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It is well established that gold cannot be cloned (or transfigurated) permanently and that Goblins can easily detect all forms of counterfeit money. However, it seems that nothing would stop a wizard from transfiguring a bunch of 100 dollar notes and using them to buy a few gold bars. Goblins don't seem to mind "Muggle" gold and it's not like they could tell it was obtained illegally.

So, is there anything in the Harry Potter books or films which mentions why wizards couldn't do this?

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    "There is legislation about what you can conjure and what you can't." –JKR. These books are written for ---kids--- mass-consumption. Do you really expect JKR to start talking about fiduciaries in them? – Mazura Jun 17 '16 at 21:18
  • @Valorum it's illegal to duplicate gold, but plenty of people still try (and fail to fool the Goblins). – JonathanReez Supports Monica Jun 17 '16 at 21:24
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    The dupe suggests that it's illegal. Given the the consequences of crime in the wizarding world seem to be imprisonment and torture, that would act as a strong deterrent. – Valorum Jun 17 '16 at 21:30
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    If you buy gold with what is later discovered to be counterfeit money, the authorities and such will come for you. – RedCaio Jun 17 '16 at 22:59
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A possible answer - Ron states food is one of the 5 exceptions to Gamp's Law of Elemental Transfiguration while in ROR during DH. To my knowledge the other 4 aren't known. Muggle Money could be one of them.

It's an answer which logically would make sense and doesn't contradict anything from the book, but also one which I doubt is the true reason it doesn't happen.

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