COIN SHOW Interview - Are Goldbacks For REAL?
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- čas přidán 5. 08. 2023
- Most of us have seen Goldbacks. They are a revolutionary new currency that is actual legal tender in a growing number of states. What are the benefits? What are the drawbacks? Watch this video and please feel free to share your thoughts in the comments. Watch until the end to see what I purchased. Am I totally sold on Goldbacks? You'll just have to watch to find out!
Special THANKS to my guest, Mr. David Enslie. Here's his website:
prospectorsgoldandgems.com/
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Disclaimer: T the Silver Stacker LLC's video's typically consist of conversations surrounding education regarding and the acquisition of, but not limited to the following: silver, gold, platinum, silver coins, generic silver rounds, collectible silver rounds, fractional gold coins, pre-33 gold coins, ancient coins, American Silver Eagles, Perth Mint Coins, Mexican Silver Libertads, Fractional Libertads, Proof Libertads, Mexican silver Onzas, junk aka constitutional silver, silver bars, vintage silver rounds, platinum, vintage silver bars, Morgan Dollars, Peace Dollars, paper currency, coin collecting in general, silver spot price, gold spot price, coin shops, coin dealers, coin shop videos, how to sell silver, how to sell gold, and more. Please understand that although the conversation frequently touches on the state of the economy and how it affects the accumulation of precious metals (stacking), T the Silver Stacker is no way shape or form a financial advisor. Glean what you will from the silver stacking philosophy shared, but ultimately the viewer is responsible for making their own decisions. Some of the links in this description are affiliate links that provide me a very small commission at no additional charge to those who use them.
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#missouricoinshow - Zábava
I just simply love these gold backs! Now I own gold and I never could afford to buy a gold before! I bought over 20 of them to give them for presents at Christmas time! Happy Holidays everyone in the precious metals family!!
Gold backs are the next currency. Love GB. I buy them and will be investing in them soon. 👍
I’m interested, but not 100% convinced.
If you could avoid the forex tax and gains loss tax, I would love to see goldback team up with kinesis blockchain to have a gold-backed currency with a block chain ledger that has both a physical bill and a digital presence. It's the best form of currency I could think of with current technology.
@wotermelon_ you think that doesn't already happen with fake fiat currency?
I have 24 of the 1 goldbacks. I live in Florida and I hope one day they adopt goldback here. For now I’m stacking them away for a rainy day
I hope these goldbacks play a good part against the rise of CBDCs.
Good luck with that. Private crypto will tho. I'd never accept one of these for my farm produce. Pure silver, gold, select crypto and arranged barter, sure.
We just ordered our first sets of Goldbacks. We'll use them for our freeze-dried foods, produce, honey, wine, tours, and more.
Interesting
@@TtheSilverStacker I see no other fold product that can handle small transactions like food and farm goods. These are easy to explain, use, sell, and trade. We've tried many different exchange options and even our own crypto token, nothing works as well as a Goldback system thus far.
It's fractional gold it's hard to shave a coin or bar to pay (barter) if it hits the fan....and it's gold spot goes up so do the backs it will never be worth less than it's weight. Yes not the greatest stacking option but it's still GOLD!😅
His XRF meter proves it’s gold quite accurately. Agree spot goes up it becomes more valuable. It’s real and the option does matter.😂 It’s still gold buckaroo!!
The artwork on all the notes of the states involved now are just Beautiful. Hoping Florida jumps in. I can see just the fantastic designs that can be made to represent this incredible state.
David is a great guy. I’ve purchased several items from him on whatnot. Those poured 1 Oz bars are awesome. I have one of the “Let’s Go Brandon” ones and I love it!
Excellent vid on the Goldbacks! That guy rocks 😎
No doubt!
A 1000th of an ounce of gold? Sounds like a satoshi! Thanks for a great video, T!
I don’t know what satoshi is, but it must be small. Lol!
@@TtheSilverStackerIt’s the smallest unit of account used for bitcoin
@@MatthewspannBitcoin shouldn't be talked about on a precious metals thread...
Actually Bitcoin should be talked about , much unlike a physical gold asset, a Bitcoin is divided by 100,000,000 individual units which are limited by supply and deflationary, Bitcoin requires proof of work. By computers, which use silver and gold as conductors. 😊
Bitcoin settles debts across borders faster and safer than gold and silver.
To deny Bitcoin as a solid payment structure is to deny the internet as a medium entirely.
I get them when ordering for 1oz silver & fractional gold coins.
I recently shared this with my family who are constantly saying money needs to be backed by gold. So I was shocked when their reaction was rejection of this goldback concept. They are too daft, unfortunately, to understand that this is how we can back money with real gold again without forcing every American to surrender their private collections of gold(it has happened before). Make the money OUT of gold and there you go. It's backed by gold by being gold. Can't remove the gold easily from them because you aren't supposed to! These are the best option for combating evil CBDCs-like it or not. It makes SENSE
Thanks for your comment!
Bitcoin is better, but gold backs are cool too.
Right now these gold backs cost 4400 to 5600 an ounce. I'd rather own a couple coins for that price.
I like the concept, but they are too expensive right now
@@beebob1279 Give me a coherent explanation as to why the spot markup being so high is a bad thing.
Finally a tester that can test them for the gold content. All other videos I have seen they can't do it with other test methods.
Excellent interview with David.
When Chris Martinson from Peak Prosperity first interviewed the guy from Valarum, I bought several grams worth of Peak Prosperity Valarum. I wonder if the same company makes the Goldbacks, which came along later.
Not sure
Wow, that guy was tremendously knowledgeable. Fantastic!
No doubt!
Fascinating look into Gold backs actually used in transactions. Here in NH, the GB's have not caught on yet.
I’m waiting for them to hit Indiana. Until then, I just kinda see them as a collectible.
I beg to differ! The free state project uses them regularly in New Hampshire.
@@NayokeHenji Good to know! I'll look up the free state project. The local coin shops on the NH Seacoast won't even take GB's in trade. These may be used by one or two groups but Gold Backs are far from commonly used here as money. I collect GB's but do not stack them.
@@SilverStruck fair enough friend 😊 there's a list of retailers on goldback's website in NH that accept them
N.H.Selling like WILDFIRE!Hard to even get them now cheap or at all.
Interesting!
The Utah goldbacks are real and pretty accurate on the percentage of gold .
Fascinating and informative ❤
Glad you enjoyed it!
Great guy and very informational!
Glad you enjoyed it. Very nice guy.
I never thought about using a goldback as a tip. What a great idea!!!! I just wish the premiums were lower to make them more practical.
Let me know if you are tippling goldbacks I’d be happy to serve you 👍
I’m guessing people here in Indiana would have no idea what they are if they received them as a tip. Maybe someday they’ll make their way here.
@@TtheSilverStacker In the tip section of the receipt, write “GOLD.” Make her/him figure it out. Lol.
My mom always told me never to say anything if you have nothing nice to say …….. what a nice bloke
I like the goldbacks a lot. Thanks for the information.
You bet
Not a good back guy, but really like Prospector's Gold & Gems poured silver bars. I discovered him on Whatnot, but I have bought directly from his website. Love his 5oz poured silver bars!!! He ships fast too! Highly recommend.
Good to know!
He said they trade for about $4.00 maybe $3.80....today (Apr. 2, 2024) they are trading very near $5.00.
Good to know!
I like those prospector’s silver poured bars I only have one of them however I will have to get the one with the snek and with the bones, and in different sizes.
They are cool!
@@TtheSilverStacker also another cool looking one is monarch precious metals the bars with the MPM letters that look like a crown. There’s a lot of good looking ones!
They are ok at best, I do have a bunch of them from every state they are accepted, not really sold on them. Expensive gold they are. Greenbacks are still the best!
I love the concept of this but in reality between the premiums and the fact that they can be taxed in some states still make it more of a novelty
Hello from Michigan!
I actually purchased some gold backs as my first real gold purchase, because I figured it would be easier to barter in smaller increments such as these. I've actually paid a couple of people for their services here with the Utah gold backs, because hey...gold is gold...is gold. Right???
What I don't know, is, how do we get them produced for our own state?
Hi Lady O! Thanks for watching from your beautiful state of Michigan. I consider them more of a collectible than a stacking instrument. I assume the Goldback folks are working on your state legislature to make that happen.
@@TtheSilverStacker thank you for the reply. I like hearing everyone's opinions and reasons for acquiring and retaining tangible assets.
I hope Michigan gets their own gold backs. I live in a smaller town that has a lot of mom and pop shops. The older generation is more aware of the financial state of the country and is going to be more receptive to the concept. We just need this younger generation to get on board. 🤞
Cool video thanks for sharing !
Thanks for watching!
love me some gold backs!
I bought some and I noticed the corners of them peal. I can take off the laminate easy.
I haven’t seen that.
Great Interview , Very Interesting ! 🤔👍
Glad you enjoyed it!
Good Morning Everyone
@ Church this Morning
Enjoy your day.
Hi William. Hope you had a nice Sunday.
I don’t think it's true that payment in gold is untaxable. Otherwise, EVERY business would only accept gold payments.
also from Indiana would love to see this here
Might happen!
fascinating guy! He had me hooked for the length of the video. I'm not a gold back kinda guy but really enjoyed it. Thank you T!!!
Glad you enjoyed it! This gentleman was very convincing. I may buy a few for the collectibility factor.
@@TtheSilverStacker great as a conversation piece.
@@TtheSilverStacker The South Dakota Goldback will be released September 19th. Start collecting them.
Grab a xrf meter ….be bold…bet he knows more than most . Dang guy is a refiner of silver and gold and platinum and assayer.
I have them in Hawaii - making people aware of them here
Great content 👌
Thank you 🙌
Interesting!
Thanks buddy!
Thanks David for the great interview. Glad to see you can even spectrometer read them XRF. Also glad to know they are “real” gold. Awesome ! Gonna have to get some and give them out as tips to waiters and waitresses. Also, might start my own shop using them. Dude thanks so much!
I might get a few and try at the local farmers markets. I'm curious how many will be willing to accept them.
Let us know how it goes!
Luv Luv Luv the Goldbacks
I like them, give them as gifts but i cant realy judge them as useful or not at this time, in Washington state and they dont use them. Wonder how the feeling is in the states that offer them.
Good video
Thanks!
Cool
Ty
I'm thinking that one may be able to aquire them for their rate of exchange in the states that they're issued. Otherwise it wouldn't be a profitable transaction when spending them.
I like the concept but the premiums are too high to justify them.
Unless one is collecting them for their beauty.
Yes, I’m thinking of them more as a collectible at this point.
Going rate $3.45 usd per 1/1000 Goldback
5000 Goldback equal 1 oz
$17,250 for 5000 GB
1 oz of gold is currently $2,071.80
These people are robbing people blind selling gb as art. $15,000 profit per ounce
1 oz is roughly 11 pennies. The currency is being spread so thin is pretty much unverifiable. Basically goldust wrapped with plastic and paper
Alpine gold exchange opened up in Manchesr N.H. they sell goldbacks. People say they're "worthless." 😂😂
Thanks for sharing
@@TtheSilverStacker You're welcome.
They are legal tender in NH, but a new thing. It takes time with new stuff.
Looks like a great time to hear a few words of wisdom...
Most people have an opportunity of a lifetime flash right in front of them, and they fail to see it. (Goldbacks)
- Robert Kiyosaki, Rich Dad Poor Dad, p97
Financial intelligence is simply having more options. (which Goldbacks provide)
- Robert Kiyosaki, Rich Dad Poor Dad, p97
What I know makes me money. What I don’t know loses me money.
- Robert Kiyosaki
Finding what people miss is key to any success.
- Robert Kiyosak
Worthless thought is , ignorance. Gold is gold.
Sreetips would be like I’ll refine those goldbacks
Godlbacks look very "cool" and I have a few of them. But you end up paying anywhere from $4,000 to over $5,000 an ounce for them. I think I'll pass.
BTW, this was a great interview. I learned several things. Thanks a ton!
Glad you enjoyed it!
I would like to get in touch with the vendor that had the gild backs I have several pounds of scrap silver I would like to have processed
His info is in the video description.
I really cant see paying 6 dollars for a 1 dollar bill worth 2 dollars as more than a novelty.
In the mid 2000s I already went through this with The Liberty Dollar. Then the feds came down here arrested everyone and told those of us who were using them to destroy em because they were illegal currency.
Interesting. This one seems to have to blessings of some states.
@@TtheSilverStacker Heard the legal Reason the feds could get the "The Liberty Dollar" was the name used "Dollar" and thus could be considered counterfeit. If it was just called "The Liberty Denar" or "The Liberty Pounds", the feds would not have a case. For Goldbacks, the numbers just mean the amount of gold in them. So no counterfeit case.
@@TtheSilverStacker They we’re based here in Indiana, you should do a show on private currency and include the history of some of these attempts. NORFED has even come back.
@@snowrs1Goldback, Inc. has addressed this very thing before. They've used the liberty dollar as a case study to determine what made it illegal, and what a legal alternative was. The liberty dollar unlawfully presented itself as a US Mint coin, using "dollars" as a it's denomination and fraudulently represented itself as federal legal tender. The Goldbacks are a local currency only, and made out of gold bullion, which is legally provided for in the US Constitution. It also is a bearer coupon for US minted gold coinage making it tie into the uniform commercial code.
They're nothing like the liberty dollar.
@@NayokeHenji they never presented them selves as federal currency, when the government wants to shut something down, they will find a way. The “dollar” designation was that in, if someone wants the gold back shut down something will be found, is gold back close to greenback? Are they the same rough shape as a US note? There will be a way in and the law suits will swamp them.
I live here in Oahu Hawaii, do you think it will come here? And I can sell them to people who want them...
Doubtful. They are only in conservative states.
It just seems like a waste of material to produce a bill that has so little gold. Just my thoughts.
But it would be cool to see how they create these
They are fungible. A $50 has 1/20 of an ounce. Tied to the gold spot.
Solves the problem of small purchases that coins can't, and you can combine them with dollars, for buying or change.
For those of us who are using them, we're seeing a revolution in thought, in action and in commerce.
The entrepreneurial minded person can see and get a lot of value out of a Goldback. The unimaginative person can't see or get value out of anything.
The future of money is now and it looks like the Goldback!
That's what I'm seeing.
I can deal in gold for bread, milk, or gas with anonymous fractional 24K gold that I hold.
Don't have to break down other coins.
Do this before the government makes you use their methods 'cause something is coming
Looks like your comment struck a nerve Martin. Thanks for sharing your thoughts!
@@TtheSilverStacker I have the same effect with my wife somedays. I can still weave and dodge
The concept of the goldback I love but its actual product might need tweaking (In my opinion)
Interesting, assume just for USA and not for Switzerland or EU. Nevertheless, awesome design, wee bit overpriced, still having over 1kg in gold bars/coins and over 20 kg in silver bars/coins will enquire to add it as a novelty (not for stacking, just put it in frame 2 of each),
Same as copper bullion real metal real value
Right on.
and overpriced af lol. 35 oz are around 6 dollars and some shops sell these 1oz rounds for 4-6 bucks lol
@@blueocean7761 correct, but that's not why you don't buy them. For the purpose of SHTF senerio you'd be glad to have some copper rounds/bars for easy barter rather than trading your silver/gold bullion. I'm not a dooms day prepper, but I still rather have then than not at all and it's worth the cost of paying for about a 100oz just incase in the meantime you can enjoy then by clinking and clacking them around.
@@CuSTACKS why would someone trade anything for these copper rounds? I would rather buy important tools, food supplies, diesel, weapons etc than worthless copper rounds. I highly doubt that this will be used for barter if s hits the fan but thats just my opinion. I see it as a scam to have some stackers pay premium because they live in fear...
@@blueocean7761 copper bullion can be used to pay for small things in an end of world senerio, again not for stacking. If your going to stack copper its best to stack clean #1 copper scrap for investment. Everyone's life is different from how much you already have, to tools, location, finance, etc. Copper bullion is a utility metal and if you have the skill or sell to someone with a skill that may need copper for electrical, plumbing, knives etc copper can be a useful barter tool. Hey listen it's up to you but if your a hard-core stacker and stuck to the stacker disciplines than this isn't for you. For myself it's well worth it in a small amounts here and there. Nice to collect but especially its 999 purity it's definitely a great barter tool for small items. If SHTF I bet you won't be worrying about stupid premiums then.
people compliain about cost and i get it. but i bet the 1 dollar gold backs that sell for 4 dollars now will sell for 6-8 dollar in a few short years as gold goes to 3k. will your dollar increase its purchasing power like the goldback potentially could? seems cool anything for sounds money
Gold would have to increase to $4,000 just to get back the purchasing power of the U.S. dollars you spent to buy it.
This will turn into the new “confederate” money but have actual value 🤔
Goldbacks are nice to look at and collectible, but they are not legal tender in those states and also a little pricey (three times actual gold value). It is also said that it is technically tricky to extract the gold from these items. So, in my humble opinion goldbacks are a nice marketing gag and nice to collect , but they are not not an alternative for the traditional way of stacking gold coins or bars. Greets from GER, U.
Goldbacks are local currency and gold bullion is recognized as legal tender by some states, including Utah. Their premium is closer to 80-100% because the melt value is about $2 and they trade for about $4.
As far as extracting, that would destroy the utility value destroying half of the value but it is possible. In a proper crucible, all materials that encompass a Goldback other than the gold (polymer, ink) are designed to vaporize far before the gold - meaning you're left with a bead of pure Au if you melt them.
I hear ya!
All gold & silver can payoff debt. That is part of the United States Constitution. Do your research.
@@davidortiz3094 All gold and silver are not useful as money because they're easily counterfeitable and fractional amounts are nearly infeasible to use in transactions.
Goldbacks solve this thousands year old problem.
That problem had a perfectly workable solution for thousands of years: Silver coins. Our ancestors would never have considered a currency containing half the stated value in precious metal "useful". It was called debasement and was considered catastrophically poor economic policy that led to runaway inflation and loss of the currency's fungibility in commerce.
This dude is always sweating his ass off at every single show. math problem? He's good at trigonometry
Fast Talking Sales Pitch, would expect nothing less. the Premiums on these will eat you alive.
Great fad! Other channels have sent them to me, but I see them still as a fad.
Novelty for people with more money than sense. Premiums are outlandish.
SIGH
Thanks for sharing your thoughts.
Double sigh. Those premium poo-pooers are blinded by tradition
Tradition aka "good sense" not to buy a gold product for twice it's worth in metal. The PM and goldback community are always on about "sound money". Fiat money is no good they tell us, because its value hinges on some nebulous thing like a government's reputation or a sort of shared mass delusion that it's worth something. We need sound money because its value is fully backed by precious metal.
The people shilling for goldbacks are now telling us sound money doesn't really matter. 50% sound is the same as 100% sound because of...well because we say so and besides its divisible.
In reality it's a hybrid of sound and fiat. Half the value is backed by metal and the other half because we say so and quit your griping.
If you decided tomorrow to buy a Gold Eagle and you paid over your $2,100 or whatever and received one that looked just like an Eagle but was 50% gold and half copper and the seller told you you're "blinded by tradition", would you be cool and walk out with the coin and a smile?
I DONT KNOW T WITH ME ITS A CASE OF YOU CANT TEACH AN OLD DOG NEW TRICKS IMHO
I hear ya!
Gold is money for sure, but not Mylar 😮
I hear ya!
Just don’t send your stuff to David for refining ….
A 1/10 oz gold coin is worth way more then these how much gold backs would equal to this
100
Too expensive to extract the gold in goldbacks unless gold goes up to something like $50,000 an ounce.
Goldbacks are for using not extracting gold from. Its utility is its strength.
90+ percent of a person's spending in an emergency is food. How is anyone going to feed their families with gold bullion? The Goldback is a perfect companion to bullion. One to preserve wealth the other provides asset utility.
You would be better off planting a garden. I grow tomatoes. I will not give you any for goldbacks. I could use some carotts and maybe apples in trade
Better than Fiat and Better than a CBDC….and better for financial independence.
It is not true that if you paid someone in gold that its not taxable. Even barter is subject to tax.
Gold is gold sure but that’s more of not-gold than gold
Good point
Goldbacks have the same attraction to me that Pokemon, Beanie Babies and voting democrat had… nil. 😎
Goldbacks are for real the biggest waste of money on premiums possible.
That's a funny way of looking at things, considering the spread is 0% and all of your value is recoverable
@@NayokeHenji the spread is not 0%. There is no asset traded with a 0% spread. Get real.
@@jimhouston1527 You're simply incorrect. I can buy a Goldback for $4 and then when I buy something with it it's traded at a value rate of $4 per goldback.
@@jimhouston1527 When you pay for goods and services with physical gold, it is the opposite of our fiat.
I paid $3.66 3 months ago and can pay for goods and services at the register at $4.01 with them in stores today. Up from $2.00 in 2019 when they were 1st available. There are more than 18 million in circulation as of 1st Q '23.
An ASE says it is worth $1.00 face but it is worth what the market says it is also, changeable daily.
Exactly the same but w/o carrying a boatload of weight around in my pockets...And they are fungible.
14 More states coming into play, it is legal tender according to the states.
And it is anonymous, 24K gold you hold in your hands? It is tied to the gold spot every day.
Silver is $12.00 AISC per payable oz.(and has been stable for years) at the mines and there are way, way more mines just waiting than they tell you about. They could and may at any time flood the market.
And almost impossible to counterfeit. (silver and gold coins? good luck with that)
Why does that upset you so much? - Isn't that the way we should be doing things?
It should become widely used and it is not controlled by the government or Wall Street.
@abramtaylor7575 Read on my friend - perhaps I can explain a few points.
This is almost hilarious, the way the dealer talks about the Goldbacks being a great way to transact for goods, and he hopes it catches on in more states. Seriously? You expect people to buy Goldbacks (instead of Gold bullion) for 3 to 5 times the notes denomination, and then use them for transactions? Purchasing $1 notes at $4.44 each, it would cost you $4,440 for 1 oz of Gold, which is currently valued at around $1,854. Talk about “Bidenomics”. My advice to ALL interested in protecting their wealth…stick to Bullion, and leave these gimmicks (Goldbacks) to the curious (foolish) collectors.
Thank you for sharing your thoughts Dr. Frankenstein.
Technically they are new & five states have already accepted them. That is impressive considering Goldbacks are new. Secondly they can be used anywhere because they are made of Gold. The constitution of United States Of America states all debt can be paid in Gold & Silver.
Goldbacks are a waste of time. They are also ugly. I don't know why you would want to collect this crap. Just buy gold coins and bars
UGLY? wow, dude - Buy your maples.
What happens when you need a few bucks?
Wyoming has a really nice looking one.
@@TtheSilverStacker Wyoming is the exception to the rule . I agree with you, T the Silver Stacker
So you're saying that everyone who made 60% on their Goldbacks purchases from 3 years ago regrets it? You're funny.
WAIT WAIT WAIT! That can’t be correct, no transaction is “non taxable “ for goods or services. Secondly, the US has put women on paper😀
I don’t pay taxes on precious metals here in Indiana. Do you pay taxes on metals in Califas?
@@TtheSilverStacker The holdbacks guy said “any product or service can be purchased with holdbacks and have no tax on the transaction” to “ keep Uncle Sam out of your business”. That’s tax evasion/ fraud” lol
@@TtheSilverStacker I’m calling the 80000 new it’s agents on him lol😂😂😂
@@Chrisinsocal Snitches get stitches. Lol!
Many states are going with gold and silver as legal tender . You need to check legal tender initiatives in your states for silver and gold and taxes.
Nice video, need to grab a few goldbacks myself. 🍯🐝
I have a few as collectibles.