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Alleged fake gold seller arrested

Ontario police have made an arrest after investigating counterfeit gold bars being sold online.
Alleged fake gold seller arrested Alleged fake gold seller arrested Alleged fake gold seller arrested Alleged fake gold seller arrested Alleged fake gold seller arrested

Real deal: gold bars from the Perth Mint

Staff reporter

A 49-year-old Barrie man was arrested and charged last week with fraud under C$5,000 (US$4,000) after allegedly posting an ad online to sell a 1oz gold bar.

Police said a buyer had purchased what he believed was a 1oz Royal Canadian Mint gold bar in December for C$1,200 (US$963) but became suspicious the next day and had the bar tested, which verified it was counterfeit.

After unsuccessfully trying to reach the seller, the buyer contacted police.

The 49-year-old is due to appear in a Barrie Court of Justice in February.

The gold price hit a four-month high on Friday and has continued to push higher, reaching US$1,340.90/oz on the spot market earlier today.

The price is nearing the one-year high of $1,348.60 reached in early September.

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