The Problem with Goldbacks is...
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- Опубликовано: 9 янв 2022
- Are the Goldbacks a must have for stackers or is it just a novelty item? Do these solve a problem or are they just overpriced gold? We explore all this and more in this video.
I stack silver and gold to hedge against our debt-fueled, fiat currency-based economy that I am convinced is in severe trouble. Consider stacking silver and gold yourself to help you build and preserve wealth. And thank you for watching Campbell’s Coins!
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Topics Discussed: gold as money, goldbacks, cbdc, central bank digital currency, central bank digital currencies, gold, gold stacking, precious metals, goldbacks currency, goldback value, should i buy goldbacks, what are goldbacks, digital currency, coins, coin, gold coin, gold coins, gold bar, goldback, utah goldback, american currency, fiat, gold back currency, gold backed, legal tender, gold backed currency vs fiat, gold stacking for beginners, gold stacking on a budget, gold stacking youtube
#goldback #gold #goldstacking
A few people mentioned their comment was deleted. I'm not sure what is going on with those, I don't delete any comments. Please let me know if your comment was deleted. I'm hoping it is just a glitch with YT. Anyways, thank you as always for your time and discussion -CC
RUclips is having moral issues
RUclips censoring again, nothing new 😂😂🤣🤣😛😛🦀🦀
@@B29p I don't want to even try to imagining that work environment over there. Yikes.
@@CampbellsCoins seriously, I remember reading an article about the environment. I'd be documenting as much as I could to set up a class action lawsuit. Obviously for mental abuse.
Google tends to do that with comments it doesnt like. Especially if you use the K word (K-arens)
QUICK FACT: It's illegal to create other nationwide currencies, but legal at state level, that's why the Goldbacks and others will always have a state name printed in them
Yes, but as the CEO of the company pointed out, he has met merchants who would be willing to accept a goldback from another state. That makes sense because it's still gold and could be legally accepted. The printing of the state name and the legend of not being legal tender, which it isn't anyway, is CYA for legal purposes. So the goldback can and probably will flourish interstate.
I've spent other state Goldbacks in and out of my state. So, as far as the receiver is concerned there is no difference
@@danielbbq Exactly. Gold is still gold when it crosses state lines. Putting state names on the goldbacks is done just to avoid legal issues.
@@TheRealBrownShady You might want to reconsider. They’re proving to be quite valuable…an early set sold for $3,500. Not bad for a $250ish investment.
@@TheRealBrownShady Goldbacks are actually fully-backed by gold. That's worth way more, literally, than "full faith and credit" of the government.
If the premium weren't so steep and on top of that, sales tax applied, Goldbacks would grow in popularity because it takes the currency out of the hands on the Fed.
You paid taxes on your goldbacks?
@@simplybeef8232 depending on your state there's both tax and shipping. If you live in California you have to order over $1500 of precious metals to avoid tax. Florida is $500. Other states vary. Some states don't tax precious metals at all.
@@gomcse I hate taxes...I feel sorry for people with state tax
@@simplybeef8232
Render to Caesar what is Caesar’s.
That being Caesar's worthless fiat currency.
That is quite the hurdle, but once there in circulation that isn't an issue anymore. It just takes someone willing to accept a loss to get these in circulation and popular.
I use them as a way to save money, it's not easy to spend them which means I can actually save money easily.
Like the PS5 at the beginning of its cycle
Same here!
Not a good idea if you are trying to accumulate wealth
@@MarkMphonoman I don't trust banks.
@@MarkMphonoman so what is a good idea if your trying to accumulate wealth
I would accept a Goldback confidently from a stranger, confident that it’s real gold..
A gold coin or bar from a stranger? Not so much. In fact, not at all.
Interesting
I would also accept a GB before a scratched off sliver of a gold coin for that $15.75 purchase.
how about a 2021+ britannia?
Good point
Given enough skill and machinery can't a person mimic this at a fraction of a price?? There are some smart assholes in this world
The claim about them replacing damaged goldbacks is 100% true.
Goldbacks aren't for stacking, they are made to be used.
Exactly.
Seems almost everyone misses that point. Ergonomics, usability, are key factors.
They will definitely build your negotiation, bartering and sales skills. Investing in them will give you good practice!
The gold back is like any other precious metal purchase. Buy low sell high. But the convenience of using a small denomination of gold without trying to shave a portion of a gold bar, just make it more sensible…
@He who must not be named With 1# goldback you can verify its real by looking at it. While with gold coins or bars you need expensive x-ray machine, shavings, chemicals, etc. you could buy a gold coin, hold it for decades only to find it its full of chocolate lmao. So you have to add testing equipment, expertise and risk to the premium of non gold back coins. Also if used in commerce as it should be, the premium is irrelevant because its passed on. enjoy your chocolate coins no premium discount coins on crags list genius. It always funny how arrogant people with limited thinking capacity can be.
@@TheLayawn Nah a ping test comparison against a known acoustic signature of the coin will tell you if it's real, along with the dimensions and weight.
Small denomination? That is what 90% silver is for. Gold is for wealth preservation.
@@PHUCKyoutube689they just want you to join the pyramid goldback scheme lol
Problem solved: It appreciates in value over the LONG term. As long as it keeps on doing that, it's a lot better than state currency.
Is not medicine, food, energy going to more valuable than gold laced paper? Would you honestly trade tour medicine for a piece of paper?
@covered1983
You would. Because I am willing to bet you’d trade your medicine or food NOW for mere Greenbacks if the price was right. Ain’t no way you’re turning down $1k cash for something like antibiotics. So if someone offers the same in Goldbacks, how many fools will turn down that offer in Goldbacks?
@MartinD9999 I would not. As one who believes economy will fall and I need to be able to eat to love, paper is worthless to me. That's just me. Maybe I'm wrong but I won't regret not buying any. I've got medicine for trade if I really need something. There will be more commodities than paper that be valuable. Depends on what people's needs are.
@@covered1983 You realize food and medicine expires right?
IMO. I Understand the Premium and Technology. I have NO Problem with that.
The Problem I have is the constant loss when you buy and use the Goldback. You loose TWICE
Too many prices on the buy and sell from Dealers and retailers makes it not a good investment.
IMO there should be NO denomination.
The Price is Spot ($1,875) x 2 (Premium to Manufacture) / 1000 (Weight)
So a Goldback should be exchanged everywhere at $3.75
The Technology is Amazing and worth every Penny.
Get rid of the "Dealer" and sell direct and 1 buy/sell price only.
Just a thought
Actually, it is Legal in the State of Utah because it is "Sound Money" and we must never forget that the Powers not granted to Federal Government by the Constitution are reserved to the States and the People Therein.
As a stacker you have to stop wrapping your head around the premium. It’s a hedge against inflation and our current fiat currency as we know it. Buying from say APMEX or eBay is stupid. The Goldback can be purchased from many other sources close to if not the exact same as quoted on the Goldback site. The purchase price is pretty much equal to the value of goods it can be exchanged for. If gold goes up so does the purchasing power of the Goldback. Not meant to be an investment in gold or for stacking!
When it comes to a 300+% premium, yeah people should be very concerned. Over regular bullion, I agree. Premium shouldn't factor especially considering money printing and market manipulation.
@@CampbellsCoins it needs to be thought of as a “gift card” backed by gold. One Goldback purchased for $3.70 will get you $3.70 worth of goods. Depending on fluctuation in the price of gold of course. This concept has the potential for a Goldback to yield more purchasing power than fiat currency if we all hold the belief that gold should be valued higher than it is. Again i have never purchased them from a third party on line retailer. They’re a rip off. But who knows. Buy a few hundred in goldbacks today and maybe in a couple of years it may have double it’s purchasing power.
Wheres a good place to buy goldbacks?
@@jasonmorris159 I just ordered a bunch from JM Bullion, $3.87 per.
Finest Known is the best current location. $.50 below premium
I bought some of these, 10 of the $1 New Hampshire series. I did not buy these for “stacking” or to use as trade or barter (well maybe if the economy completely falls apart). I bought them purely as a novelty/collector item, they are something completely new and different and in my opinion “art”. Much like SOME of the colorized coins. Many are gaudy crap that ruined a piece of silver…. But some are actually very nice to look at. That’s how I perceive Goldbacks also.
Me too, isn't old US paper currency worth some big money? It's the artwork and the gold is a bonus.
First and foremost, I honor and respect your opinion. That being said, NFTs exploded in value as an investment in art. If I were to buy Goldbacks, that would be the only reason. As a collectable.
@@jnickence You can refine Goldbacks back into gold if you really wanted to -- not sure NFTs would produce the same desired outcome.
Here's something to think about: In the Constitution of the United States of America (the Supreme Law of the Land), it is written that the States shall make nothing but Gold & silver COIN (as in physical metal) legal tender for transactions & the payment of debts.
Next ask yourself, when did the USA stop using silver to make its coins? When was the dollar taken off the gold standard? What has happened to the value of the dollar since?
Why are they now pushing everyone into "cryptocurrency," which is UNCONSTITUTIONAL by the way, instead of reverting back to gold & silver?
Wont crypto make everyone MORE dependent on or susceptible to things like phones, chargers, internet & electricity blackouts, EMPs (solar flares, etc)? Wont crypto make it easier for hackers & governments to spy on & enslave everyone? When the power goes out or disaster strikes do you really think people are going to choose crypto over gold & silver..? Just food for thought.
THIS is why I have a hard time trusting cryptocurrency. It's completely DIGITAL. Also, it's not decentralized b/c you need a bank account to buy the cryptocurrency from the exchange sites. So the govt/ hackers will have access to your banking information. Also, many of these cryptocurrency exchange sites have been hacked in the past and user data has been compromised. I'll stick with cash.
Can you tell where in the Constitution it says that so I can look that up?
So your argument against cryptocurrency is that it is "unconstitutional" because the "states shall make nothing but gold and silver coin legal tender...". Well the "states" did not create Bitcoin so the states are not in violation of the constituition or any laws. Additionally the anonymous creator of Bitcoin never declared Bitcoin to be legal tender so he/she/it are off the hook.
Amen brother.
Eh, but certain laws can be created at the federal and state level that allows private entities create their own currency. Then the federal and or state governments can recognized those currencies as legal tender. They already have the digital dollar. It is either fiat or something that is recorded on the blockchain. The ones on the blockchain are known as stablecoins. Stablecoins can be backed by whatever at the moment because there isn't regulation on it yet. Even though the federal reserve is private, it is not audited, so I think. The majority of stablecoin issuers are audited either monthly or quarterly by third parties. You can actually spend these stablecoins right now using the coinbase card.
the main point of having goldbacks, regardless of the price difference, is to have another purchase option in the event of an emergnecy when people will not accept dollars.
This is sound, solid, no bank fees. The bankers can't fuck with it.
Your Cons don't scare me. I like goldbacks. They look cool and no one is going to handle it enough to damage it. Everyone I show would rather have those than coins.
Glad you like them!
If they would make them "stateless", they'd be in jail by now.
Yup
Nope.
Gold is gold. And is legal tender anywhere...regardless of what you write on the gold. Gold is gold.
@@SouthernFryd It's illegal to make your own USD currency. That was the point. Hence they have to be registered and can't be 'stateless'. It's the difference between a gold coin, and a 'round'. A round has no USD value on it.
They have a premium- silver coin has a premium? When gold hits 10,000 an ounce this is the only gold most could afford? Even now most of us can’t afford gold! Yes they are a bit of a novelty but it’s the only way we could afford to give our grand kids some gold! Remember in 1930 a gold coin was valued around $20 now $1800 so at $3.50- $5.00 maybe they are worth a gallon of gas in 20 years?
I like them and buy them periodically.
Glad you like them!
Ok gonna try this again, really hoping the first time I posted this it wasn't deleted and was just marked as spam or something. I really liked this video and you made some great points. Here is my perspective. I was one of the first if not the first RUclipsr to reach out to Gold Backs when they were new and interviewed the CEO. Here are some salient points he made, which I had covered in the video I first made about Gold Backs that I think addresses some of your concerns;
1. He made the point that these are for activism, to get gold circulating where the public will be exposed to it. He made the point several times that they were intended for spending and not stacking/hoarding. However, it does also give people access to fractional gold with much smaller budgets who cannot afford a gram etc. Noting that, even with gold and silver the smaller, the fraction you get, the higher premium, which is why I always buy dimes (90%) when I can if the same price as other 90%.
2. He noted they used a bill because that is what the public is most conditioned to, thus, they thought it would be most likely to be adopted and accepted by people. I get your point about ware, I actually creased one up and washed it in a washing machine in the first vid I made :D
3. My opinion on Apmex prices Once you make a sale to a company like Apmex, it is impossible to control what they list it for, especially if you are a small company. Apmex will also increase the price of coins as their supply is depleted, I call it dynamic pricing. I don't like that obviously but private companies can do what they see best and the market forces will be the judge.
Anyways, that is my opinion and what the CEO told me when I first interviewed him. Do I think Gold Backs are good for stacking? No.... Do I think they are good to get exposure of gold and silver to the general public and possible get them to become stackers? Or at least possibly support gold and silver legislation? Yes! :D
Final note, I like GB's for GAW's, as it makes it way easier for me to give gold out to more people without the cost of whole grams. I hope that makes sense :D
Good pointers IS 👍🏻🦀
Thanks IS! I'm not sure what happened to your original comment. Another viewer noted their comment was deleted too. I'm not sure what's up, maybe just a glitch with YT. I never knew you made a video on the subject but I heard rumors of someone washing it in the washing machine. Now I know it was you! Haha.
I spoke with Jeremy too and agree with you and the points you mentioned. As for Apmex, I'm only mentioning that as a lesson to viewers to shop around. Thanks for the thoughtful comment and info, it's greatly appreciated! Thanks for watching man!
@@CampbellsCoins the real question is, am I now a money launderer?!?! 😱😱😂🤣🤣😛🦀🦀🦀
@@InternationalStacker Figuratively speaking maybe. Realistically, seems like it, but I don't frown on it like some alphabet bois do.
great points thanks
"Gold Backs" were never intended for "stackers". Their intended purpose is for commerce, as is implicitly stated on their websites. Though not "perfect" my personal opinion is that they are a Good Start ! 😊 but I seriously doubt that they will catch on to the masses. Only a No B.S. Digital P.M. backed and stable "coin" can compete with the currency as it stands today. Again, just my personal opinion...
Yep, I agree! Thanks for watching!
That is why it is heavily applied to spend it in your community so people become more aware of it. Gold is Gold. People always accepted gold.
There are now 4 states that issue their own artwork in the Goldback, there are 14 other states in some form of producing their versions so things are happening. Also, there are 4 other countries issuing their form on the GB. Times are changing.
everyone knows gold is expensive and therefore is valuable.
I still buy coins to stack but I like to look at the Goldbacks like cash. I have money in my savings account, my checking account, and my cash on hand. I never have a lot of cash on hand, but I like to have it at all times just in case. Plus, if gold goes up 10x one day... Goldbacks will be $40 each which is still more spendable than any coin. I've seen too many counterfeits in my day to trust those tiny coins anyway...
The fact that people don't comprehend the value of a silver bar & take the chocolate bar instead is everything that is wrong with this nation.
One of many. Thanks for watching
While I can see your point, I see one feature of the goldbacks that you missed. A goldback looks like money, something that really shouldn't be under estimated when it comes to getting people to view it as such. While most people don't consider metal as money, they do understand gold is valuable on a scale far greater than silver. As a result, I expect the sight of a goldback will likely bridge this gap for most people. I may be wrong, as this is currently untested
That's an excellent point! The design is probably meant to elicit a subconscious connection. Now I want to get a pile of these to test out this theory haha. Thanks for watching!
I bet 10 Goldbacks in front of someone would get you further/more than a gram.
I agree so far on this topic! I buy one of each to collect, but that is about it for now... They are also not a bad gift if you buy in bulk since you can get them much cheaper...
Great point Aloha. Buy in bulk and from the right vendor, it's not as painful.
If I worked in the service industry, I'd take Goldbacks as tips over b.s. fiat paper money any day of the week.
Why don’t all states issue their own goldback currencies and recognize each state’s currency in the form of Goldbacks? The only concern I have about any gold is if the Federal government would make ownership illegal
I wouldn't worry about the government making gold ownership illegal.
Totally agree. I think at the rate they are expanding though they may become more of a medium at least fluid for coin and pawn shops in a decade or so. Biggest problem is definitely the lack of sigma testability. That's an advantage those notes with a gram or smaller bar contained in a small laminated window on it, which can be cut open if desired.
I think the premiums are too high. Another problem is that it's a little confusing to figure out the value especially for someone that has no knowledge of gold and silver.
Agree. Thanks for watching!
The price of gold is widely available on the internet, dividing the price by 1,000 is fairly easy. Once more use happens websites, apps, and other support will become available. When I traveled abroad in Cambodia, Vietnam, Thai, US dollar and American currency where all bought and sold by merchants. Many merchants printed out an exchange rate sign and posted it weekly or daily next to their both. This is a very low tech solution. Computer systems can also be designed to automatically take money. You pay, they punch the money in and then tell you what is left. Yes, a little education is required, but if inflation were to hit, everyone would always be confused as to the right price.
They have the lowest premiums of any fractional gold item.
You get the premium back when you spend them. It's literally a non issue. These are not for stacking in the regular sense, they are for using gold as an item for trade.
Took a lot of educating for people to understand when I gave these as gifts.
I love these, but after that they're not the best currency out there. Not yet, at least!
Hopefully, more people learn about gold! Thanks!
Worthwhile analysis, but I'd say that with regard to the premium to buy (which I also considered), but I see it as no different than going to on store for chips and paying $3.79 a bag, while another store charges $5.29. If I walk the same distance in different directions, I can find such pricing differences. You may be a bit young to remember how much banking USED to cost, and all the while, I was steady complaining that the bank shouldn't get paid to hold my money. As far as I'm concerned, the biggest issue with goldbacks is educating merchants. I look forward to negotiating to buy a used car with gold later this year.
Thanks Marina!
I agree that most of the public is apathetic to precious metals, but receiving a goldback would definitely change that. Especially in the inflationary time we're in. Without a physical option, digital currencies are a control method. Goldbacks will go up in value with inflation while minimizing counter party risks.
Using the one note for tips Is the best way to get them flowing through the economy.
@@LizaJane84 Good idea
I actually give thumbs up to goldback. I believe if a market could freely issue private money (of real value) and market participants would be able to freely use it, there would probably be much more competition in the are of goldnotes and eventually there would probably not be such a high premium. On the other hand, why is there a premium? Because we exchange FIAT money for gold in the first place. If we were actually on real classical gold standard (or I do not know what it is called when actual base currency is made out of gold) there would be no need to exchange FIAT money for gold coins/notes, because we would already be using it. The only instance where I could see paying a high premium would be probably a situation where I would e.g. pan gold or found a nugget and wanted to convert it to actual gold coins/notes of standardized size/weight by selling it to the e.g. mint or private money producer. In that case I can understand, that out of 100g of gold I would be given I dont know 90g of gold coins/notes, 10g would be kept by the mint/private producer for providing me with such a service and that would be his premium. I hope it makes sense.
I only got a few Goldback for collection not investment.. I do think they're very beautiful, premiums are too high to stack them... one thing I do with gold backs that I have for trading.. is I take them camping with me when I'm out in the middle of nowhere... I have traded with other people who are out there doing mushroom Hunt's as well.. ran out creamer one day and paid them into Wyoming goldback for the half of bottle they had and 4 AA batteries 😂... so yeah they do have a good use... I just wish they are closer to spot but I understand that they can't be
I was thinking of using goldbacks as a gift/savings for my two great nieces. My grandparents used to give us silver dollars every year for our birthdays. I wanted to start a new tradition. Is this still as bad product to hold onto for years for them? It's either this or buying them whole life insurance policies.
So I recently purchased gold to have her back up if we ever have economic crash. I just have a feeling that one day when there's no more physical money having any type of gold will be your safety net
The main problem is one 5$ bill is worth far less than five 1$ bills
Forget gold backs. what we need is "private currency" (nontaxable) and "business currency"(taxable) money. There is no "income".
Physically different currency. Public / Private.
Issue with gold coins and bars is ease of carry. A set of gold/silver coins and/or bars. Are not that carriable, for they are bulky and concentrate the large sum of metal that can't be split. The good thing about a gold/silver note is that it's a smaller amount that allows for an ease of exchange. Exchanging a gold or silver coin means you normally have to purchase more or attempt to deduct the leftover value. Be it a 100%, 90%, 40%, etc coin/bar.
A silver dime almost has a much value as a GB. You're telling me a few silver dimes and quarters are not easy to carry around? I don't think you're being too honest here.
@Campbell's Coins does a silver dime or quarter have its value labeled on itself? A silver dime or quarter looks just like any other dime or quarter. Be it 90%, 40%, etc. It does not tell you it's x amount of gold or silver right on the face. Give a silver quarter to anyone they'll give you a value of a quarter. Because that's the value given to it by government. No matter the fact, you can estimate the value to be more. It can only be done by weighing and then examining the coin. Also, any pure gold or silver coin with a label of x purity normally is placed in a coin protector to preserve that value. Just like a gb, yet the volume taken by that protector makes that circular object not as convenient to carry than a flat bill. It's the same reason people would rather carry 1 dollar over 4 quarters. Rather, carry a 5 dollar bill than 5 1 dollar coins. They become inconvenient to carry since it's not a flat object. Because they naturally start stacking horizontally in the pocket. They make noise when walking around.
Is it possible to find out the montage of each bill?
Even small business around NH are using them
Where can i buy a gold back
How do these GBs store? Are they easily wrinkled? They're very pretty
The gold definitely flakes off. I had one in my wallet for a couple months and the gold flakes where it creases. If it can’t hold up as well as a paper dollar that I can keep in my without the value flaking off it’s just a collectors item.
Wow. Not surprised but still disappointing
@Questilquatl Quetzal 2020. And just kept it in my wallet like a regular bill
The dollar also flakes off. It’s called inflation !
@@mekz26 yeah man! Haha!!!
You need a wallet specifically for these bills. They are intriguing.
2:50 It would be a federal crime to make a “stateless” currency because the government would deem it as a competitive currency and that is illegal. So they had no choice but to make them designated for individual states.
" People don't want Gold...they want to eat."....Dave Ramsey
IF you want to do well in life, don't hinge your decisions based on what Dave says. People can walk and chew gum at the same time. They can go down multiple paths. He only views things from an ROR perspective. My firearms have very little ROR in terms of dollars but I sure am glad to have them. I can buy many things with gold, including food.
I like them and collect them...its still gold
Good! I'm glad you like them.
What do you think the premium is on a fiat $500 bill that is printed on a .01 piece of paper?
Relevance to the topic at hand?
@@CampbellsCoins You’re really going to make me spell it out for ya?
You’re concerned about Goldbacks premiums while fiat money has the ultimate premiums, and zero value other than something to start a fire with.
Fiat money’s premium is all wrapped around usability…which is good.
Goldbacks premium is also wrapped around usability, but unlike fiat, it also has a precious metals value.
@@prescotts.3235 You'll notice, I never once advocate for fiat in this video. Which is why I'm confused someone decides to bring up an argument that isn't being discussed. Of course, I would take these over fiat, BUT gold and silver coins can do the same thing as the goldback at a fraction of the premium AND gold and silver coins beat fiat.
Love goldbacks 👍🇺🇸
Nice! Thanks for watching!
Thank You Very very much..I was planning on buying a bunch these.. and after watching your video...I'm all set..I'll buy gold and silver bars instead. What's a stacker?
Thanks for honesty, especially for us who know nothing. Question. If we have some of these and hard times come, will they be worth more?
I don't know if they would be worth more. If it came down to transacting in gold and silver, I think people would view them only in terms of their gold value. If the value of gold goes up, these would too but they won't be worth more than other forms of gold in that type of situation.
Are there any 1/200 oz coins for sale ?
Yeah, it's called silver dimes.
I bought some Wyoming gold backs in rapid city on my way back home from Yellowstone I wasn't too sure about the until I bought some I just got some more in the mail today and ordered more
I own ten from each state I bought with the mindset that maybe one day they will become popular and household names . Right now it’s one hundred percent a gimmick but the tables could turn I think I’ll add one here and there to cover shipping on my orders .
Very nice! Thanks for stopping by!
Good idea just top up an order with a couple
Bottom line. Goldbacks are gorgeous and a viable option to us poverty people who would like to feel a little good about ourselves with a tiny bit of gold.
Great video! But I'm not sure I understand the weight argument. Is a 1/20oz Goldback lighter than a 1/20oz gold coin?
Thanks Jeff. I'm confused. Weight argument? Can you elaborate to what you're referring to? 1/20th oz is the same regardless of shape or material. If anything I'm arguing premium, a 1/20th oz coin cost less than a 1/20th oz Goldback but I'm happy to clear anything up. Thanks!
@@CampbellsCoins Ar one point in the video you said some people argue that goldbacks are easy to carry since they're lighter. But that doesn't seem valid since an ounce is an ounce. Unless I'm missing something in that argument?
BTW, I get your argument on premium and agree. Goldbacks are a cool novelty, but not much more than that.
@@jeffstanners981 Maybe he mis-spoke. An ounce is an ounce. However, I'm thinking they are easier to carry due to being flat.
Coins fall to the bottom of your pocket (or a bag), who likes that? Especially if mixed values when you need one specific value. But these can be put in a flat wallet. For me the ergonomics is better.
Agree with most points. I see goldbacks as great gifts, tips and general conversation starters. Way too many people don't know anything about precious metals and why even bother. If you buy goldbacks, they're meant for giving away.
I like that attitude. Thanks VD
The price is supposed to be the same across the board. The issue is LCS’s “selling” them with a premium or not using the exchange calculator. I do think they need a link to the calculator listed. I hope this helps someone.
I just found out about these and I am grateful for this video. Thanks!
Thanks for stopping by!
I think the gold back alpha series is good buy as risky invest but could be highly collectible later 😉
Silver half dollars? Idk where do you get those? The theres no premium on those? Also i would think a coin is easier to fake and mess with.
Glad you like them!
The problem with using silver *and* gold is that they don't currently enjoy a mandated ratio. So if you wanted to use silver for smaller purchases and gold for larger ones, you wouldn't be able to say how many silver coins equal the gold coin for example, because it would be changing constantly. That's a big factor the goldback fixes because it's all now in just one PM. I would personally do clear plastic coins with the flake of gold visible inside. Durable and cheap (low premium) and easy to extract the gold if you wanted to.
I agree. Why not just carry mercs and walkers? That said, I want one of each denomination from each state and am slowly working on it
They are great for collecting! Thanks man
I’m buying one of each, I like the artistic value of each, I think one day they may have a collectible niche, maybe even a numismatic value
People keep mentioning the high premium without realizing it's built-in. You can buy a GB today for $3.51 then turn around and use it for an exchange rate of $3.86. You can certainly sell it for $3.51 after having just bought it for that much. Not so with silver/gold anything else, where you LOSE the premium in the sale and have to wait for spot to rise to recoup the value.
Beyond that, GB's are accepted at thousands of retail locations across the country.... where other typical precious metals just plain aren't. So you can buy it for one price today, use it today for that same price to buy something from a retailer, and it's worth the ENTIRE value in fiat that you paid for it. Show me ANY other precious metal you can do that with???
Why would you base ANY price off Apmex??? Apmex is a collector's store not a stacker's store. A few months back I did a comparison and showed you could get 4 buffalo's at Apmex for the same price as 5 buffalos at Monument.
Of course your premium-to-exchange-rate ratio will be screwed using Apmex as your valuation point.
I use DefytheGrid, because they sell gb's cheaper than the exchange rate; which reflects good decision making on the purchase side.
Basing anything on Apmex pricing is a recipe for failure.
4:07 Actually, the premium is valued on the market, so each goldback trades currently at $4.04, on average, which is the average price that you would pay to get one. You lose nothing on the premium.
The premium is valued because the market values the utility of using gold as money in small denominations. Gold bars and coins don't offer that utility. Goldbacks solving that problem is actually a big deal.
Now while it is true that the premiums offered by different retailers can vary considerably, more retailers will defer to the average price, which is readily available, as goldback use increases..We see a similar phenomenon with prices of goods on the market. Goldbacks will be no different in that regard
Constitutional silver does everything a goldback can do, at a fraction of the cost. Plus more durable and functional.
@@CampbellsCoins I'm not so sure about that. Goldbacks come in smaller denominations and are more convenient to carry than continental silver coins, which the market will value as reflected in the current price of the goldback. And while the continental coin may be more durable, the goldback is far from flimsy.
Having said that, I would like to see people start circulating both and let the market decide. I actually think both can thrive in a free, sound-money market economy..
Goldbacks are a great medium of exchange. I'll gladly accept Goldbacks as payment at my business; heck, I'll offer anyone who pays with them a big discount.
1 gold bar = $2,000 approximately rn and 1/1000 goldback = $3.95 x 1000 = $3,950…they both equal an ounce
I appreciate the honest review and not just a paid advertisement to push a product
Thanks CC.
My sister knew nothing of these and got her some for Christmas and was a Very Big Hit she loved them!!!!! Use them as a partial tip so the waitress or waiter gets a decent tip but the Goldback makes it a good or great tip. Then they can look them up and learn….
Bought some today for an emergency. I figure a few of these would never hurt. If times got hard.
Good finally not a stacker that turned sell out!
LOL! That's not very nice! XD Check out my comment above, I think you will find the perspective interesting :D
@@InternationalStacker 😂🤣😂🤣😂🤣 not you bro but there are a few that are pushing these goldbacks on the community.
@@patrioticstacker 😂😂🤣🤣😭😭😭😭🦀🦀🦀
Some good points, but IMO, I have started to buy some. Major lifestyle change the past few weeks for health so instead of going out 4-5 times a week for a few drinks and an appetizer which runs 25 dollars a night, I will throw $$ away and buy these instead
I wonder which state goldbacks is the most popular... if i had to guess i would say utah. But im not really sure
The overhead is ridiculous on these things for daily commerce. More like a novelty or collector item. In order for this to compete, it would have to trade on par with the current spot price. I don't see this taking off if every time you transact you lose money. If the states were to pick up the cost of printing there by allowing the GBs to be traded evenly...it could work. I guess.
People switched to paper currency because it's easier to carry & doesn't clank around in your pocket.
I agree with your concerns completely. I want to love Goldbacks, but I can't, for all the same reasons. The fragility is a real issue. It's almost like trying to conduct commerce with baseball cards. Yes, you could armor them... But because of condition, they're not fungible anymore. Fungibility is critical for any money that's intended for general commerce.
100%. Thanks for stopping by!
Then on that theory, any currency can be counterfeited.
@Questilquatl Quetzal On the site there are 3 ways of telling one of which is XRays.
@Questilquatl Quetzal Well they have the patent and the trademark, so.. that's not really true. Also from what I've read it's more difficult to counterfeit than the dollar or a coin because the process is so heavily guarded and difficult to reproduce.
That's true. Hope they can make them more flexible going forward. Would be so cool if they could.
so i am getting them as an easy form of payment barter etc, yes they have a steep premium but honestly if we have to go to silver & gold then that premium will be absorbed and probably surpassed by the rise in metals. so yes heavy premium today but in a situation they will be perfect. maybe i already have enough stacked gold and silver and just looking for an alternative.
What you are talking about with the premiums can be said the same way with silver premiums. When you look at say the America silver eagles are being sold for high premiums or some other coins let's say for example collectible coins they all carry High premiums. The thing is that when things go bad the economy crashes and you need silver and gold for exchanging or bartering, the time will come when silver is silver. It won't matter if it's a silver coin or a silver round. That is why I primarily purchase silver rounds because I saved money from not paying the premiums by still get the same value
This video aptly explains why I respectfully disagree. I hope it clears my position up. ruclips.net/video/8oF08gJVtP4/видео.html
I have gold and silver but it cool to have some gold back.
I only own one Goldback that was free.
I agree they do have very beautiful designs and wouldn't mind having more.
A great point that you made was the varying premiums and the loss that one would incurre if using them to try and purchase something at the rate of exchange.
If this could be resolved I believe that they would be more viable.
I would however venture to say that they would be useful in Venezuela and Turkey at this time.
Same here BA! I got the free one during sign up, that's all I need. These have been out for awhile, you'd think they recognize the issues and correct. I love when people ask when in history gold and silver is used as money, not recognizing it's happening more and more on a yearly basis as the system slowly falls in on itself.
@@CampbellsCoins here in America people are ignorant to the value of true money and instead rely on debt.
It's been so long since the U.S. has used real money that no one remembers it or its true worth.
@Questilquatl Quetzal the Bible does say that (The Borrower is a slave to the lender.)
How long before one can add the US to that list. I purchased a more $.50 below premium. Shop around?
@@CampbellsCoins I just watched a video of one of the owners saying GB is a 50 million dollar company... after just 3 years! Why would they bother correcting?
You've cleared my thoughts up for me concerning these!! Thank you!
Glad it was helpful!
I chalk up goldbacks to something like collecting baseball or football cards
When you buy gold and silver in fractional amounts less than 1 oz, your paying a premium anyway. I don't think there is any way out of it. Its pretty standard in the industry apparently that the less amount you buy (in ounces) the higher the individual price will be. There just needs to be more locations that would be willing to accept it as payment and remove the fed from the transaction.
Yes, you're paying a premium but it's the size of the premium that is vastly different with fractional coins and bars compared to these things.
I buy these as cheap numismatic metal. I expect them to be more of a collector item than using them as money.
I agree with what you are saying. A gold and silver certificate that you can exchange for the physical product would be a more attractive solution as it would eliminate the exorbitant premiums associated with gold backs. Daily transactions would be based on the posted online exchange rate and the local state government would be the proprietor. The amount of certificates issued would be commensurate to the amount of precious metals held down to the gram. No funny printing of naked certificates. It would be a gold backed system based on a floating exchange rate reflecting the market volatility (i.e, inflation) and not on a fixed rate. But then again what would the implications be for the US dollar by such an honest system? Will it be confined to that state or will it spark the beginning of a larger movement that may seriously endanger the current order?
Thank you for the video...nicely done!
Thanks for stopping by!
What's the premium on FREEDOM!
Excellent points. I purchased some was thinking of more, but I may have to hold off again good points. 👍
As soon as you said 3K for 1 oz I automatically knew it was a retailer power trip. I'd rather get a 1oz bullion for $2k. The thing is...goldbacks look more appealing.. smh
So I would argue the problem with coins or bars is they are much easier to counterfeit. The technology that goes into printing one of these notes, and the design you end up with is very difficult to replicate but a bar or coin could be shaved and there is certainly no shortage of fakes circulating. I would feel far more comfortable accepting one of these notes than a silver coin unless I had some way of verifying it was genuine at hand. Now for storing value, of course I would much rather buy bars/coins from a reputable dealer and not pay the premium! Also we tried a paper currency backed by gold and ultimately we were scammed by them printing more paper than there was gold. What's to say the same wouldn't happen with a digital currency backed by gold?
Excellent video and review! I completely agree with the silver coin angle.
The person who buys goldbacks pays for the cost of putting them into circulation.
The person who scraps goldbacks pays for the remaining cost differential to physical gold.
Why spend more for GB. When you can buy bars or grams for a lot cheaper?
Exactly
@@CampbellsCoins my moms sister talked her into investing 2400 in gb without me knowing. So I staryed looking at some videoes to see why GB are a good option and I wasn’t able to find any reasons other than they look cool. Long story short she got her money back thank god! Lmao.
Valid point that’s exactly felt back in 2019 seemed old only Utah at the time
They fall apart in storage. I contacted them to replace and they haven’t responded so buyer beware.
Thanks for sharing with us!
I think these are really cool. People buy silver, gold and cryptos at varying rates all the time. Trust politicians?!? Who are you? Gold and silver carry no counter party risk. I don't think you understand the nature of money.
It was a rhetorical statement riddled with sarcasm. Keep up man.
I would buy one just for the art but I love the idea so I probably buy like 10 of them then wait a few year see if it still a thing
I found one for 3.61 for the amount I want
Could get it cheaper but I'm not buying that much
It's almost like an object lesson in why gold-based currency is no longer viable