If a gold deal sounds too good to be true, it almost certainly is.
As gold reaches the record price of more than $5300 an ounce, the Perth Mint and WA Police are warning buyers of an increase in counterfeit gold.
Fake gold bars and coins are being sold on a number of online platforms like eBay and Facebook Marketplace, falsely bearing the Perth Mint branding and packaging.
The scams include fake products made from copper and zinc that are then gold plated, and dodgy marketing schemes in which people bidding for gold find themselves unable to retrieve their funds.
Some of the schemes are so sophisticated that the Perth Mint has received dozens of inquiries seeking advice on whether the gold is legitimate.
The simplest way to ensure what's for sale is real gold is to buy from the mint or one of its reputable dealers.
Mines and Petroleum Minister David Michael said the Perth Mint played a valuable role in maintaining the integrity of the Australian gold industry and worked closely with the authority in the international precious metals market, the London Bullion Market Association.
"If you're planning to purchase gold, please be alert and ensure you buy it through credible channels," Mr Michael told reporters on Sunday.
WA Police acting Commander Steve Post said a dedicated team of investigators, called the gold-stealing detection unit, or gold squad, were involved in all investigations probing the stealing, fraudulent use and processing of gold.
He warned that gold, in all its forms, could be part of organised criminal activity and pleaded with people to be "very, very vigilant" when buying the precious metal.
"If it does seem to be too good to be true, then it probably is," Mr Post said.
