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  • Jim Costa

From Jeff - Economic Ninja Does Not Understand Goldbacks.

Economic Ninja Does Not Understand Goldbacks

Goldbacks are available in denominations of 1/1000, 5/1000, 10/1000, 25/1000, and 50/1000 Troy Oz.  Try buying gold coins in those small sizes.  They are VOLUNTARY LEGAL TENDER in Utah and are popular among off-gridders who have unplugged from the Financial Matrix.  Utah is very different from other states in many ways.

Goldbacks are intended to be used as replacements for paper pocket money.  They fit in wallets and money clips just like paper FRNs.  They do cost a lot more than equivalent gold bullion but they are not intended to replace stacks of coins.  They solve the problem of making change when transacting with large gold coins.  The smallest Goldback is worth about $5 in FRNs so they make convenient pocket money.  How many people carry $2400, the value of a Gold Eagle, in their wallet?

Utah will be way ahead of everybody if/when the FRN crashes near term. The Utah Precious Metal Association, UPMA, is like a consumer gold bank.  They bank Gold and Silver Eagles plus Goldbacks for clients just like the old days.  Clients can access holdings via debit card, over the counter, or by mail/shipping.  Beats having your stack robbed while out grocery shopping.

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