Goldbacks - What's your view on them ?

[Centauri167]

On Youtube you see video after video about the Goldback "hype" in the US.

In my eyes it's an insane product with such high premiums because at the end you pay a lot for some nice looking plastic with almost no real value, if it has any value at all because I think it will cost more to get the gold out of it again than the amount of gold that is stuck in them.

So I don't see the real difference with fiat money ...

As a collector "gimmick" I can understand it if you would want to have one Goldback, but from a stacking view I think it is a terrible investment.

 

What are you guys here on the forum thinking about the Goldbacks ??

[Oddjob]

13 minutes ago, Centauri167 said:

As a collector "gimmick" I can understand it if you would want to have one Goldback, but from a stacking view I think it is a terrible investment.

Stackers, collectors, lovers of PM's  all have different wants and some want Utah Goldbacks. Very pretty they are but as you have noted not great for investment stacking or using especially outside of Utah or parts of the USA.

When these have gone up for sale / auction on the Australian "Silver Stackers" forum they don't long....it's just something different that appeals and for a small outlay (verses buying an oz of Au  or kg of Ag), the premium isn't the defining factor...the difference of the product and beauty is.

[iacabu]

I love goldbacks. Not as an investment, but as an interesting piece to own that looks great. 

They're cheap enough for everyone to purchase at least one to enjoy looking at.

[modofantasma]

I've got literally a couple. They cost a few quid and picked them up just for a bit of fun to go in a collection of hyper inflation era banknotes. As a collectible novelty item costing similar to what people might spend on grabbing a coffee cool. 

As an investment or way of stacking precious metals, no i don't think they fulllfil that purpose and clearly there are far more economical ways of stacking metals. 

[TeaTime]

I bought one as a curiosity and have no intention of buying any more. Ironically the more popular they get the less interest i have in them.

 

[YorkshireStacker]

As a novelty or gift item they're fun and intriguing, I'd love to receive one in a birthday or Christmas card - would be a nice change from the usual Amazon gift voucher!

But I think the practicalities just don't work. There was an issue with the early batches whereby the layer of gold would delaminate from the plastic/polymer/whatever it is, leaving you with a nice bit of plastic and a wallet full of gold dust. I presume those issues have been ironed out by now, but definitely not something I'd be interested in outside of being a rather quirky curio piece.

[MetalMandible]

Love that they exist.  Not likely to ever buy one.

[Centauri167]

4 minutes ago, MetalMandible said:

Love that they exist.  Not likely to ever buy one.

Why you love it that they exist ? Because they look nice, the usage of them, something else ... ??

[Centauri167]

Not as many answers as I hoped but a big Thank You for those who already answered !

 

 

[apachebleu]

 I really like those weird banknotes with 0.1g gold bar in them, pretty fun and I guess potentially useful

[SilverStorm]

Unlike precious metals, you can’t independently verify the authenticity of a Goldback.  You can’t use a XRF gun, Sigma or GVS machine to test.  You literally have to trust the manufacturer that the amount of gold in the product is imbedded in the Goldback.   You could do a fire assay, but then that defeats the purpose of getting the Goldback.  

Because I can’t independently verify the gold content, I would never stack Goldbacks.  I might buy one just for the novelty, but I doubt anytime soon.  Better to put limited cash resources to better use by buying physical gold that I can test and verify. 

[Centauri167]

6 hours ago, SilverStorm said:

Unlike precious metals, you can’t independently verify the authenticity of a Goldback.  You can’t use a XRF gun, Sigma or GVS machine to test.  You literally have to trust the manufacturer that the amount of gold in the product is imbedded in the Goldback.   You could do a fire assay, but then that defeats the purpose of getting the Goldback.  

Because I can’t independently verify the gold content, I would never stack Goldbacks.  I might buy one just for the novelty, but I doubt anytime soon.  Better to put limited cash resources to better use by buying physical gold that I can test and verify. 

Fully agree with that. Except the crazy premium on it what makes it fiat money in my eyes it's even more difficult to check that it is real than our normal money ...

A gimmick that I hope will soon be gone, nothing more.

 

And I still wonder how much the cost is to extract the gold in it again because with such extremely low quantities I think with most lower bills the price of extraction will be higher what makes the purpose of having gold also go fully away !

[GoldStandardPartyUK]

As an attempt at creating a sound currency I applaud it. 

Personally I don't think it has a future for the reasons already stated, I think the real future of sound money is Kinesis.

[Centauri167]

35 minutes ago, GoldStandardPartyUK said:

As an attempt at creating a sound currency I applaud it. 

Personally I don't think it has a future for the reasons already stated, I think the real future of sound money is Kinesis.

What is "Kinesis" and what's the difference with fiat or lets' say Goldbacks ?

Interesting at least.

[TommyTwoShots]

Selling gold foil to the gullible.

[GoldStandardPartyUK]

7 hours ago, Centauri167 said:

What is "Kinesis" and what's the difference with fiat or lets' say Goldbacks ?

Interesting at least.

Kinesis.money is an attempt at tokenisation of gold, but with a twist because it has a yield system. So whilst your gold is stored in a vault you earn something like interest. The token you receive shows actual ownership (rather than a receipt) and the gold is redeemable if you wanted to test it, and the tokens can function as currency. I'm a small investor and use it for my gold storage but have a couple of their venture capital tokens. 

There's more to it but that's the 1 minute version. 

Edited February 10, 2022 by GoldStandardPartyUK

[TommyTwoShots]

1 hour ago, GoldStandardPartyUK said:

Kinesis.money is an attempt at tokenisation of gold, but with a twist because it has a yield system. So whilst your gold is stored in a vault you earn something like interest. The token you receive shows actual ownership (rather than a receipt) and the gold is redeemable if you wanted to test it, and the tokens can function as currency. I'm a small investor and use it for my gold storage but have a couple of their venture capital tokens. 

There's more to it but that's the 1 minute version. 

If you don’t physically have it you don’t own anything.

[GoldStandardPartyUK]

16 minutes ago, TommyTwoShots said:

If you don’t physically have it you don’t own anything.

You do with kinesis. It's in your own title. Anyway the point is it's another attempt to bring back sound money, something we should celebrate. If/when the fiat system gets exhausted I'm betting gold will replace it, these sound money efforts are building a foundation for gold being a currency again

[Centauri167]

29 minutes ago, TommyTwoShots said:

If you don’t physically have it you don’t own anything.

100% correct, owing "digital" gold is even worse than owing a Goldback ... With the Goldback you have at least a nice plastic bill to look at. 😆

[Centauri167]

1 hour ago, GoldStandardPartyUK said:

Kinesis.money is an attempt at tokenisation of gold, but with a twist because it has a yield system. So whilst your gold is stored in a vault you earn something like interest. The token you receive shows actual ownership (rather than a receipt) and the gold is redeemable if you wanted to test it, and the tokens can function as currency. I'm a small investor and use it for my gold storage but have a couple of their venture capital tokens. 

There's more to it but that's the 1 minute version. 

Thx for the info.

But 100000% nothing for me, gold you own physical or not. Believing in companies who will keep it for you and do nothing with it in the meantime and even pay you a sort of intrest ... 🤔

[TommyTwoShots]

13 minutes ago, Centauri167 said:

Thx for the info.

But 100000% nothing for me, gold you own physical or not. Believing in companies who will keep it for you and do nothing with it in the meantime and even pay you a sort of intrest ... 🤔

Agreed. I wouldnt trust any company with my assets. Not that I own any mind.

[GoldStandardPartyUK]

We need to break the fiat system somehow. Fiat, unbacked cryptos, CBDCs, all have a digital component making them suitable for modern commerce. But ABCDs are backed by definition therefore have real potential, some as currencies. 

It is not the digitalness of a currency that makes it objectionable to me it's the ability to inflate it. 

Edited February 10, 2022 by GoldStandardPartyUK

[Centauri167]

6 minutes ago, GoldStandardPartyUK said:

We need to break the fiat system somehow. Fiat, unbacked cryptos, CBDCs, all have a digital component making them suitable for modern commerce. But ABCDs are backed by definition therefore have real potential, some as currencies. 

It is not the digitalness of a currency that makes it objectionable to me it's the ability to inflate it. 

Why we have to break it ? So the world can collapse in chaos and you hope to be one of the lucky survivors who has chosen the right follow up currency ?

If you get intrest on your gold account/ "Kinesis" you also create a sort of inflation.

Not one system in the world will ever work when you can not create more of it. What is needed is a good regulation that is done correct and that is the problem we have now. Like in the EU, the inflation is set on 2% but even when it is 7% now, the money creation is not stopping and the intrest rate is not raised like it should be ... 

 

[GoldStandardPartyUK]

13 hours ago, Centauri167 said:

Why we have to break it ? So the world can collapse in chaos and you hope to be one of the lucky survivors who has chosen the right follow up currency ?

If you get intrest on your gold account/ "Kinesis" you also create a sort of inflation.

Not one system in the world will ever work when you can not create more of it. What is needed is a good regulation that is done correct and that is the problem we have now. Like in the EU, the inflation is set on 2% but even when it is 7% now, the money creation is not stopping and the intrest rate is not raised like it should be ... 

 

 

Why we have to break it ? So the world can collapse in chaos and you hope to be one of the lucky survivors who has chosen the right follow up currency ?

The answer to this question is yes. 

 

If you get intrest on your gold account/ "Kinesis" you also create a sort of inflation.

kinesis currencies aren't inflationary, they don't create fake currency to generate the yield. The yield is paid in real currency. 

 

Not one system in the world will ever work when you can not create more of it

Agree currencies shouldn't be debased. We need to return to sound money and laissez faire. 

Edited February 11, 2022 by GoldStandardPartyUK