Bullion Scams

With gold prices hitting record highs of over $5,150 AUD per ounce in 2025 [1.2.5], Australian authorities are warning of a massive surge in sophisticated bullion scams.

Here are the top three scams currently targeting Australians:

1. The "Fool’s Gold" Marketplace Trap

Scammers are flooding social media platforms like Facebook Marketplace and eBay with counterfeit bars.
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• The Scam: Sellers offer 20-gram or one-ounce gold bars at "bargain" prices, often using fake Perth Mint packaging and certificates to look legitimate [1.4.1, 1.4.6].
• The Reality: These bars are often made of copper or gold-plated plastic [1.4.7].
• Warning Sign: If the price is significantly below the current Gold Spot Price, it is almost certainly a fake.

2. High-Profile Celebrity Impersonation

Fraudsters are using AI-generated deepfakes of trusted Australians to promote fake bullion investment platforms.
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• The Scam: Scammers use images of figures like Gina Rinehart, Robert Irwin, and Karl Stefan-ovic to "endorse" gold trading apps that promise 100% monthly returns [1.1.1, 1.1.3].
• The Reality: These are "hydra-like" websites that ASIC shuts down by the hundreds every week. Once you deposit funds, they disappear [1.5.3].
• Warning Sign: No legitimate investment offers "guaranteed" massive returns through social media ads.

3. The GST "Missing Trader" Fraud

A more complex scheme involves criminal syndicates exploiting tax loopholes to sell "investment-grade" gold.
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• The Scam: Criminals buy GST-free bullion, melt it down into "scrap" (which attracts GST), and sell it to refiners while pocketing the tax credit [1.2.1, 1.3.4].
• The Reality: The AFP recently stripped one syndicate of $8.7 million in assets for this type of fraud [1.3.1]. Individual buyers can get caught in the crossfire of ATO investigations if they deal with "shonky" unlicensed dealers [1.2.1].
• Warning Sign: Dealers who cannot provide a valid ABN or are not on the ASIC Investor Alert List [1.1.7].

The Bottom Line: To stay safe, experts advise purchasing only from government-owned entities like the Perth Mint or highly reputable distributors. Checkout moneysmart.gov .au and the investor-alert-list.
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