Perth Mint and WA Police Team Up Against Sophisticated Gold Scams Amid Soaring Prices

April 30, 2025 01:10 PM AEST | By Team Kalkine Media

Perth Mint and WA Police Team Up Against Sophisticated Gold Scams Amid Soaring Prices — Image source: Shutterstock

Surge in Sophisticated Scams

Criminals are exploiting the booming demand for precious metals by circulating fake gold bars and coins that mimic authentic Perth Mint products. These counterfeits are not only deceiving in appearance but are often packaged with replica markings and branding that mirror genuine articles. This wave of fraud has prompted swift action by state authorities.

WA Police, in collaboration with Perth Mint, are actively investigating incidents involving fake gold and taking enforcement actions against the perpetrators. At the same time, efforts are being ramped up to raise public awareness, as many unsuspecting buyers continue to be lured into these scams via online platforms like eBay and Facebook Marketplace.

Government Issues Consumer Advisory

WA Police Minister Reece Whitby emphasized the rising sophistication of these scams. He noted that while law enforcement continues to crack down on counterfeit operations, prevention through education is equally vital. “Criminals are becoming increasingly sophisticated in how they deceive people,” Mr Whitby remarked, urging consumers to remain vigilant.

WA Mines and Petroleum Minister David Michael also highlighted the severity of the situation. Victims of these scams often only realise they’ve been duped when they bring their purchases to Perth Mint for verification. Mr Michael strongly advised buyers to only obtain gold from reputable and authorised sources to safeguard their investments.

“These fakes are often highly sophisticated, and the result can be devastating,” said Mr Michael. “If a deal seems too good to be true, it probably is.”

A Wake-Up Call for Investors

This development serves as a crucial reminder for those investing in physical gold, especially as interest in alternative assets grows amid fluctuating markets. Those seeking returns from reliable avenues might consider exploring opportunities in ASX dividend stocks for consistent income or keep track of market trends via the ASX200 index for broader exposure.

With the gold market thriving, investors must remain cautious and informed to avoid falling into traps laid by increasingly tech-savvy scammers. The joint vigilance of WA authorities and Perth Mint is an important step in ensuring the integrity of Australia’s precious metals market.

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