quote:
Then you may have an issue with having a $2300 dollar price of gold paying for only $1000 worth of goods.

Is the seller going to reimburse you in the cash that you don’t want?
Or are you going to have to agree to buy $1300 more worth of stuff and then rent a UHaul to haul it off?

I'd love to see the Goldbacks actually become a thing. It's a bill made from a certain weight of gold foil. Right now it's a novelty thing and there is a large premium but if it actually became a currency it may work.

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Posted by OccamsStubble

Member since Aug 2019

5987 posts

Posted on 4/17/24 at 7:36 am to rob0710

quote:

I'd love to see the Goldbacks actually become a thing. It's a bill made from a certain weight of gold foil. Right now it's a novelty thing and there is a large premium but if it actually became a currency it may work.

Not that you would, but you could, at the current rate, haul 1M$ in gold around in a small backpack, which would weigh about the same as a small backpack with 1M$ in 100 dollar bills.

And, not that you would, but you could sell a car valued at $24,000 by accepting ten gold American Eagles, which are noted to be worth $50 - clearly stated on the coin, minted by .Gov - and pay the local tax man their cut of sales tax: 7% of $500, or $35. If gold coins are US currency, then, why not.

This post was edited on 4/17/24 at 7:44 am

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Posted by Bass Tiger

Member since Oct 2014

48353 posts

Posted on 4/17/24 at 7:43 am to rob0710

quote:
quote:Then you may have an issue with having a $2300 dollar price of gold paying for only $1000 worth of goods. Is the seller going to reimburse you in the cash that you don’t want? Or are you going to have to agree to buy $1300 more worth of stuff and then rent a UHaul to haul it off?

I'd love to see the Goldbacks actually become a thing. It's a bill made from a certain weight of gold foil. Right now it's a novelty thing and there is a large premium but if it actually became a currency it may work.

I saw a precious metals dealer on YouTube showing and talking about Goldbacks awhile back, he said they seemed to be more of a novelty item a few years ago but he claims he's selling a lot of them now, they look pretty cool.