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Fake Gold Coins Flood Chinese Market
   2015-02-13 04:49:28    CRIENGLISH.com      Web Editor: Guo

A gold store in Hubei province launches sales promotion before the Valentine¡¯s Day on February 12, 2015. [Photo: Imagine China]

Reports are suggesting fake gold and silver commemorative coins have been flooding the Chinese market ahead of the "Year of Goat."

CRI's Yu Yang has the details.

 

"Year of Goat" gold coins were officially issued at the end of last year by the People's Bank of China.

However, the official coins sold out very quickly.

But given the obvious popularity of them, a number of groups have been issuing plated coins, but have been marketing them as 'the real thing.'

Zhang Hanqiao is the executive manager of China Gold Coin, one of two commemorative coin issuers approved by China's central bank.

"Last year we received many complaints. Most of them are from the seniors. In some cases, families have been brought to ruin by purchasing fake coins. The fake coin manufacturers and retailers use misleading ads on TV, websites and magazines which specifically target seniors."

Zhang Hanqiao recommends anyone who wants to purchase a commemorative coin first research its authenticity.

"The People's Bank of China has information published on its website about the times, size and types of commemorative coins its put out. This is the first thing you should confirm. Second, people looking for legitimate gold coins should go to PBOC branch offices or companies qualified to sell coins to buy the authentic products."

Gold and silver commemorative coins tend to maintain their value.

The smaller the size of the issue, the more valuable they tend to become.

Li Yang is with Beijing Caibai, China's largest gold and jewelry retailer.

He says investors need to be smart in what they purchase.

"In terms of investment, I suggest people buy gold bars, which are more profitable. But if you're looking for a collector's piece, decorative items such as gold jewelry are better."

While gold sales here in China did slump through this past year with the downturn of the economy, China did surpass India in 2013 as the world's largest consumer of gold products.

For CRI, I'm Yu Yang.

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