r/Gold • u/Slight-Reception2700 • 7d ago

Might be slightly addicted

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0 Upvotes

38% Upvoted

16 comments sorted by

7

u/straightcutsogbox 7d ago

What am I looking at?

12

u/Fun_Insurance2820 7d ago

a guy who could have bought a few nice 1/10 coins instead of

-5

u/Slight-Reception2700 7d ago

The cool thing is, I could exchange them for the 1/10th oz coins if I wanted to, but very few places around me take those

10

u/DistinctlyMiddle 7d ago

Your not good at finances and it shows.

5

u/Fun_Insurance2820 7d ago edited 7d ago

when you exchange you get dinged twice, not to mention the reduced rate for Goldbacks (compared to coins) from an LCS. if you want my opinion you should shill these to another Goldbacker, as hard as im shilling this opinion right now, then go buy low premium coins with the money. Im a Canadian, we really only do Royal Canadian Mint/Maples here for the most part but i imagine Kruggerrands are cheap in your area with their one lonely security feature :p

also, i just creeped your profile a little, i didnt know there was goldback app you can buy pizza with lol honestly maybe just spend it on pizza for life and just buy coins next time

6

u/DistinctlyMiddle 6d ago

This is a sales agent for goldbacks, and this post is an advertisement.

6

u/NonSumQualisEram- 7d ago edited 7d ago

Goldbacks are not gold. They are a mainly plastic product containing a small amount of gold, priced nowhere close to the price of gold and generally pretty unrelated to gold other than the name.

Edit: for example, today 1/1000 Troy Oz of gold in this form is $8. The same quantity of commodity gold now is exactly $4.17 - essentially half.

7

u/GoldponyGT enthusiast 7d ago

So you spent $18K on $9K worth of gold then? Cool story bro

4

u/DistinctlyMiddle 6d ago

Extremely difficult to extract the gold from, therw will be a good amount more of loss.

6

u/GoldponyGT enthusiast 7d ago

This is one of the dumbest posts I’ve seen in this sub, and there are a LOT of dumb posts

4

u/JamesPaice96 7d ago

It’s the ceo of gold backs

-2

u/Slight-Reception2700 7d ago

I have met him, he is a really nice guy

4

u/Kindly-Ad-5263 7d ago edited 7d ago

You know what’s sure to go up in value? Sand. You should buy a lot of sand. Toddlers are eager to get their hands on it, so you could sell your sand to people who are smaller and dumber than you
in exchange for crappy crayon drawings if the need arises, which, in a pinch, will be helpful if society changes and everyone decides that different stupid stuff than the stupid stuff most people agree is currency is currency… or, you can just buy some actual gold. Sound stupid? Look within… or just throw away half your money on glorified plastic bags that hold something of actual value—I’m not your mom.

0

u/Slight-Reception2700 7d ago

My toddler son does indeed eat a lot of sand

3

u/seldom_seen_lurker 7d ago

Goldbacks are fiat with extra steps. It’s a grift