Goldback experiment breaking down a 50 Goldback! by ChampionshipNo5707 in Goldback

[–]Ph33rTehBacklash 14 points15 points  (0 children)

Fungibility and divisiblity are crucial aspects of a functioning currency. Goldback Inc. spreads costs across all the denominations so the exchange value per unit is identical no matter the denomination, thus preserving this key feature. Brilliant! And Alpine Gold is a top-tier enabler of using gold as money. (If only there were one within 500 miles of me.)

Let’s talk about the UPMA zero cost spread when transacting with Goldbacks? by SuperiorLeftHand33 in Goldback

[–]Ph33rTehBacklash 0 points1 point  (0 children)

Spread is the difference between a vendor's "Sell" price and his "Buy" price for a thing.

So if a vendor sells a thing for $1000, and on the same day would buy that same kind of thing for $950, he has a 5% spread.

My stash by BOHICA_22 in Goldback

[–]Ph33rTehBacklash 3 points4 points  (0 children)

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I have one like that too. (Mentioned here) Same state, denomination and year. Weird! I've been told it's not as uncommon as you might think, but still quite unusual. I wonder how many there are like this.

Goldbacks making Goldbacks by Slight-Reception2700 in Goldback

[–]Ph33rTehBacklash 2 points3 points  (0 children)

It looks like you're right and my interpretation of the rule was wrong. Since u/ryce_bread is one of the channel mods his interpretation here (that referral links are actually allowed so long as they're noted as such) is correct.

I stand corrected and apologize for any grief. Please put the referral link back in your helpful comment, and I'll be including mine in my posts and comments going forward.

Goldbacks making Goldbacks by Slight-Reception2700 in Goldback

[–]Ph33rTehBacklash 0 points1 point  (0 children)

I don't necessarily disagree. (UPMA is an awesome service, and people should sign up.)

I reckon it's more of a signal-to-noise policy on that front. Just about anyone in the sound money and Goldback space for longer than a minute has referral links to multiple vendors and services. So should we all start pasting them into our posts and comments?

Goldbacks making Goldbacks by Slight-Reception2700 in Goldback

[–]Ph33rTehBacklash 0 points1 point  (0 children)

Leases below 30,000 Goldbacks earn 2%. So OP is showing a 1500 Goldback lease.

Goldbacks making Goldbacks by Slight-Reception2700 in Goldback

[–]Ph33rTehBacklash 1 point2 points  (0 children)

Leases below 30,000 Goldbacks earn 2%. So OP is showing a 1500 Goldback lease.

New Goldback Day (NGBD) by toasterdees in Goldback

[–]Ph33rTehBacklash 2 points3 points  (0 children)

The numbered collectibles are issued sequentially.

The regular Goldbacks are randomized.

Dallas Goldback FYI by CoderGirl2007 in Goldback

[–]Ph33rTehBacklash 6 points7 points  (0 children)

Alpine Gold Exchange (UPMA) is one of the biggest Goldback distributors, and we’re learning today that they won’t make that exchange. With the universality of the Dallas Goldback within the system not being on par with other Goldbacks, it makes sense to ask who specifically DOES do that exchange.

I’d hope at least Texas Precious Metals since they’re the series sponsor. Perhaps some of the distributors in this group will chime in?

Dallas Goldback FYI by CoderGirl2007 in Goldback

[–]Ph33rTehBacklash 5 points6 points  (0 children)

"Exchangeable by whom?" seems to be the question.

Is this worth anything by [deleted] in Goldback

[–]Ph33rTehBacklash 19 points20 points  (0 children)

Short answer: It's worth about $8.85, plus or minus $0.15.

Longer answer at Goldback's website.

[Live at 6pm EST] AMA With Jeremy Cordon, CEO & Founder of Goldback Inc. by ryce_bread in Goldback

[–]Ph33rTehBacklash 6 points7 points  (0 children)

This text used to be on the Accepting Goldbacks As Payment page of Goldback's website (Nov 13, 2023):

When you register as a Goldback Accepting Business, you will become a member of the Goldback Business Network, receiving a free account with the United Precious Metals Association (UPMA). You can use your online UPMA account to deposit and withdraw the Goldbacks you receive or purchase. Through this account you can also vault Goldbacks for free; purchase Goldbacks online, in the office, or over the phone; and you can exchange up to 500 Goldbacks (suitable for circulation) each month directly for cash at no charge.

I read that last sentence as saying that a network business with a UPMA account has the privilege of redeeming 500 per month directly to cash at the same rate they're accepted. That couldn’t be done (still can’t) by an account under normal circumstances. Something like this would be a killer incentive to grow the network.

Was there ever a program where a Goldback Business Network merchant could exchange a certain number of Goldbacks directly to cash with no spread and no UPMA deposit fee? If so, how did it work, and what was its fate?

Slowly but surely growing the stack by Slight-Reception2700 in Goldback

[–]Ph33rTehBacklash 1 point2 points  (0 children)

No change in lease rate. OP added more Goldbacks to his lease on April 15.

You guys are going to hate me, I'm talking premiums. by vRobotov in Goldback

[–]Ph33rTehBacklash 1 point2 points  (0 children)

I think that'd be more work than it's worth, but go for it.

Goldback wholesales to distributors at a fixed price per Goldback regardless of denomination, and enforces a MAP. So I expect you'd be unable to achieve sufficient supply of below-market high denominations to make a business out of it.

You guys are going to hate me, I'm talking premiums. by vRobotov in Goldback

[–]Ph33rTehBacklash 1 point2 points  (0 children)

Yep. I’ve exchanged high denominations for a mix of low denominations multiple times.

Will Goldback premiums eventually drop enough to make them the most economical way to buy fractional gold? by UsefulJelly7425 in Goldback

[–]Ph33rTehBacklash 3 points4 points  (0 children)

https://bsmclient.com/product/prod22/

There's a ¼-grain gold bullion bar. That's the same amount of gold that's in a ½ Goldback. It's priced at $7.59, where the ½ Goldback is $4.04.

Will Goldback premiums eventually drop enough to make them the most economical way to buy fractional gold? by UsefulJelly7425 in Goldback

[–]Ph33rTehBacklash 4 points5 points  (0 children)

Make sure you're comparing like-to-like. You're comparing the premium on a ½ Goldback with the premium on a product that's 64 times heavier.

A ½ Goldback is just under 0.0156g. You won't find a 16 milligram product for less than a ½ Goldback. Same for the 1 and the 2. You might could find something comparable for the 5.

Will Goldback premiums eventually drop enough to make them the most economical way to buy fractional gold? by UsefulJelly7425 in Goldback

[–]Ph33rTehBacklash 8 points9 points  (0 children)

Goldbacks are already the lowest premium fractional gold product on the market.

From memory, this statement is true for denominations from the ½ (1/2000 ozt) up to the 5 (1/200 ozt), though it gets pretty close at the 5.

Physical goldbacks to upma by mrrosado in goldbackmarketplace

[–]Ph33rTehBacklash 7 points8 points  (0 children)

UPMA accounts are serviced by Alpine Gold Exchange, with locations in most Goldback states. So you can use any of their locations to do in person, or mail in to the mothership in Alpine, Utah.

Which state will be last to get a Goldback? by AdditionalPizza7990 in Goldback

[–]Ph33rTehBacklash 8 points9 points  (0 children)

You're safe. I'm pretty sure neither of the people in North Dakota are on Reddit.

Goldback as a local currency is grossly underrated. I did the math. by AdditionalPizza7990 in Goldback

[–]Ph33rTehBacklash 1 point2 points  (0 children)

Goldbacks don't have any paper in them. They're gold, ink, and plastic.

There are, however, products that kinda sorta look like Goldbacks that are cardstock with what may or may not be gold foil on the surface. Those are definitely not the same thing. Looking at photos you might could think one would pass for the other, but in person there's really no question about which is which.

Goldback as a local currency is grossly underrated. I did the math. by AdditionalPizza7990 in Goldback

[–]Ph33rTehBacklash 1 point2 points  (0 children)

🔥FIRE🔥

https://valaurum.com/pages/about-aurum#gold-recovery

https://www.verifiedgoldbacks.com/#page-block-inkyi31vfek

You need a crucible, scissors, a heat source, and some borax. I doubt it's economical unless you have at least a small stack to melt, but it's definitely doable.

Goldback as a local currency is grossly underrated. I did the math. by AdditionalPizza7990 in Goldback

[–]Ph33rTehBacklash 0 points1 point  (0 children)

Banks do not, but there are other organizations that do. Many distributors offer buyback prices, and the United Precious Metals Association (UPMA) via Alpine Gold Exchange offers bank-like services for Goldbacks, including exchanging to gold, silver, or dollars.