{"id":112741,"date":"2019-08-28T19:45:04","date_gmt":"2019-08-29T02:45:04","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=112741"},"modified":"2026-04-16T16:13:14","modified_gmt":"2026-04-16T15:13:14","slug":"gold-forgery-crisis-need-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/gold-forgery-crisis-need-bitcoin\/","title":{"rendered":"Gold forgery crisis demonstrates the need for Bitcoin"},"content":{"rendered":"

A forgery crisis is disrupting the global gold industry,\u00a0reported<\/a> Reuters, emphasizing the need for an easily verifiable store of value\u2014like Bitcoin<\/a>.<\/p>\n

Forgeries slip into the gold supply<\/h2>\n

Gold bar forgeries are seeping into the vaults of the world\u2019s largest financial institutions. Unlike \u2018fake\u2019 gold bars, which are made with cheaper metals plated with gold, these forgeries are made with pure gold and instead pirate the branding of bars from reputable mints.<\/p>\n

These counterfeit bars allow gold from conflict zones and sanctioned countries, such as Iran<\/a> and North Korea<\/a>, to trade at the premium of \u2018clean\u2019 gold. Nevertheless, corporations that come into possession of these forgeries inadvertently risk breaking money laundering and anti-terrorist financing laws. Richard Hayes, CEO of Australia-based Perth Mint said<\/a>:<\/p>\n

\u201cIt\u2019s a wonderful way of laundering conflict gold. The gold is genuine, but it\u2019s not ethically sourced… They look completely genuine, they assay correctly, and they weigh correctly as well.”<\/p><\/blockquote>\n

Experts approached<\/a> by Reuters estimated that several thousand of these bars have been discovered so far, worth anywhere between $100\u2013$300 million. However, the total number of undetected bars is much higher. There are \u201cway, way, way more still in circulation,\u201d said<\/a> Michael Mesaric, chief executive of gold refinery Valcambi.<\/p>\n

High verification costs are problematic<\/h2>\n

Facilities that find a tainted bar are compelled to audit the entire vault\u2019s reserves. These audits are another expense on the already high transportation, insurance, and security costs associated with precious metals.<\/p>\n

\u201cThis is such a big problem because it's very costly to reverify gold at each step, so gold relies on a trusted supply chain. Now the integrity of the supply chain is in question,\u201d said<\/a> Nic Carter, co-founder of blockchain analytics firm Coin Metrics<\/a>.<\/p><\/blockquote>\n

Because of these high verification costs, the gold ecosystem tends to centralize. This can lead to undesirable outcomes, argued Carter.<\/p>\n

Systems with high costs of verification tend to have \u201cwalled gardens,\u201d like the London Bullion Market gold. Only large institutional players are allowed to participate in these marketplaces, giving them favorable treatment over end-purchasers.<\/p>\n

Average people screwed by gold<\/h2>\n

Meanwhile, the average person is only able to participate after several rounds of markups and middle-men. For physical bullion, it\u2019s even worse.<\/p>\n

An average person is easily at a 10 percent loss<\/a> right from the point of purchase for gold bullion. This friction is a large contributing factor as to why physical gold tends to accumulate in financial institutions.<\/p>\n

It's necessary for central banks and financial institutions to hold and settle the underlying metal on behalf of participants. This setup exposes gold holders to additional risks\u2014such as government confiscation.<\/p>\n

The most notable example occurred in the United States in 1933. President Franklin D. Roosevelt\u2019s Executive Order 6102<\/a> made it illegal to hoard gold coins, bullion, and certificates in the U.S. Tons of gold were coercively \u2018bought-back\u2019 from the public. The reasoning behind the order? To allow the Federal Reserve to increase the money supply (when the U.S. dollar was still on the gold standard<\/a>) in an attempt to dampen the Great Depression.<\/p>\n

Bitcoin as a superior alternative<\/h2>\n

Instead of gold, there is a strong argument for Bitcoin as a cost-effective store-of-value.<\/p>\n

Verifying the authenticity of a Bitcoin is simple by design. The blockchain organically tracks the origin of anyone's coin. Anybody can participate in Bitcoin\u2019s open and permissionless network\u2014from mining, to node operation, to sending and receiving transactions.<\/p>\n

As Nic Carter argued succinctly in an April essay<\/a>:<\/p>\n

\u201cBitcoin provides auditability guarantees that are incomparably better than those provided by gold, doing away with the need for a trusted supply chain, costly overhead for storage, or costly inbound verification.\u201d<\/p><\/blockquote>\n

Through Bitcoin\u2019s use of cryptography, \u201cfaking\u201d a coin is near-impossible. The equivalent, double-spending coins, would require billions<\/a> of dollars in computer equipment to conduct a costly 51% attack<\/a>. Alternatively, someone could create a provably non-Bitcoin fork\u2014like Bitcoin Cash<\/a> or Bitcoin SV<\/a>\u2014and attempt to manipulate public opinion<\/a> to have it adopted as the \u201creal\u201d Bitcoin.<\/p>\n

From the network side, for just $10 a month a person could run a Bitcoin full node<\/a> to verify the authenticity of coins and transactions. Moreover, those who do not adhere to the network\u2019s rules are automatically excluded without the need for a centralized regulator.<\/p>\n

\u201cNodes will not propagate transactions and blocks which break the rules. In fact, nodes will disconnect and ban peers which are sending invalid transactions and blocks,\u201d stated<\/a> developer and renowned Bitcoin advocate Pierre Rochard.<\/p><\/blockquote>\n

In contrast, obtaining the equipment needed to detect the gold forgeries described earlier would cost, at the very least, thousands of dollars.<\/p>\n

One anonymous guerilla-activist<\/a> summarized Bitcoin's advantage best.<\/p>\n

\u201cBitcoin is an impenetrable fortress of validation.\u201d<\/p><\/blockquote>\n

Questions around fungibility<\/h2>\n

One question that still remains around both gold and Bitcoin are issues of fungibility<\/i>\u2014the equivalence in value between units.<\/p>\n

Tainted gold is not fungible (not equivalent in value) with \u2018clean,\u2019 verified gold. Bitcoin has similar issues.<\/p>\n

Because Bitcoin is cryptographically traceable on the blockchain each coin can carry a unique history. These histories may involve hacks or criminal activity, potentially diminishing the value of tainted coins. The magnitude of this discount depends on how heavily law enforcement chooses to police fiat on and off-ramps, like exchanges.<\/p>\n

But methods for laundering Bitcoin are also becoming more sophisticated. Through the use of coin mixers<\/a>, or by purchasing mining equipment to obtain virgin BTC, criminals and tax evaders<\/a> can obfuscate the origin of their coins.<\/p>\n

These coins then re-enter circulation. As a result, by merely purchasing coins off an exchange an investor could inadvertently interact with illicit funds. And, potentially be in violation of a slew of anti-money laundering laws.<\/p>\n

How will institutions respond?<\/h2>\n

JP Morgan\u2019s response to the gold situation could foreshadow what may happen next in Bitcoin. The institution simply stopped purchasing gold from Asian refineries, except for a closely-monitored handful.<\/p>\n

Now, if Binance<\/a> or Coinbase<\/a> were found to be dealing in tainted BTC would large financial institutions stop doing business with them? How regulators will treat exchanges and users when it comes to the origin of purchased Bitcoin is a question that demands an answer.<\/p>\n

The debate around fungibility and provenance also raises questions about base-layer privacy. Now, with privacy-coins such as Monero<\/a> and Zcash<\/a>, cryptocurrency users can make transactions near-impossible to trace. How authorities will reconcile these powers against current laws is still highly uncertain.<\/p>\n

Bitcoin has value<\/h2>\n

Like gold, Bitcoin provides measurable utility both as a method of settlement<\/a> and as a store-of-value<\/a>. Like gold, Bitcoin can aid people in \u201copting-out<\/a>\u201d of the traditional financial system and can even allow citizens to\u00a0subvert a country's monetary controls<\/a>.<\/p>\n

These features are part of Bitcoin\u2019s core value proposition\u2014it cannot be controlled, whether it\u2019s used for lawful or unlawful purposes.<\/p>\n

This will bring Bitcoin under intense government scrutiny, especially as governments\u00a0realize the risks<\/a> it poses to the financial system. Fortunately for hodlers, stopping<\/a> a distributed and permissionless system at the scale of Bitcoin\u2019s is a futile<\/a> endeavor<\/a>.<\/p>\n

As for fake gold bars, maybe blockchain could even solve that problem<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A forgery crisis is disrupting the global gold industry,\u00a0reported Reuters, emphasizing the need for an easily verifiable store of value\u2014like Bitcoin. Forgeries slip into the gold supply Gold bar forgeries are seeping into the vaults of the world\u2019s largest financial institutions. Unlike \u2018fake\u2019 gold bars, which are made with cheaper metals plated with gold, these […]<\/p>\n","protected":false},"author":29,"featured_media":90665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,120,61045],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nGold forgery crisis demonstrates the need for Bitcoin<\/title>\n<meta name=\"description\" content=\"A forgery crisis is disrupting the global gold industry emphasizing the need for an easily verifiable store of value\u2014like Bitcoin.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/gold-forgery-crisis-need-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold forgery crisis demonstrates the need for Bitcoin\" \/>\n<meta property=\"og:description\" content=\"A forgery crisis is disrupting the global gold industry emphasizing the need for an easily verifiable store of value\u2014like Bitcoin.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/gold-forgery-crisis-need-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-29T02:45:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-16T15:13:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/10\/bitcoin-gold-standard-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mitchell Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gold forgery crisis demonstrates the need for Bitcoin\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mitchell Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/gold-forgery-crisis-need-bitcoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/gold-forgery-crisis-need-bitcoin\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#person\",\"name\":\"Mitchell Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"caption\":\"Mitchell Moos\"},\"jobTitle\":\"Contributing Analyst\",\"description\":\"Mitchell is a software enthusiast and entrepreneur. 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