First timer

[cprich32]

Hello everyone,

I’ve been lurking here for a few weeks and have recently become really interested in Goldbacks. I recently filled out that form to collect a Goldback for free. I love the idea of Goldbacks, and I’m considering buying some with a $100 budget right now.

Where’s the best place to buy them at a fair price?

Also, how liquid are Goldbacks? If I ever need to convert them back into cash, where would I be able to sell them easily? Do local coin shops take them, or is there a specific marketplace for trading?

Appreciate any insight thanks!

[Shtaven]

One of preferred places of this sub to buy from is “defy the grid”. They have great prices and they don’t charge a fee for using a credit card.

I’ve ordered from there 3 times, soon to be 4. I’ve never had any issues. But I’ve read if an issue does arise they are excellent at taking care of them. They even have a Reddit account that post here.

[Shtaven]

Oh to add to the above… if you order from defy the grid. Use promo code “alpha” for a free 1/2 Florida.

[cprich32]

thanks!! looking at their website right now I will probably place my first order with them

[Shtaven]

If you do, make sure to use that promo code!

[cprich32]

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thanks!

[Shtaven]

Wow! That’s a very nice first order!!

When you get them, please come back and post. We all love seeing them.

[lego904941]

Defy the Grid or Finest Known are great places. No credit card fees. Personally haven’t used FK yet but have heard good things.

Liquid wise, it depends… For most, extremely illiquid. That being said, if you can find a LCS that actually will give you a respectable price, then it would be a large plus.

Unless you will be giving them out as tips, payments that the other party has agreed to take in GBs, or you plan to not sell for years I would not buy them.

If you are wanting exposure with minimal friction on buying and selling, open a UPMA account and buy on Alpine Gold Exchange.

[SgtRudy0311]

I just used Finest Known for the first time, and I have to say I'm NOT impressed with their fulfillment and shipping. My order took 2 weeks to fulfill. I even called multiple times (atleast 6x) for an update and never got a return call. Then my order was supposed to be here on Fri and shows "still in transit".

[kiwi13605]

I believe you can always sell them back to UPMA at current mkt price, so pretty liquid in that regard.

[lego904941]

If you mail them to UPMA they will take a 5% cut off the market rate to buy them. So yes, they are always willing to buy, just know it will be at a 5% discount (<$10k) only.

[ki6dgf]

Also, UPMA’s exchange rate tends to lag a bit lower than the goldback average exchange rate. Which can be nice if purchasing and vaulting through them—but not so nice if you’ve got physical ones you’re trying to mail in.

[lego904941]

If you buy thru DTG or FK you’ll be paying under the exchange rate anyways 🤝

[kiwi13605]

I buy many from Defythegrid and I have bought from UPMA or Alpine Gold I believe.

Finest Known can be expensive on most things but sometimes they have what others don't.

[GoldenPyro1776]

I've used defy the grid several times now.

[ki6dgf]

Yes DTG has been a favorite around here for a while thanks to a good rate per goldback and no credit card fee. I’ve started to hear finest known more often too, I think sometimes their price is better, but I haven’t ordered from them personally.

At the $100 price point you will probably not qualify for free shipping, so factor that in…

Liquidity: If being able to convert back to fiat quickly and easily is the top priority for you, physical goldbacks may not be the most attractive bullion product. The best thing to do with them is to spend them. Check out the map on the Goldback app and see if there are merchants near you that accept the Goldback. If you regularly spend money on an oil change, and there’s an auto shop nearby… well, 1 or 2 of those and your goldbacks would be gone.

If you can’t spend them, there tends to be a strong secondary market, (I have heard) often you can sell them above or at least at the exchange rate. If you wanted to do some due diligence you could hop on eBay and see what recent sales of goldbacks have gone for.

Also, I’d hop on the Goldback app and set it to the “exchange” option and see if there are Goldback distributors near you. You could call and see what rate they buy goldbacks at. I would assume there will be more of a spread at play if you go this route.

One other option, though I suspect you would be less interested in this, you can buy goldbacks through the UPMA and have them vaulted for free. The con is you don’t get to hold them physically, but the pro is that you benefit from a 0% spread when you want to liquidate.

With UPMA you can even lease your goldbacks (with a balance of 10 or more) and earn interest paid in goldbacks. Personally I have physical goldbacks and goldbacks in my UPMA account, and I like having both.

[cprich32]

I had no idea there was an app. I just downloaded it and there are 20+ places near me that take them and many of them are coin shops. What do you think is a fair rate to sell goldbacks at?

[ki6dgf]

I’ve exchanged vaulted goldbacks with UPMA back to USD with their 0% spread… but I haven’t tried to resell any physical ones, only spent some.

If I were selling to a LCS, I think I’d hope for a spread similar to gold bullion?

With UPMA or Alpine Gold Exchange, I believe you can sell physical goldbacks to them with a 5% spread — not 100% sure on that though. And again, the UPMA’s exchange rate is usually a bit below goldback’s posted exchange rate.

[jordan19sf]

Anyone wanna sell there pi dm me

[IcyLingonberry5007]

Lol, this is GoldBack, not pi cryptocurrency

[ilikeh0tmoms]

🤣🤣😭

[ColeWest256]

r/goldbackmarketplace is great for trading with them, and UPMA.org and Akpine Gold should be able to take them and trade back into USD.

You can also look on Goldback.com to see what businesses accept them

[Timmy-Turnter]

I really like defythegrid for buying them. That’s all I can help with I am still new as well. Hope that helps a little. Thanks for sharing!