a fake. On October 18, Ottawa jeweler Samuel Tang purchased a wafer, which was supposed to be 99.99 percent pure gold from the Royal Bank of Canada (RBC) branch located across the street from his shop. Tracking every case of COVID-19 in Canada, Tesla's Elon Musk tests positive -- and negative -- for virus, Alex Trebek's wife pays tribute with heartfelt message and photo from their wedding day, Nurse sends loving message to his family hours before losing his life to COVID-19, Pattie Lovett-Reid: More consumers checking credit report amid pandemic, survey finds, Extra income support for hard-hit workers may not stick around post-pandemic, PM says, Long-awaited one-time disability payment to be distributed Friday, Early figures for new aid and EI provide glimpse of how post-CERB supports to be used. Tests carried out by the jeweler apparently revealed the small bar contained no gold. The one-ounce piece of gold was sealed and marked with proper mint stamps. While the problem of Chinese counterfeiting is real, it is not new. The photo of all counterfeit bars were wired to NCIC[Doug Davis], Perth Mint Australia and Pamp Suisse Switzerland. The weight was spot on,” he said. Amid fears about North Korea and a market correction, how much gold should you hold? Royal Canadian Mint-stamped gold wafer appears to be fake The bar was stamped with the Royal Canadian Mint's insignia, and the packaging it came in also bore the mint's name. “The bar that came from that package is a piece of junk. OTTAWA, ONTARIO – October 31, 2017 – Recent news reports of a counterfeit 1oz. Snowflake photographer designs new $20 coin for Royal Canadian Mint, Top CEOs largely silent on Trump election denial, for now, U.S. stocks open higher, are headed for another weekly gain, 'Time is running out': Restaurants hang by a thread during second wave, G20 agrees on framework for more debt relief amid COVID-19, Trump bans U.S. investment in Chinese military-linked firms, First Nation to launch lawsuits against N.S. . The bar was purchased at the RBC branch at the corner of Bank Street and First Avenue for $1,680 on Oct. 18, by Samuel Tang, a gemologist and jewelry designer at the Joy Creations shop across the street. This has some Precious Metal bloggers worried Gold bars, no matter the age or where they were purchased, is suspect. He immediately realized something was wrong when he started working with the metal. “Even if they wanted to handle it quietly, they went about it the wrong way,” he said. This website uses cookies. He said nothing about the blister packaging it came in, or general appearance, suggested the bar was anything besides the genuine article. Initially, holding it in my hand, I was fooled. This is an issue we take very seriously here at APMEX. By Lynette Zang. All rights reserved. Samuel Tang purchased what he thought was a one-ounce bar of 99.9999% pure, Royal Canadian Mint gold from a Royal Bank branch Questions about the fake bar's origins aside, a more immediate concerns is that, just like in 2012, if there is one fake bar, there are likely many more. The Royal Canadian Mint has the Royal Canadian Mounted Police ensuring its gold coins, and gold bars also never get counterfeited successfully. 5 in a Package. “Think how many people purchase gold bars as investment pieces . Tang contacted the media after both the mint and RBC refused to take back the fake gold. He later added that, “a number of errors in the design and packaging of the wafer” confirmed the product’s inauthenticity, as well as the fact that it did not originate at the Mint. #Swiss sewers hold $1.8mn in #goldhttps://t.co/tKtnvBvZ4kpic.twitter.com/9xVMCZ3qG3. Customers can remain confident in the purity of Mint bullion products, which is governed by rigorous production standards reinforced by strict protocols applied at every level of refinery and minting operations. The Mint is therefore issuing this statement to clarify the facts surrounding this matter, specifically: – The Mint did not manufacture, ship or sell the above-mentioned product. “Visually, it was spot on. PLATINUM, STORAGE & SAFETY.... Q&A with... OFF SHORE VAULTS, WHO SETS COLLECTIBLE VALUES, ... BUY RAW LAND, IRAs AND 401Ks... Q&A with Ly... Part II EXPERTS SOUND THE WARNING BELL: Is Your... FED PREDICTS SEVERE DROP: [Pt-1] Stocks & Real Estate, PLATINUM, STORAGE & SAFETY.... Q&A with Lynette Zang, OFF SHORE VAULTS, WHO SETS COLLECTIBLE VALUES, COPPER... Q&A with Lynette Zang and Eric Griffin, BUY RAW LAND, IRAs AND 401Ks... Q&A with Lynette Zang, Part II EXPERTS SOUND THE WARNING BELL: Is Your Retirement at Risk? 'Faster & cheaper': #GoldmanSachs prefers gold to #bitcoinhttps://t.co/BUSVxvnOpCpic.twitter.com/9IFVTY8rQo. Required fields are marked *. Buying gold coins or bars that were minted at a trusted facility can help eliminate many concerns. The U.S. Mint is a gold standard, if you will, for producing legal-tender coins. Goodman said RBC has “reached a resolution” with the buyer, and called the incident an “unfortunate situation.” He declined to comment further as the matter is “with law enforcement for further investigation.”. The news channel took the same wafer to one of the Ottawa buyers of precious metals, who confirmed that it is a fake. STERLING SILVER, PAPER GOLD MARKET, GOVERNMENT CRYTPO… Q&A with Lynette Zang and Eric Griffin, FOOD SUPPLY IN BIG TROUBLE: Overnight You Could Go Hungry Shad Sullivan and Lynette Zang Talk, WHY LEAVE THE STOCK MARKET NOW… Q&A with Lynette Zang. In addition, our world-class assay (or gold testing) laboratory certifies that all gold bullion delivered to customers meets its stated purity (99.99% or 99.999%).

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