dicker

I have only just seen this.
Someone asked about our 1970/1 Saudi gold pound / guinea coins, and I ended up seeing one of your YouTube videos mentioning it, then viewing the other two.

Without being too harsh, I was surprised that you did not spot this as an obvious fake, with 3 or 4 years experience under your belt.
This issue and design are all dated 1370 A.H., which ran from 13th October 1950 to 2nd October 1951; being my usual pedantic self, it is more accurate to call it a 1951 coin rather than a 1950, although 1950/1 is even better.

The later dated coins 1377 A.H. 1957/8 were a different design, and strangely enough I cannot remember having seen or owned one.

Most of the Krause World Coin catalogues contain pages showing Arabic date symbols, calendar conversions, but nowadays you can find all these online. There are also some good websites which show you where to find the date, mint, and other information on Arabic coins (we should add them to ours).
From your video shots, the coin does not look worn, it looks weak, soft and mushy; all good clues to look more closely. I suspect your was cast, although better quality fakes are die-struck.

As numerous people told you, the "22" is also a big cluem and there are many variations on it 22ct, 22K, Mom 22 (I think mom means weight), sometimes the "22" is in Arabic numerals. My belief is that without these marks, it would be illegal to sell such fakes in Arabia, and under Shariah law, who knows which bits might get cut off?

I should say that I was even more surprised that your supplier sent this out as genuine, and I guess can't, or couldn't, tell the difference. In my opinion, this is almost inexcusable from anyone who calls themselves a coin or bullion dealer. However, I am aware that even some reputable and usually reliable bullion dealers sell fake, damaged, or otherwise substandard bullion coins all too often. None of the people we deal with would quibble about exchanging or replacing fake or suspect coins, so I would have been astounded if you had not received a prompt refund. I think it is revealing that your supplier's website is still showing photos of an obvious fake (not "your" coin), more than a year after your incident.
Not only do we receive "bad" coins directly form other dealers, but because we make frequent buy-ins from  collectors, investors, and the general public, we do see  a lot of fakes, mainly gold sovereigns, but other coins too. I try to impress on our staff to ask where people acquired their coins, partly because it maintains our market intelligence.
I usually sleep well, but one thing which sometimes disturbs my sleep is the nightmare thought that we might accidentally supply a fake coin. If or when it happens, one consolation will be that it is a very rare occurrence, whereas for some of our competitors, it is a regular daily activity. Some don't seem to know or care.

Another slightly surprising thing I have noticed is that our Niton XRD results for these coins usually show slightly low gold content, compared with British gold sovereigns, combined with a slightly higher silver content. Here is one example showing two test results:
 

Yesterday, I tested a few more of our Saudi gold coins, but have not yet published the results, because I am waiting for photos of the coins.
A few other facts:
Although these are almost universally called “guineas”, the Arabic word “Gunayh”  means “Saudi Pound”.
Also, you note that the 1950/1 issue was minted in Lahore, Pakistan, but the wording on the coin translates as “Struck in the Holy City of Mekka”.
I hope this helps, even though it is slightly late!

There have been a number of banks putting out buy gold news, with high targets.  

If you want some cracking graphs and an alternative view, this is worth a read!
https://seekingalpha.com/article/4354712-gold-futures-buying-firepower-mounts
Some of the comments at the bottom are highly amusing.....
Best
Dicker

Agreed....has been an interesting few weeks of attacking 1430 and dropping back.  

Agreed....has been an interesting few weeks of attacking 1430 and dropping back.  

oh no $1807

remember
Is a massive short squeeze at hand in the gold market?  One of the greats in the business just warned, “There is no escape for them (the gold shorts).”

I'm beginning to think Wonger has a bet with a colleague; how many clicks he can get on this thread.

I did sell just over 10kg worth of physical gold

Gold price crashed: BUY, BUY, BUY

simple question.
would anyone on this forum have made more money doing what you suggested in march or by doing the complete opposite?

What a thoroughly amusing, entertaining and educational thread.
Every forum needs a Wonger.
I'm hoping he's right in the short term. $1500 would be nice.

Its complete nonsense, the chart above demonstrates a price crash thats been happening since march apparently but the reality of the actual gold price is inverse.

Haha. Didn't you predict a crash 3 months ago, not a $140 gain?

Tick tock since the 24th March and counting

Well I hope it does dip to $400 for at least a week in September 2020 and when all UK dealers have full physical inventories.  We can all back up the truck!
I have somewhat less confidence than our esteemed OP that the above is somehow going to happen.

And Mr Wonger coming back on the forum to explain that Au is doomed.

In my very humble opinion the day to day swings in markets are hard to fathom.
If you are in the market, you do have a better idea (who is dumping gold, delivery issues, futures etc)
For the average investor, a long term view is best...
Dicker

In my very humble opinion the day to day swings in markets are hard to fathom.
If you are in the market, you do have a better idea (who is dumping gold, delivery issues, futures etc)
For the average investor, a long term view is best...
Dicker

Oh still here, good man. I do enjoy you.😜

Welcome back!  Gold has just gone up $14 in the past 24 hours!

This kinda public info anyway dude! 😉👍

So whenever Wongy turns up in the forum, it's a good time to buy on the dip.

Its a funny one. My gold stocks are booming today while Gold had a dip. 🤣

Oh Dear bounced off 1757 again

 
Is a massive short squeeze at hand in the gold market?  One of the greats in the business just warned, “There is no escape for them (the gold shorts).”