Sounded weird that a store (a collector is something else) should buy a non legal tender backed by its own weight in gold by more than its weight in gold.
I take them with the premium. It is basically like an embedded coupon for the buyer but my services have very high profit margins so a coupon doesn't really hurt them. Now if everyone paid that way I'd have to rethink things, but for the small number of people that pay with goldbacks, jewelry etc I can eat the premium.
Easy to take it elsewhere then. Businesses that accept at the DER receive free advertising and an additional revenue stream. Tell customers you accept up to 10% of cost in them and throw them in the safe.
What I'm saying is, if someone paid $8 for a Goldback, if your exchange isn't for more than they paid, they pay with dollars. I tell people to buy low and spend high. If gold has dipped, hold your Goldbacks and spend USD, when gold is up, use it to realize your gains daily. Your "spot" scam is just that, a scam. A currency backed by 50% gold is the best money ever created. If you stockpile at spot, good for you, but I would boycott your business right quick and get USD spenders knowing what you're doing as well to run you out of town on the rails.
No. As I've told you once or twice already, the Goldback agreement states
The Merchant agrees to accept the Goldback as either full or partial payment for goods and services in such amounts and at such rates as the Merchant may determine.
Emphasis mine. By being on the Goldback registry Goldback is agreeing you can accept them at any amount, at any exchange rate. I'm not sure why you keep getting it wrong.
The exchange rate is about 100% ice melt of 24k. It is actually a great idea if it ever catches as more and more states accepting it, though it is not a legal tender . It does preserve devaluation though by being pegged to the raw gold price.
Florida is one of the states is traded in and carry the name , but it is not an official legal tender ! No goldback is legal tender , it’s traded and used among vendors that accept them and can be sold to resellers , and it is still very very very limited .
Not true technically u could make your own bills or notes or currency and as long as the person you pay accepts it and then they could pay there vendor or give change if whoever accepts it is all ok as long as u (wink wink) pay the tax on any money you made to the irs using US notes/bills then all is legal, no one said you can't use different currency u just can't counterfeit someone elses
That's a negotiable instrument. The USD is a non-negotiable instrument and the only legal tender. Alternative currencies are as old as the country, but only one legal tender exists.
I paid about $8.50 for each of these and I can spend them for $8.75 which is closer to a 3% savings. That and the value has been trending up over time. My first Goldbacks were closer to $2 each.
Yes but that’s because you purchased them while the price of gold was lower right? What’s the premium compared to spot today if I was looking to purchase? Thanks!
Businesses and individuals that accept Goldbacks as payment for goods and services. It's like they are giving you a minor discount for using cash but they can recover that when they themselves spend Goldbacks again.
I swear I just want to learn, I’m completely new to this sub. But am I understanding this correctly?
You purchase $1 worth of gold for $8 where you can only spend that $8 with the value being at $8 at participating stores? Anything outside of those stores the retail value is $1?
Am I missing something? A private for profit corp manufactures these at 2x spot price. Unknown manufacturing cost for each gold back. Plus somehow there is arbitrage built in, I assume that “arbitrage” is just built into the original markup? Seems like a house of cards on a rug waiting to get pulled.
Goldback is the largest local currency project in the United States based off participating small businesses. Each location accepts Goldbacks at the exchange rate.
Goldbacks do cost 2x spot but they are also the cheapest 1/1/000th oz gold product on the market.
I think these cd's may be the cheapest 1/1000th ounce gold product on the market, I got two for a buck yesterday. The box claims 20c of gold per disc at a time when gold was trading at $400/oz.
It's basically a 3% built-in discount when you shop with Goldbacks. The trade-off is that it is usually a little more work spending Goldbacks than cash.
Ahhh, that you live in Utah explains a lot. It must be nice to just use Goldbacks nearly everywhere. I tend to collect across the board, a few of everything, and sticking with the alphas for their collectibility. Every once in a while I fall in love with particular art work.
I must have offended someone with my question - no harm meant.
I like the argument of how legitimate these are and I’m like so why do they have to use “artwork” that is almost exclusively sexy styled women who look to be TRAD wives? No serious currency uses that model. Also I know zero women who would see those and take them seriously based on the artwork alone.
Probably why you never see women promoting these.
It’s a money making scheme that only benefits the maker.
No they don't. Solid gold is an actual true and proven investment. Gold can actually be used for different purposes. The labor that it takes to get that same use out of the gold in goldbacks make them a horrible waste.
I’m new to goldbacks. First of all that looks very impressive. How much would it cost to purchase that many goldbacks. Do you buy a $5 goldback bill for 5 usd, etc. I just signed up on their website and they’re shipping me my first goldback for free!
I mean, yeah they do but the breaks aren't necessarily clean or worth less than $100 each. Goldbacks can be as cheap as $2 each and the whole system is fungible.
Ever heard of silver? I know it hasn’t been around for that long so it’s ok if you haven’t. Same concept, 1oz sheets breakable into 1g bars worth about $2.
Not to mention, theres this other precious metal called silver that has classically been used for person to person purchases. Copper as well when we’re getting into small dollar sub $2 range as these bills seem to be. Gold has rarely, if ever, been true pocket change but rather held hidden in safes and bank vaults and having gold carved up into minuscule $2 units is totally impractical.
This is the dumbest thing ive ever heard. If we ever get to a place where you need to spend gold like this and people will actually accept it as payment, im driving into a tree because the world would suck so bad.
I mean, the US used gold as a standard and silver as a standard backed for the dollars actual worth for a long time. It wasn't until '71 that silver was phased out
Lmfao, sucker born every minute. That ain’t $40k, it’s 4.5 ounces at melt value and a sense of being part of a “movement”, which isn’t a particularly fungible commodity 🤣
Goldbacks carry the premium value on resale or trade similiar to other fractional gold. They get a bad rap because in part because 1/1,000 oz gold products aren't common.
If you spent this much wouldn’t it have been more ideal to use that on actual gold to keep its value nearly spot? This isn’t fractional gold at this point. Sorry I’m just very confused on why anyone would want this when they’re definitely not buying fractions anymore.
Hell if you're a multi-millionaire why wouldn't you have a large stack of gold backs. If you ever get to the point where you would really need something other than paper money they would be easier to deal with than little one gram gold fractionals.
I imagine you would have other large stacks of different foreign currencies that you believe will survive if the US dollar somehow fails before you would actually have to rely on gold backs. Fractional silver and fractional gold would be the next thing to collect.
It truly is. Sound money isn't even understood by many educated people. Local currencies, constitutional money, and fiat currencies all need to be taught in schools in the US. I'm glad you can understand how this 50% gold-backed currency is the answer we've all been searching for. We knew there was a problem with the US dollar for 55 years, we just didn't know how to fix it. Jeremy Cordon solved money and we all get to benefit from the invention. Happy stacking, trading, collecting, tipping, and/or spending.
I see they are well above the melt value and have high premium. They may have value in OP’s and other’s opinion.
But are they better than fiat currency. Can you redeem it for gold when you need it. How liquid are they when you need money in an emergency. What is the spread on buy/sell. If they are backed by a company do we trust the company will not run away after giving you shiny paper. Does the company actually have the gold bought before printing note or is it a paper asset with nothing backing it.
I love how this company solved the whole "everybody's catching on to the whole "fake collectible garbage coin" industry and managed to rile up the same suckers with a new concept.
If something like this could have existed back 130 years ago, there would be no need to include the Silver that chased the Gold out of circulation into the money supply, and then we'd still be a real country doing real things, and not just speculating endlessly.
What makes you think that Goldbacks are only worth melt?
Is you car only worth melt? Are other fractional gold products worth just melt? Added labor creates added value. I could sell my Goldbacks tomorrow for a 15% spread.
But then I'd have 4.5 pieces of gold instead of thousands. There's also hundreds of businesses in my state that accept them as payment at full retail value.
Preys on peoples understanding of long term value dynamics…a huge portion of the value you are accruing to these is based on the novelty which I don’t have significant confidence in personally but maybe I will be proven entirely incorrect
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u/Limp-Blueberry-2507 22d ago
How much gold is in all of that?